Car Finance Gold Coast
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Whether you’re looking for your first car, upgrading to fit your family or switching to an electric vehicle, shopping around and applying for a car loan can be overwhelming. However, it’s important to shop around in order to find a competitive rate and a loan that will work for your situation. At Crest Lending we have a range of different lenders who offer competitive asset financing for car loans with an option to suit you. Our car finance, Gold Coast based brokers can help to find you a competitive rate when searching for a car loan.
Secured Car Loans
A secured car loan is generally the most popular type of vehicle finance. Entering into a secured car loan agreement means that the finance of your loan is secured against an existing asset or your new car itself. If you default on the loan or don’t pay it back, the lender can repossess your asset. This idea might sound scary, but repossessing an asset is the worst-case scenario. For this to happen, the lender would have had to default on a number of payments and avoid conversations with the lender about financial hardship.
A possible benefit of secured car loans is that interest rates are generally lower than the rate you would get with an unsecured personal loan. This is because the lender views a secured loan as less risky. Additionally, a secured car loan doesn’t mean you have to buy a brand new car. You can still apply for this kind of loan even if purchasing from a second-hand dealer or a private sale. There are just a few requirements needed in order for your new car to be used as security like being a certain year model or newer.
How To Use A Personal Loan to Buy a Used Car
A secure car loan used the car as collateral against the loan. On the flip side, you can apply for an unsecured personal loan which takes into your account your income and cash flow.
This is ideal for those who are buying a car which doesn’t meet the requirements needed for a secured loan or just don’t want to use their car as collateral. As the lender does not hold the car as security this means you’ll own your car straight away. When applying for a personal loan, it’s essential to stipulate that purchasing a car is the primary purpose of the loan. Any remaining funds can be used for other purchases at entirely your discretion.
It’s important to weigh up both the benefits and considerations depending on your personal situation. If you purchase a car using an unsecured personal loan, there isn’t an asset held as security. What this means for you is that if you fail to make your repayments over a long period of time, your lender may call upon a debt collector, which could result in legal action.
Find out how a personal loan can help you buy or refinance your car by visiting our dedicated personal loans page.
Business Car Finance
Did you know that most business vehicles are eligible for a business car loan? This includes cars, trucks, buses, motorbikes and delivery vans. When applying for business equipment loans or car finance, you must be realistic about your business requirements. A lender will consider your business and the industry you work in as the vehicle needs to be intended for business use.
There are a number of business car finance options. Each is suitable for a different person and a different business model.
Comparable to a secured car loan but a type of car loan created specifically for business vehicles. With a Chattel Mortgage, lender loans a business 100% of the money to purchase a car. The business takes ownership of the vehicle, but the lender uses it as security. Once the loan has been repaid, the mortgage will be removed.
Leasing a car gives you access to a vehicle for an agreed period of time. With Finance Lease, a lender will purchase the vehicle on behalf of the business and then lease it back to the business. The business is still required to meet monthly repayments under the lease agreement. However, once the lease has expired, the business can either take full ownership of the car by paying off the remaining value or decide to refinance the lease.
Commercial Hire Purchase
Entering into a Commercial Hire Purchase agreement means that a lender purchases a vehicle on behalf of the business and then hires it back to the business until all loan payments are completed. The difference between this type of business car loan and the others is that the business does not own the car upfront.
Electric Vehicle / EV Car Loans
Getting an electrical vehicle car loan has never been easier. The gap between the cost of electric vehicles and conventional vehicles is closing. As the cost becomes more comparative, loans become more competitive and we have a wide range of EV Car Loans.
Buying an electric vehicle is recognised to be helping the environment. This is why a number of our lenders offer discounts on interest rates, fees or other incentives to purchase electric. Not only can we offer you a competitive rate but the Australian State and Territory Governments, including the Queensland Government, have created incentive programs in an effort to make electric vehicles more accessible to everyday Australians. Incentives differ between each State and Territory but include rebates, removal of stamp duty and registration fee discounts.
EV Car Loans not only offer you the choice to purchase a more environmentally friendly car but can also offer significant financial benefits. Get in touch with our team today to learn how you can take advantage of an EV car loan and get yourself into a new electric vehicle today.
Speak to A Car Loan Broker Gold Coast
We love helping our clients find the right car loan for their needs. Our experienced team of car loan brokers can help both personal and business car finance seekers by assessing individual circumstances, cash-flow requirements, business structure and tax considerations. At the end of the day, we’re here to help you get the car loan finance you need so you can have the keys to your new car in no time.
Get in touch or give us a call today to learn about our car finance Gold Coast today!
Crest Lending Pty Ltd ABN 18 604 419 427 Credit Representative 477340 is authorised under Australian Credit Licence 389328
Disclaimer: We recommend that you seek independent financial and taxation advice before acting on any information in this page. It contains general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. Interest rates are subject to change without notice. The lender’s terms, conditions, fees & charges apply.