Car Loans
Finding the ideal car loan just got easier. Our expert team is here to simplify the process and help you compare the best deals. With our guidance, you can secure the perfect loan, lower interest rates, and drive off with confidence. Your dream car is just a click away.
Online, Anywhere, Anytime
We can provide online quotes anytime of the day, anywhere! You just need to provide some basic details on our website to compare the rates from range of lenders. One of our friendly team member will also reach out to you once you share the details to discuss your requirements and tailor a solution based on your needs.
Flexibility
Our range of lenders have variety of options for you to select from. Variable loan term, early termination fees, interest rates - we go through all the variables to ensure the product you go for meets all the requirements! It is an asset you will be using for years, so we make sure it is a great experience right from the moment you decide to get one.
What is a Car Loan?
Car loan is a secured loan where the funds are borrowed to purchase a car and the lender uses the car as security
Are their any tax benefits of getting a Car Loan?
There may be tax benefits if you are borrowing to purchase a car to be used for business purposes. Please speak to your accountant regarding the purpose of buying the car and what percentage is going to be used for business to understand the related tax benefits.
Why do people take a Car Loan instead of using cash?
It mainly depends on everyone's personal circumstances, but most people take a car loan when they don't enough cash savings to purchase their dream car or prefer to use their cash savings for other investment purposes instead of purchasing a car.
How long does it take to get a Car Loan approved?
We have dedicated Car Loan brokers, who can jump on to your enquiry quickly and have lenders on the panel that can approve your loan with in a few hours or the same day (if their criteria is met)
What is a Balloon Payment?
A balloon payment is a lump sum that you will be required to pay your lender at the end of your car loan’s term. It allows you to only make interest payments on that amount during the loan term.
What is a typical loan term for a Car Loan?
The loan term can go for up to 7 years. It is recommended that you speak to your Financial Advisor or Mortgage Broker before you decide on a loan term, because the loan term has an impact on your monthly repayments and a higher commitment towards your car loan will impact your borrowing capacity for any future investment projects you could be considering
How do we handle the Balloon Payment at the end?
There are number of options available at the end of the loan term if you have Balloon Payment outstanding. See them below
- Refinance of the Balloon Payment
- Sell the car
- Make the lump sum payment using your cash savings
What are the pros and cons of a Balloon Payment?
The main reason borrowers go for a Balloon Payment is to reduce their monthly repayments and have a better cashflow. The key drawback is that you will have a large sum that will still be outstanding when the loan term expires and you end up paying more interest over the loan term compared to the option without a Balloon Payment. It is still a very popular choice, as it helps seasoned investors preserve their cashflow which they use for investing in appreciating assets such as property.
