Car Loans for Personal Use
After a new set of wheels? Let Loanseeker Car Loans take the hassle out of obtaining your car finance, whether you’re buying from a car dealership or a private seller.
With access to a panel of lenders including banks and major finance companies, we can tailor a car finance package ideal to your individual situation with competitive interest rates. Let us work for you! Apply online today!
There are two types of car finance available for personal use; secured or unsecured (see descriptions below). For either type Loanseeker Car Finance can organise the loan for your purchase , which can then be repaid over a period of up to 7 years.
Scheduled weekly, fortnightly or monthly payments can be made by internet banking, direct debit, direct payroll deductions, BPAY, or other payment methods where applicable.
No deposit Car Finance is available.
Car Finance Interest Rate
Your loan will have a fixed interest rate, which means the interest is calculated on the unpaid balance daily, just like a home loan. Extra or additional payments will obviously reduce the outstanding balance and therefore reduce the interest charges. This can ultimately shorten the loan term and reduce the overall cost.
Balloon payments or residual options are available. By setting a balloon payment for the end of the term you can reduce your monthly payments, to satisfy your budget. At the end of the term you can either pay out the full amount, upgrade your vehicle or re-finance the balloon amount and continue paying off the car over a new loan period (subject to approval conditions at that time).
Secured Car Finance
Most car loans in Australia are secured but only by the car being purchased.
Secured car loans generally have a lower interest rate than unsecured loans.
Unsecured Car Finance
This is a very versatile loan, as it can be used for nearly any purpose including debt consolidation, holidays, weddings, or even cars that do not qualify for the secured loans above. There is no security required for this type of loan, as a result the interest rates are slightly higher than secured car loans