You should also be realistic about the likely timeframe in which you will upgrade to your next car, and ask the financier to arrange the term of the loan to correspond with that. Most car loans are structured over 5 years, although most people break this term and upgrade their cars after 3 years.
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In Australia, there are a number of vehicle finance options available besides a standard car loan. Depending on your personal situation - such as whether you are using the car predominantly for business use - there are a few alternatives worth considering, including:. The primary difference between a car loan and a car lease is that you will not own the vehicle at the end of the term - however you will generally have the option to purchase the vehicle from the lender if you agree to a Finance Lease.
You can learn more about the benefits of each type of business vehicle finance in our Business Car Loans Guide. Equipment finance is used by businesses in Australia to purchase all types of assets - one of the primary assets purchased is a company vehicle. Each lender will have different rates and qualifying criteria, but the ideal candidate for a car loan will:. Keep in mind this is only the ideal candidate for a car loan, and illustrates an individual who would qualify for the lowest bracket of interest rates on their car loan. You can still get quick approval on a car loan if you are:.
Secured car loans will generally use fixed-rate interest offered at a range between 5. With these loans you generally cannot make additional repayments or repay the loan earlier than initially agreed. A brand-new vehicle purchased from a franchise or dealership - i. In the example below, you can see how three vehicles purchased from a dealership or franchise may affect car loan interest rates.
Sound too good to be true? Most lenders will offer a range of loan terms between two and seven years, though the average term is five years. The term on your car loan will often be fixed - i. The term of your car loan will affect your regular payment amount. The longer the loan, the lower the regular repayment amount. However, you will pay a higher total interest amount over a longer term than a shorter term.
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You can see in the table below how a longer loan term affects your monthly repayment amounts and the total interest paid over the term. Generally, a vehicle will need to be no older than 12 years at the end of the loan term. If you agree to a car loan that includes early repayment penalties, these will often be charged at a set fee on the number of months you repay early. However, if you accept a long-term loan and are able to repay a significant amount early on in your loan term, the amount you save in total interest will often outweigh the early repayment penalties.
To quickly compare loan amounts and see your estimated repayments on a car loan, use our free car loan calculator. Over time, monthly fees can add up to a significant amount over the term of your loan. If you have a clean credit file and no history of bad credit, it should be very easy to get approval for a car loan if you meet basic lender criteria.
Negative aspects of your credit file can be broken into three categories, shown below from least to most severe:. The number and type of defaults you have on your credit file will also be considered when assessing your application. If you have a history of defaults, you can learn more about applying for a car loan with bad credit in the section below.
Having a bad credit rating doesn't mean that you are ineligible for a car loan. Many lenders have teams that specialise in making car loans available to people with a poor credit rating and score. Specialist car loan lenders are motivated to lend money to prospective clients in your position - provided you meet their approval criteria, which is designed to minimise risk. If you have a history of defaults or a poor credit score, you can learn more about how to apply for vehicle finance in our Bad Credit Car Loans guide.
Bad Credit Car Loans will often require more exhaustive documentation when applying - it's important to know what you'll need to provide a lender to ensure the fastest approval time. You can finance most vehicles with a car loan, however newer vehicles and vehicles purchased from a dealership or established car franchise will be easier to approve finance for.
Different lenders have restrictions as to where a vehicle can be purchased, the age of the asset and the amount being lent against a vehicle. Important considerations include:. The vehicle must be no older than 12 - 15 years at the end of the loan term. In general, a vehicle must be no more than 12 years old at the end of the loan term for a borrower to be granted approval for vehicle finance.
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A grey import indicates a vehicle has been imported as a used vehicle, and was not originally sold by the manufacturer in Australia. This may include the vehicle being reported stolen, written off, or incorrect odometer readings. However, once you have your car finance you can buy a car from any FCA car dealer. Take a look at some of the cars currently in stock from our recommended FCA approved car dealers.
There is of course some criteria you must meet in order for us to secure car finance for you! If you match the following five points then we can offer you car credit!
You must be 18 or older. You need to be free from bankruptcy. You will need to have lived in the UK for at least 3 years. You need to be able to prove your affordability.
You should hold a full UK driving license. No customer fees to pay. Receive an instant decision. No card details are required. Absolutely fantastic service. Dan was with me from start to finish and was a text or phone call away.
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I have almost no credit history, I was struggling to find reasonable finance deals. Dan discussed all the different options available and his knowledge was impeccable. I have now swapped an old dying Astra for a 3 year old Qashqai. Dan went above and beyond to ensure the car was suitable and value for money. Thank you so much Dan and Refused Car Finance. Review from reviews. Staff made it easy and got me a great deal on the car I wanted so pleased with my Audi. Reviewed on Smart Money People. Read more of our reviews here. Fixed weekly or monthly payments.
Flexible repayment term.
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