Secured Car Loan

A Car Loan is a personal finance product where the financier lends the customer funds for the purchase of a vehicle, and secures the loan against that vehicle.

A Car Loan is can also be known as a Consumer Loan or a Secured Car Loan.

How does a Car Loan work?

Under a Car Loan the financier advances funds to the customer to purchase a car.
The customer takes ownership of the vehicle at the time of purchase, and the financier takes an interest in the vehicle as security for the loan.
Once the contract is completed, the financier lifts their interest in the vehicle, giving the customer clear title.

Benefits of a Car Loan

• Flexible contract terms ranging from 24 to 84 months (two to seven years)
• A balloon value can be applied to the contract enabling the monthly repayments to be tailored to a budget
• Choice of fixed or variable interest rates
• Deposit (either cash or trade-in) may be used
• A tax deduction is available when the vehicle is used for business purposes
• The loan is secured against the vehicle, allowing lower interest rates

Who does a Car Loan suit?

A Car Loan is suitable for individuals who wish to purchase a late model car and do not have significant business use of their vehicle or the option of novated leasing (salary packaging).

Tax implications of a Car Loan

As a Car Loan is a personal finance product, only normal tax deductions for depreciation and running costs can be claimed (on a pro-rata basis according to the percentage of business use).

Other options

If you are considering a Car Loan you may also want to take a look at a Novated Lease (Salary Packaging),  Commercial Hire Purchase or Personal Loan  depending on your circumstances.

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Additional Information about Secured Car Loans

Does private car finance seem like the impossible dream?

Finding the right private car finance for the family car can sometimes seem like an impossible dream. With services tailored to help fleet buyers and businesses, it seems like the private car owner is left to fend for themselves. When it comes to dealer finance, it’s often not the best private car finance deal.

But just like home mortgage brokers are there to help mums and dads find the perfect home loan, a car finance broker can help you with your private car finance needs. Whether you are looking for a family car, your first car or a run‐around, chances are you need a loan. Whether you are an empty‐nester looking for a convertible, a parent needing a “mum’s taxi” or at uni looking for student wheels, you fall into the private car finance basket and yes, a car finance broker can help.

The defining attribute of private car finance is the usage of the car. So your broker can help with private car finance regardless of whether you are purchasing through a dealer or a private seller.

In fact using a finance broker for private car finance is particularly smart when you are purchasing through a car dealer. A car dealer will usually offer you finance on your private vehicle. This is of course is to help him make the sale. The car dealer wants to make it easy for you to buy. But this doesn’t necessarily mean the car dealer is offering the best private car finance for your situation. Often the interest rate and/or fees and charges are extremely high. Review this checklist prior to taking up the dealer’s private car finance offer:

• Does the dealer even offer private car finance?
• What are the establishment fees of the dealer’s private car finance?
• What are the break fees of the dealer’s private car finance?
• Does the dealer offer ways for loan repayments to match your budget?
• How long is the maximum term when financing a private car?
• How does the interest rate on the dealer’s private car finance compare to other interest rates on the market?

Slick interiors, turbo engines, soft‐tops, mag wheels, bucket seats, shiny chrome and duco – undoubtedly shopping for a new car for private use is great fun. When you are shopping for cars, it is easy to get caught up in the attributes of the vehicle itself. But be wary when it comes to signing up for dealer finance for your private car. It may take just 24 hours to get private car finance through a broker, and you can drive away in your new car knowing you got not only a great car, but also a fair deal on private car finance.

If you are buying your car through a private seller, a broker can help there too. There is less pressure from a private seller in most cases, so take the time to talk to your broker about the best private car finance option for you.

Private car finance brokers can get you into your new car much sooner than you think with private car finance product to suit your budget.

Looking for private car finance? Look no further than 360 Financial Services. When it comes to financing cars, they help private vehicle owners around Australia. Visit www.360financial.com.au where you can even apply online to get into your dream car sooner.