Empire Finance Brokers

Car Loans in Australia

Compare car loans in Australia

Car loans are available for personal and business use. Both unsecured and secured loan options are available from multiple car loan lenders.

 

We compare car loans to find the most suitable loan to suit your personal situation, even if you have bad credit.

 

Car Loan Interest Rates in Australia

Car loan interest rates are determined by a number of different factors including:

 

whether the car is new or used

the age of the car if you are buying used

 

the type of car and number of kilometres

your personal financial position, including your credit score

if the loan is to be secured or unsecured

the loan term you are applying for

Which car loans are best?

Below are some of the most common car loans available in Australia.

 

Consumer Loans

This is probably the most common car loan for individuals and PAYG income earners.  With a consumer loan, the vehicle is used as security until the loan is paid off.  Terms are usually available from 12 months to 84 months.  The interest rate that you may be offered depends on several factors, including your financial position and the vehicle you are buying.

 

Chattel Mortgage

A Chattel Mortgage is a loan for self-employed car buyers who hold an ABN.  With a Business car loan, the vehicle is used as security for the loan.  It is also necessary that the car will be used predominately for business purposes.  If necessary, you should seek guidance from your accountant or tax professional.

 

Business car loan interest rates can differ, so it is advisable to do a comparison by using an experienced business finance broker.

 

Novated Leases

A novated lease is a popular form of salary sacrifice.  The novated lease is a three-way agreement between you, the lender, and your employer.  Often the car includes the purchase price bundled with servicing, fuel, and other operating expenses.  The monthly repayments are deducted from your salary before tax which may provide you with tax benefits.  Speak to your employer or tax professional to see if a novated lease may be suitable for you.

 

Low Doc Car Loans

A low doc car loan is traditionally offered to self-employed car buyers who have equity in their homes but may not be able to provide tax returns to confirm their income. This can be for a variety of reasons and lenders will consider your individual situation.  Ideal for the self-employed person who has trouble providing financials to confirm their income.

 

Low doc car loan interest rates can differ, so it is advisable to do a comparison by using an experienced business finance broker.

 

Bad Credit Car Loans

Bad credit car loans are suitable for borrowers who have past credit defaults and are finding it difficult to obtain a traditional car loan.  A range of car loans may be available to suit your individual circumstances. Some lenders will even consolidate your all debts into one loan to help lower your monthly repayments. If you have had bad credit in the past, there are now lenders who are willing to help.

 

Interest rates for bad credit car loans can vary, so always speak to an experienced car loan broker first.

 

Call us today on 0415 638 927 for an obligation-free chat or you can apply online and we will contact you.