Used Car Finance

Used Car Finance

At CarFinance.com.au, we have access to a variety of finance options so we can offer the right car loan to suit your needs. We also offer a competitive range of loan protection, extended car warranties and car insurance.

There are 2 types of car loans which CarFinance.com.au offer for new or used vehicles; Secured Loans and Unsecured Loans.

For each of these loans, we organise the amount you require to be repaid, over a period of up to 7 years. Your repayments can be scheduled weekly, fortnightly or monthly by direct debit, cheque, BPAY, internet banking, direct payroll or cash where applicable.

We can even include Car insurance, warranty and loan protection as part of the loan.

Our car loans have a fixed interest rate so the interest is calculated on the unpaid balance daily. You can make extra or additional payments which will reduce the outstanding balance and reduce the interest charges. This has the effect of shortening the term and the overall cost of the loan.

Though this is a personal loan for a car, you could make a tax claim on car depreciation and interest charges if the vehicle is being used for business or work. If you are looking for business car financing we have a number of different business car finance products to suit your needs.

We also offer a Residual or Balloon Payment option which has been growing in popularity. By setting a larger balloon payment for the end of the term based on your personal circumstances, you can reduce your regular payments so you can better balance your own budget. At the end of the loan term, you will have the option of paying out the balloon amount in one lump sum, or you can refinance the balloon amount and keep paying off the car over a new loan period.

Secured Car Loans

The majority of personal loans for vehicles in Australia have secured loans.

As individual borrowing money to purchase a specific item, such as a car, that item is then used as the security for the loan. This means that if you decide to trade-in or sell the item before the end of the loan term, you must then pay out the loan and take out a new loan if you need the money for something else.

Secured loans will usually have a lower interest rate than unsecured loans.

Unsecured Car Loans

These are very versatile loans which can be used for nearly any purpose. An unsecured loan can be used for debt consolidation, holidays, weddings, or cars and vehicles that do not qualify for the secured loans described above. Because there is no security required to take out this type of loan which is why the interest rates are slightly higher than secured loans.

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