Car Loans

Question:

What is the interest rate on a Car Loan?

Answer:

Interest rates are fixed and will vary depending upon the amount borrowed, the age of the vehicle and the term of the loan.

Note: To provide an accurate quote we will need to know the amount you want to borrow and the term of the loan.

Question:

Should I get a car loan or a personal loan?

Answer:

Generally, a secured loan, like a car loan, will offer a lower interest rate than an unsecured personal loan. This is because the vehicle itself becomes security for the loan - thereby reducing the risk associated with it.

Question:

How do the repayments for a car loan work?

Answer:

As the repayments are usually fixed for the term of the car loan, this gives you the ability to budget more accurately.

Question:

Over what period can I take the car loan over?

Answer:

Car Loan periods generally range from 1 to 5 years.

Question:

What criteria is required to apply for a car loan?

Answer:

The different lenders have different rules but usually:

• The car needs to be less than 7 years old
• The car loan amount needs to be over $10,000
• Each lender has its own lending credit criteria as well

Question:

Do I need a deposit?

Answer:

A deposit is not required but if you pay a deposit you will benefit from either lower repayments or a shorter loan term.