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    Car loan benefits and disadvantages

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    Just like with any major financial decision, it’s worth weighing up the benefits and disadvantages of a car loan before you apply.

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    What Are The Benefits Of A Car Loan?

    • Car financing offers you access to vehicles that you might not have been otherwise able to afford.
    • You don’t have to repay a car loan immediately and can take as long as ten years to repay the loan.
    • The car loan’s interest rate may be much lower than that of other finance options, such as an unsecured personal loan.
    toy car
    Vector 3

    What Are The Disadvantages Of A Car Loan?

    • Car loans are typically secured against the vehicle, so if you default on the loan the lender has the right to seize this asset.
    • Your lender may have restrictions on the type of car you can buy, such as if it is new or used, or a sports car etc.
    • The amount you can borrow may be limited by your borrowing capacity and creditworthiness, as opposed to saving up over time.
    Frame 3 1

    What are the benefits of a car loan?

    • Car financing offers you access to vehicles that you might not have been otherwise able to afford.
    • You don’t have to repay a car loan immediately and can take as long as ten years to repay the loan.
    • The car loan’s interest rate may be much lower than that of other finance options, such as an unsecured personal loan.
    Vector 3

    What are the disadvantages of a car loan?

    • Car loans are typically secured against the vehicle, so if you default on the loan the lender has the right to seize this asset.
    • Your lender may have restrictions on the type of car you can buy, such as if it is new or used, or a sports car etc.
    • The amount you can borrow may be limited by your borrowing capacity and creditworthiness, as opposed to saving up over time.
    toy car

    What types of Vehicle loans are available?

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    PERSONAL

    A Personal Car Loan could be the right option for you if you want to buy a vehicle for your own non-business use. If you use the vehicle as lender security, you’ll get a lower interest rate.
    Unsecured

    UNSECURED LOANS

    An Unsecured Car Loan doesn’t require your vehicle as lender security. Your car can’t be repossessed if you don’t make your repayments, but unsecured loans have higher interest rates.
    Business

    BUSINESS LOANS

    You can be eligible for a Business Car Loan if you’ll use your vehicle at least 51% of the time for business purposes. Your loan interest and other vehicle expenses will be tax-deductible. You can apply for a business car loan if you have an Australian Business Number (ABN).
    Tradie

    TRADIE LOAN

    A Tradie Car Loan is like a business vehicle loan except it’s specifically for self-employed tradies. If you’re a tradie looking for your next ute, then a tradie/contractor finance is the option for you!
    Classic

    CLASSIC & VINTAGE CARS

    If you’re a classic car enthusiast, then a Classic Car Loan is tailor-made for you. Classic cars tend to hold their value well, so they can be a great investment long after you’ve paid off your loan.
    Green

    GREEN CARS

    If you’re looking to buy a hybrid ‘green’ vehicle that has low emissions to minimise your impact on the environment, then Green Car Finance is what you need.
    Electric

    ELECTRIC VEHICLES

    More and more Australians are choosing to buy electric vehicles to save on fuel costs and to minimise their environmental impact. An Electric Vehicle Finance can help you to do that!
    Refinancing

    REFINANCING LOANS

    Refinancing Loans help you to change your current loan to one that has better terms and conditions, like a lower interest rate or a longer term to make more affordable repayments.
    Used

    USED CAR LOAN

    A Used Car Finance helps you to borrow to buy a used car rather than a brand new one. Not all lenders offer loans for used cars, but we know the ones who do and where the great deals are!

    Get Better Vehicle Finance Rates

    We make both purchasing and financing a car simple. Our finance experts will secure you a low rate from our panel of over 50 lenders, providing you the finance you need for your car purchase.

    3 Simple Steps

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    Your finance specialist will take the information we need and search the market for the best finance package.

    What you need to apply

    All you need to apply online for a loan with us is your current Australian driver’s licence along with some basic information on your current employment and financial situation.

    Group 22659 1   Valid AustalianGroup 22556 2 1Proof of address
    Group 22659 1   Valid Austalian
    Group 22556 2 1   Proof of address
    Group 22659 (1) Valid Australian Group 22556 (2) (1) Proof of address

    Who can apply?

    You can apply for a loan with us if you meet these three simple criteria:

    • You are an Australian citizen, resident or visa holder
    • You are over 18
    • You earn regular income.
    IMAGE 5

    2. Choose Your Car

    Already found a car? That’s great, just send us the details. If not, we can help source your new or used car from our network of contacts.
     

    ———

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    3. Sign And Collect

    Once you’ve checked and signed the documents, we’ll settle the loan so you can collect your car. It’s that simple!

    young business woman buying car car showroom 2

    Low Interest Car Loans with Fast Approval

    Whether you’re buying your first car or you’ve bought plenty of cars before, it’s always an exciting time. There are so many options to use from – new or used, and sedans, hatchbacks, SUVs or utes (just to name a few).

    No matter what type of car you’re looking to buy, we can get your car finance approved fast so you’ll be driving and enjoying it sooner. We can even arrange a loan pre-approval to help you negotiate a great price.

