Best options for your vehicle finance

Car finance is a loan that you can use to purchase a car. There are many different types of car finance available, each with its own advantages and disadvantages.

The most common types of car finance in Australia are:

• Personal loans: A personal loan is a type of unsecured loan that can be used for any purpose, including purchasing a car. Personal loans typically have higher interest rates than other types of car finance, but they may be more flexible in terms of the amount you can borrow and the repayment term.
• Car loans: A car loan is a type of secured loan that is backed by the value of the car you are purchasing. Car loans typically have lower interest rates than personal loans, but they may have stricter eligibility requirements.
• Hire purchase: Hire purchase is a type of agreement that allows you to purchase a car over a period of time. You will make regular payments that include both interest and part of the purchase price. At the end of the agreement, you will own the car outright.

There are several benefits to car finance, including:

• Buy now, pay later: You can get the car you want now, without having to save up for the full purchase price.
• Flexible loan terms: You can spread the cost of the car over a longer period of time, which can make your monthly payments more affordable.
• Lower interest rates: You can get a car loan with a lower interest rate than a personal loan.

There are a number of different fees associated with car finance, including:

• Application fee: This is charged by the lender to process your application for car finance.
• Establishment fee: This is charged by the lender to set up your car loan.
• Interest rate: The interest rate is the cost of borrowing money from a lender and is expressed as a percentage of the amount you borrow.
• Late payment fee: If you fall behind on your repayments, the lender will charge a late repayment fee.
• Early repayment fee: Some lenders may charge a fee if you repay your car loan early.

When using a mortgage broker to submit applications, you can rest assured that Simplify Finance does not charge you for our services.

We are commonly asked whether visa holders are eligible for car loans. Depending on which temporary visa you possess, Simplify Finance may be able to help you secure a car loan. Unfortunately, we are unable to assist you if you are in Australia as a student, graduate or on a working holiday.

For more information on temporary visa car loan eligibility, get in touch with us.

Your car finance interest rate is affected by a number of factors such as your credit score, the loan amount, duration of the loan term and the type of car you buy. To learn about your car finance options, get started with us and receive tailored solutions for your car needs.