Secure Loans
Secured loans are the most popular type of personal car loan in Australia. The vehicle is used as security for the loan; therefore you need to pay out the loan in full if you sell your vehicle before the end of the loan term
Features of a secured loan:
- Fixed interest rates
- Can be repaid over a period of up to 7 years and these repayments can be scheduled weekly, fortnightly or monthly by direct debit or BPAY.
- You can make extra or additional payments
- We also offer insurance, warranty and loan protection if you require it
Chattel Mortgage
Chattel mortgages are most commonly used by businesses (including companies, partnerships and sole traders) in Australia to fund the purchase of cars, commercial vehicles and other business equipment.
Features of a Chattel Mortgage:
- Available over terms of 1 – 5 years
- Fixed interest rate
- No deposit is required (but you can make one if you want to)
- You can finance the whole purchase price
- Payments are made fortnightly or monthly
Novated Leasing
A Novated Lease is a type of motor vehicle loan that allows a business to lease a motor vehicle on behalf of an employee.
Features of a Novated lease:
- All repayments and other costs associated with the car are paid by the employer using the pre-tax salary of the employee; therefore reducing the employee’s taxable income
- It is commonly offered to staff as an alternative to purchasing a vehicle for work
- After the lease expires, the staff member must return the vehicle to the lender (finance company) or purchase the vehicle by paying the residual.
- If the employee ceases employment with the company who took out the lease, or the lease agreement ends, that employee must then take on all the lease payments themselves