So you’re in the market to purchase a new or used vehicle and trying to determine what’s the best finance option for your specific circumstances? You may not have the luxury of salary packaging through work which will enable you to pursue a novated lease. You don’t run a GST registered business so a Chattel Mortgage, finance lease or CHP will be of little benefit. The finance options available are a personal loan or secured car loan.
A personal loan consists of a finance agreement in which the financier will lend the borrower a sum of money to be paid back over an agreed term. Generally there will be an establishment fee, monthly account keeping fee and an additional interest component incorporated into the finance repayment. The financier will transfer the funds directly to the borrower giving you more control over the money. The downside to this is, the interest rate will be higher than a secured loan as there is no asset attached to the agreement as security. Personal loans can be great if you’re looking for some extra cash for a holiday or new business venture. If you are looking for car finance though, a secured car loan will provide you with much better value for money.
A secured car loan’s financial structure will function much the same way as a personal loan. As previously mentioned though, the interest rate will be much more competitive allowing for reduced repayments and additional buying power. We have access to a wide variety of lenders offering the most competitive rates in the market. Each of our lenders have their own unique lending criteria so with the assistance of one of our expert consultants we can tailor a finance package that will best suits your needs and budget.