Car Finance
When you buy a new or used car, on finance some look at car loan packages first, often the car finnace arrangements are investigated after we have chosen the motor vehicle.
Finding car finance is a very important process, as you want to choose the car loan most suited to your. Some things to check that you might want to think about::
- The Car Finance Interest Rate.
- What are the start up fees and charges?.
- Do you pay penalty interest or break fees if you pay it out early?.
- Do extra principal payments reduce the interest you repay on your loan and finish it early?
- How long does the approval and settlement of the car finance take?
- Do you suit the car loan company criteria to approve the car finance?
- For secured car loans, is the motor vehicle acceptable as security?
Car Finance Calculator, Secured Car Loans
When arranging your loan with car finance calculator you have the choice of secured car loans or personal car loans.
Since personal loans offer no security in the event of defaulting they normally attracted higher interest rates. The interest rates are in most cases set and not negociable. You have a choice of taking a fixed interest rate or variable interest rate.
Secured car loans can have low interest rates. Car finance companies and banks will normally ask that the security provided or your financied vehicle alwayshave full comprehensive car insurance until the car loan is paid off. Car finance Interest rates are always fixed.
Finance Car Extras
Normally the lender will provide you with options to finance additaional options. Just remember this is added to the car lo9an and will be chared interest. Extras could include:
- Stamp duty on the car purchase.
- Registration costs.
- Comprehensive Car Insurance.for the first year.
- Breakdown Warranties or extended new car warranties.
- Car loan insurance in the case that you loose your job, and/or get sick or have an accident,
- Cash back on any equity you have in your trade in.
- Car accessories purchased at time of the car purchase on new cars. Mag wheels, body kits, air conditioning, metalic paint, protection packages etc.
Having these added to your loan would still be subject to the lender approving you and can only be financed over same term of the finance contract.
Used Car Loans
Used car loans approvals and interest rates can depend on which car finance company you use. Most will charge higher interest rates for a used car compared to new cars.
Once the car gets to 7 years or older some lenders will reduce the term one year for every year above 7 years, starting from a 5 year term. On secured car loans they might not accept the motor vehicle as acceptable security if it is to old.
New Car Finance
New car finance interest rates can vary depending on the amount borrowed. The higher the amount can sometimes reduce the interest rates. New cars are looked apon as better loan risks though the higher the amount you borrow will have higher car loan repayments and can become harder to get approved.
Car Loan Rates
For both new and used the car loan rates can depend on which introducer, car loan broker, car yard, bank or finance company you use.
Getting better bank car loan rates direct is not always the cheapest and not negociable. A good finance broker will often be able to offer better car loan rates than your bank.
Need a good Car Finance Broker?
Some lenders now means test the application on a point score to determine a interest rate for risk. This can mean cheap car loan rates if you are a strong applicant that point scores high.
Loan Term and Repayment Structures
Car finance terms can be up to seven years although most look at a five year term as a benchmark. Fow used cars and some circumstances this can be shorter depending on the car loan company.
Finance structures can be flexible to suit your circumstance. You can request payments over weekly, fortnightly, or monthly. For some commercial products they allow seasonal, annual and structured payment to suit your personal or business cash flow.
Car Insurance
Secured car loans almost always requirescomprehensive car insurance throughout the life of the loan as a condition by the lender.
We deal through a variety of car insurance companies.
Your first year car insurnance premium can be included in the loan subject to being approved. Be aware though that this amount will be paid off over the same term length as the loan and you will have to pay interest on the extra amount you are financing.
Other Car Finance Options:
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Deferred payment structures so you first payment starts at a later date. Standard car finance approvals have the first payment a month after the document date. .
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Balloon and Residuals. This is an amount of money still owed at the end of the loan. You still pay interest on this amount but will reduce your car loan payments. The balloon on coming due can be refinanced (subject to loan approval), or you can pay it out if you are financial enough. If you trade and upgrade the car you can simply hav ethe balloon paid out given the trade value is high enough.
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Structured car loan repayments to suit your life style or your work cash flow.
Need your import motor vehilce approved? Talk to us today for
Fast Approval
Commercial Car Loans
Commercial car loans can come in different finance products. For example
- Car lease,
- Novated Car Leasing.,
- Fully Maintained Car Lease,
- Operational Car Leasing,
- Chattel Mortgage Car Loans,
- Commercial Hire purchase.
The structure of your business car loan can affect your taxation claim. If you are unsure which business loan to get then it is recommended to seek professional advice from your accountant first.
Car Finance Interest Rates
Car finance interest rates can be very different between lendrs and brokers. Most price differently and it can seem confusing.
The interest rate.s can be priced according to the strength of the application, age of the goods, amount borrowed, term of loan and many other senerios. To compare car loans let our recomended car finance broker Finance Ezi provide you with a
Car Loans Comparison through a variety of banks and car loan companies.
Car Finance Broker
Car finance brokers can have different lenders It is recommended to ask them first to which car loan companies they use. You may be dealing with a broker with very few choices and limited accreditations.
How long have they been in operation. Are they well known? They should have many banks and lenders they are accredited through and shouldn't charge additional fees and save on your finance package.
A good finance broker can do the hard work comparing the banks and lenders. They can assist to ensure you have a hassle free car purchase. They should also be able to assist with :
- Encumbrance checks to ensure that there are not any outstanding loans from the prior owner left against the car.
- Title check or confirming the ownership of the car you are purchasing.
- Clear transfer to seller of the amount financed on the car purchase.
Finance Ezi, a car finance company operating Australia wide. Specialising in all:
Car Loans, Car Lease and Car Finance Packages
To contact Finance Ezi for Easy Car Loans
This Calculator is available to car dealers Australia wide. Contact us for your own customized car loan calculator on 1300 003 003.
DISCLAIMER:
The car finance calculators generate only motor vehicle finance estimates and can only be used to evaluate the possible results of applying for auto loans. Please read our Privacy Policy and Terms & Conditions - car finance & car loans, car finance calculator.
