Car Loans - It's Simple
  • Get the car you want sooner with a car loan
    and an even better rate that is suited for you

You put a lot of time into finding the right vehicle. Getting the right car loan can be just as important, potentially saving you thousands.

There are hundreds of loans to choose from for all types of new or used vehicles.It’s Simple Finance help you drive away sooner with a no-cost, mobile service saving you time and money.

We can also help you stay in control with fixed rates and repayments for the life of the loan.

Frequently Asked Questions:

A car loan is simply a type of personal loan that is used to purchase a motor vehicle when a borrower does not have enough savings to purchase it outright immediately but can afford the repayments over a period of time. A car loan can be used to purchase vehicles such as a car, 4WD, motorbike, ute or other vehicle.

No. In fact there are several types of car loans available. A new car loan is suitable for buying a brand new vehicle (usually between 1 to 3 years old). A used car loan is for vehicles which are generally up to 5 or 6 years old. Typically, both new car loans and used car loans are secured by the vehicle, but vehicles over 6 years of age can be purchased with an unsecured loan which typically has higher interest rates than secured loans.

There are four main types of loans available to purchase a vehicle. Homeowners can redraw on their mortgage (use the equity they have built up in their home). A borrower can use car dealer finance options, or manufacturer finance deals. Finally, a borrower cantake out a personal loan, typically from a bank or financial institution.

Personal loans (Secured or unsecured) can be a great way to finance a vehicle but sometimes have a lower loan amount (meaning you will need a higher deposit) whilst redrawing on a mortgage can often be the lowest-cost way to get a car loan (comparing interest rates only) but only if they are paid off promptly. Many dealer or manufacturer deals are very enticing, but it is important to read the fine print.

Each of these car loan types have pros and cons, so it is important you understand these before choosing the best option for you. Key aspects to consider will include the terms, security, application process, flexible repayment options, the ability to switch loans, balloon payments and deposit requirements.

Using a car loan broker can help you save time and money finding the car loan which matches your needs. It’s Simple Finance are a Sydney-based mobile and digital broker who work on a no-fee basis to match you with the right car loan. Contact us here.

Like Home Loans and other loans, car loans will have a loan amount which has to be paid back within a specific period of time (the ‘term’) and in specific amounts in scheduled repayments. Generally, car loans have a term of between 1 year to 10 years. The lender will charge you interest on the borrowed amount plus add any fees and charges.

Car loans can differ in many ways. Some have a fixed interest rate (for the full term of the loan) whilst others have variable interest rates which change. To help borrowers manage their repayments, some lenders will allow for a small deposit and lower regular repayments, but with a one-off lump sum payment at the end of the loan (a ‘balloon payment’).

Car loans have some specific benefits. Firstly, they often provide up to 10 years to pay off the loan, making the repayments easier. Secondly, the rate of interest is generally lower than that for credit cards or personal loans. Thirdly, they carry features which can be attractive such as fixed rate car loans which can help those needing certainty on their repayments.

However, like all finance and loan solutions, borrowers should always consider their circumstances before committing to a car loans.

In these guides, we very simply break down the buying and borrowing process, refinance options, your borrowing capacity, current government assistance and provide more of our #simpletips.

We keep things simple

Lenders can make it far more challenging than it needs to be. We work hard to keep things easy and straightforward.

Fast, mobile and digital

We know you want to spend less time arranging your finances and more time enjoying life. That’s why we provide complete flexibility in how and when you deal with us, as little or as much as you like and via Zoom or a visit to your home.

We work for you

We work with over 45 lenders to find you a solution tailored to your specific needs.

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