Frequently asked questions & answers
In short, that’s our job. Talk to one of our Car Re-Finance Lending Specialists, we will do all the hard work to compare available car loan refinance rates from our panel of approved lenders. We’ll find you the very best car refinancing deal for your personal circumstances. Speak with one of our car refinance specialists on 1300 665 906 or apply now – its obligation free.
If you don’t understand which lenders are offering the best loan rates today, it pays to have someone in your corner helping you make this major financial decision. When comparing loans, three of the most important things to check are the interest rate, loan duration, and any additional fees charged by the lender.
The interest charged on your loan is essentially the cost of borrowing money from the lender, and a lower rate is generally favourable. However, this depends on the duration of the loan. Most of our customers tend to choose between five and seven year loan terms.
We’ve used our car loan repayment calculator for this example; let us say you are seeking a car loan for $20,000, and you have been presented with two loan options. The first is a five year car loan at 6.75%, and the second is a seven year car loan at 5.5%.
You might immediately assume that the lower interest rate is the best choice – but let us look at how the difference in loan duration can affect the amount of interest you will pay. If you choose the 5.5% interest rate over seven years, you will be making weekly repayments of $66.23 and a total of $4,106.88 in interest over the life of the loan.
However, if you select the higher interest rate of 6.75% over a five year term, you will repay $90.68 each week, with a total of $3,577.34 in interest – saving you $529.54 in interest and having you own your car 2 years earlier. Your decision may then come down to your ability to repay the higher repayment amount each week to take advantage of this saving of time and money.
Finally, remember to consider any additional fees, from application and loan establishment fees to administration and extra repayment charges. These can quickly add up and may even negate any savings you may have made by choosing a car loan with a higher rate but lower fees.
To avoid this, check the comparison rate for each loan you consider – this indicates the true cost of the loan by including both the interest rate, and any additional fees.
This can depend on many factors. Is the car in good condition? Is it rare or limited as collector’s item? Classic, vintage and muscle cars can vary in price from a few thousand dollars to hundreds of thousands of dollars. There are classic car specialists available who can assist with independent market valuations. Speak with us today, we’ll be happy to help.
Lenders want to see your current financial situation, including stable income and expenses shown in your bank statements. They care more about your present ability to repay your loan and not past credit issues.
A commercial construction loan is progress drawn as the build progresses EG: a slab, frame completion etc. Whereas for commercial mortgages, you usually get the full amount upfront.
Our debt consolidation loan pre-approval process costs you nothing and commits you to nothing. We work hard for you to present you with the best debt consolidation loan options on the market today that will save you money – then you get to make the final decision on which loan is right for you.
Guarantors are responsible for paying back the “guaranteed loan” or the entire home loan if the borrowers cannot afford to make their loan repayments. The guarantor’s level of responsibility for the loan depends on the type of guarantee they are providing – for example a Limited Guarantee, or an Unlimited Guarantee. To be a Guarantor, the lender will consider your application in a similar way to the main parties to the loan. Generally speaking, it is usually a parent or close relative that would put their hand up to take on this responsibility.
Our jet ski loan pre-approval process costs you nothing and commits you to nothing. We work hard for you to present you with the best jet ski loan options on the market today that will save you money – then you get to make the final decision on which loan is right for you.
When you get a motorcycle loan, the lender provides you with the funds to purchase the motorbike. For a secured motorcycle loan, the lender will take security of the vehicle as shown on a PPSR until the loan is repaid in full.
You are required to make your repayments on time over the term of the loan that you choose upfront between 1 to 7 years. The lender can have different fees including interest that is charged over and above the amount that you pay for the motorcycle. It’s important that you understand what fees and charges are included as part of your loan – speak with your motorcycle Lending Specialist for more details on this on 1300 665 906.
Getting a motorcycle loan pre-approval for our customers is something that we do all day every day. Getting a motorcycle loan pre-approval before you go shopping is a great idea, giving you bargaining power on the showroom floor or with the private seller. In some cases, we can have your car loan pre-approved the same day, so get can get out there shopping with the peace of mind of knowing what your budgeted repayment is going to be. If you’d like a quick quote before proceeding, no problem, call us now – its obligation free.
Getting pre-approved for a personal car loan puts you under no obligation. Our team will do all the hard work for you to provide you with the best personal loan offers on the market today to save you money – then you get to make the final decision on which loan is right for you. Once you have your personal car finance pre-approved, visit dealerships, or purchase your next vehicle privately, with your finance already in place – confident that you already have maximum negotiating power!
