New car loans information - Australia
Loan Term and Secured Car Loans
New car loans are available on a term generally up to five (5) years with most lenders with limited finance companies making them available up to seven (7) years.
Lenders will normally insist in a secured car finance. The motor vehicle being financed acts as security for the loan. If the borrower cannot repay the loan in the time frame agreed the lender can sell the car to recover the outstanding balance of the loan including fees and charges.
Personal Car Loans
The alternative to secured finance is a personal car loan. The interest rate can be higher than secured financing as the lender has nothing to recover the debt if it is not paid. If it is a unsecured car loan you prefer Finance Ezi have a choice of banks to choose from. Simply complete our EZI personal car loan application
New car loan rates
For secured financing some lenders offer lower new car loan rates on offer compared to used car finance. New cars historically have less bad debts or losses so the lender can reduce their margin and offer better car loan rates. This is not always the case and can depend on how the car finance company prices. Some price on how much you borrow or price on the credit strength of the applicant where there is no difference on interest rates for new or used cars.
At Finance EZI we deal with most lenders and know how each price their interst rates. Click here to get EZI to get you a new car loan rates
