Unlock the Keys to Your New Car with a Personal Car Loan

Car loans are a financial tool; like any tool, they can be helpful when used responsibly. They’re not a one-size-fits-all solution and have their pros and cons. Here’s a breakdown of the pros and cons:

Pros:

It makes a new car affordable

Builds credit history

Variety of loan options

Cons:

Interest adds to the overall cost

Increases debt burden

Cars depreciate (lose value) over time

With Affordable Funding, we’re committed to your financial well-being and security. We’ll help you find a car loan that fits your budget and minimises the downsides while being transparent about the process.

At Affordable Funding, we understand that car loan needs vary. We offer a variety of loan options to suit your situation, including:

Personal Car Loans: Finance the purchase of your new or used personal vehicle.

ABN/Business Vehicle Loans: Get the wheels turning for your business with a loan for your commercial vehicle.

Unsecured/Secured Car Loans: You can choose an unsecured loan without using your car as security (subject to approval) or a secured loan with a potentially lower interest rate.

Electric Car Loans: Drive into the future with financing for your eco-friendly electric vehicle.

Car Refinance: Streamline your finances by refinancing your existing car loan with a potentially lower rate or better terms.

Novated Lease: Explore salary packaging options to save on car lease payments and tax potentially.

You can get fixed and variable-rate car loans from various lenders offering different loan terms and interest rates. If you’re deciding between these two options, you’ll need to consider how each loan type charges interest. A fixed interest rate won’t change over the loan term, so you have the peace of mind of knowing your monthly repayments for the whole loan term. Meanwhile, variable-rate car loans can have fluctuating interest rates that may cause the repayments to change over the loan term. Consider if your budget allows that fluctuation or if you’d feel more comfortable with a fixed rate.

Yes, you can refinance a car loan. Refinancing involves replacing your existing loan with a new one that offers a lower or more competitive interest rate, better loan terms or other loan differences. Refinancing can save you money on interest charges over the loan term but may also require you to pay application or discharge fees. Remember to weigh the potential benefits against the costs.

There is no way to say that one bank or loan is the ‘best’ loan for any individual since we all have different financial circumstances and needs. Finding the best car loan is about finding the best car loan for you and your circumstances.

To help you find the right car loan, you should look at:

Interest rate: This significantly impacts the total loan cost.

Loan terms: Consider the repayment period and any associated fees.

Eligibility requirements: Ensure you meet the loan’s credit score and income requirements.

Affordable Funding has a considerable network and long-term relationships with some of Australia’s best car finance lenders. We’re here to help credit-conscious Australians find a car loan that suits their needs. Contact us to discuss your loan needs, or use our quick quote tool to get a personalised estimate.

Car loans are typically secured loans, which means the lender holds the car title until you repay the loan in full. The lender holding the title means that they have legal ownership of the car and can repossess it if you fail to repay it on time.

Once you’ve completed all your loan repayments, the lender will transfer the title to your name, making you the official owner of the car.