Car Loan Options
Need transport? Whether the vehicle is for personal or commercial use, different motor vehicle finance options are available to assist you in financing the purchase.
Personal car loan packages
The criteria for normal lending and car security needs to meet all the guidelines for a loan approval.
Essentials of a better car loan:
- Offer competitive fix rates
- You can borrow $7,500 up to $100,000 for a new or used car.
- Terms of between 1 and 7 years
- Establishment fee
- Monthly service/administration fee
- Comprehensive insurance for your car and Personal loan protection insurance
Features of a better car loan:
A car loan should offer you affordable monthly repayments that you can control. You can choose your weekly, fortnightly or monthly payment terms that will suit your current budget and situation as long as you can pay the car loan, for example, within 1 to 7 years. You must also have a choice to make added repayments to repay your loan faster. If you decide on a term greater than 2 years and you already fully paid it in less than 2 years, however, you will need to pay a fee. In most lenders, this fee will be waived if you’ll pay your loan by applying for refinancing through other personal car loan plan. Paying should also be convenient such as direct payments from debit cards, BPAY or at some bank branches. Some lenders charge an additional fee for every late payment. For that, a lump sum payment should also be considered to help reduce your monthly repayments.
Some lenders also offer lower rates by using the car as a security. More importantly loan payments should be fixed once your contract starts so you will always know when your payments will be.
Novated lease packages
Eligibility for novated lease:
- Must be looking to lease for a car worth $10,000 more (before GST)
- Must be employed by a registered business in Australia
- Must have a good credit history
Features:
Employee benefits
- Hassle-free budgeting for your monthly rental as your employer will provide this for you.
- You have an option to use the vehicle without paying a deposit or the hassle of being reimbursed from your employer.
- You can choose the type of car that you want or from where you will acquire it.
- Enjoy the convenience of retaining the car even if you move employment.
Employer benefits
- You won’t be left with an unwanted car even if your employee leaves.
- You can provide the benefit of a vehicle for your employee without reflecting it on your balance sheet.
Flexible rental time frames and options
- Lease terms are available for 1 – 5 years so you can manage your budget.
- Make rental payments monthly, quarterly, semi-annually or annually.
- Rental payments are fixed once your contract starts so you always know what your rental payments will be.
Oak Laurel – Car loans made easy!