    Apply Now

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    Our Process

    Makes it easy to finance your home or investment property, so you
    can start saving thousands sooner. Here’s how:

    Our Current Low Interest Car Loan Rates

    Makes it easy to finance your home or investment property, so you can
    start saving thousands sooner. Here’s how:
    Car Loan Type Interest Rate p.a.** Comparision rate p.a. * Rate Type Ballons available
    Green - Hybrid or electric 5.24%
    6.19%
    5.54%
    6.74%
    Variable
    Fixed
    No
    Yes
    New / Demo - Special* 5.59%
    6.89%
    6.14%
    7.45%
    Variable
    Fixed
    No
    Yes
    Used Car Loans 6.54%
    7.89%
    7.09%
    8.45%
    Variable
    Fixed
    No
    Yes

    How much can I borrow with a car loan?

    The amount you can borrow for a car loan depends on 4 things:
      1. How much you can afford as your regular weekly or monthly repayments.
      2. The length of the loan (car loan terms range from 1 to 7 years).
      3. The interest rate.
      4. Whether you include a balloon payment (a larger repayment at the end to lower your regular repayments).

    You can use our loan calculator as a guide for how much you could potentially borrow for your car loan.

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    IMAGE 4

    What are the Costs?

    Make sure the finance for your car includes the government stamp duty amount on your purchase. Stamp duty rates vary across the different States and Territories of Australia.

    When you’re working out how much you can afford for your loan repayments, make sure you consider all your other ongoing car costs, including:

    • Insurance (either comprehensive or third party).
You should arrange for insurance before you take possession of your new car. Do your research to find the best value insurance for your needs.
Comprehensive insurance is more expensive than third-party insurance, but it provides you with the most protection.

    • Registration (and as with stamp duty, registration rates vary across different States and Territories of Australia).

    • Running costs (fuel, tolls, and regular servicing and maintenance).
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    Why Choose National Loans?

    Group 535

    1500+ Five Star Google Reviews

    With thousands of loans delivered per year National Loans is Australia’s most trusted provider

    Path 248

    We Work For You

    We work for you, not the lenders, to get you the lowest rate and lowest repayment

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    Protect Your Credit Score

    Protect your credit score by matching with the best lender the first time

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    Fast Approval

    Apply in less than 5 minutes and get your loan pre-approved in as little as 1 hour

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    Access Lower Rates

    25 years of industry experience sees us being able to access the lowest rates possible for each customer

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    Free Car Finder Service

    Get access to new vehicles at fleet prices and a large selection of used cars

    What our customers say 1500+ Reviews

    5 star google

    1500+ five star Google reviews

    4.9 5 stars

    Htoy ML
    Htoy ML
    23:56 13 Feb 24
    I have had an awesome experience dealing through David as He is very knowledgeable and professional throughout the process. Was always in contact with me and I could ask him anything anytime and he was very understanding and honestly I would recommend him to anyone going through the same process.
    Kye
    Kye
    07:47 13 Feb 24
    Jay was very helpful and quiet a smooth transition highly recommended
    Sathyanath G
    Sathyanath G
    22:58 12 Feb 24
    Great company, very easy to work with would definitely recommend. Our broker Jay Stjepic was the best , Kept us in the loop throughout the whole process with great service.If you need a loan call Jay Stjepic.
    Lionel Narisumulu
    Lionel Narisumulu
    08:58 09 Feb 24
    Had the pleasure to work with Matt and all i can say is splendid service and smooth operation. Couldn’t be happy enough. Definitely recommend anyone to go with the company and if you have Matt your in safe hands
    Brendon To
    Brendon To
    22:48 08 Feb 24
    I am so grateful to “Courtney” she is truly amazing for everything she did for us, her work, her communication and the way she speaks, she is very lovely and made everything easy and quick to get loan . I recommend National Loans to everyone, I believe you will remember my words.
    sanaa tomas
    sanaa tomas
    04:53 08 Feb 24
    super helpful with helping me get my first loan, very friendly and made the process very easy
    Oliver Staines
    Oliver Staines
    03:06 07 Feb 24
    Billie is such an amazing guy. If you want the best finance deals in shortest possible time, Billie can get you amazing results within hours.
    An Nguyen
    An Nguyen
    02:40 07 Feb 24
    Devin was extremely responsive, informative and professional. I’d highly recommend Devin to anyone who is looking for a loan specialist or broker.
    Courtney Jayne
    Courtney Jayne
    02:36 07 Feb 24
    The broker that got me the car loan was Teo. Initially I got some issues with securing a loan from the dealership. Almost gave up but stumble across National Loans by chance when surfing the net. Teo got my info, guided me through the process and promptly updated me. It was all sorted in 3 days. Thank you Teo again for helping. I really appreciate it. Indeed a five star service.
    Mohammad Firdauz Abdul Hadi
    Mohammad Firdauz Abdul Hadi
    10:44 02 Feb 24
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    Ready to get started?

    call to actionIt takes Less than 5 minutes

    FAQs

    Our process to get to loan settlement starts with a 5-minute online application to help us find the most suitable lender for your needs. If your application is approved, you can have your loan approved in as little as an hour. 

     

    From there, we will organise your loan paperwork while you choose your car. Once you sign your paperwork, we will arrange your loan funds to be paid as quickly as possible so you can buy your car and start driving it.

    This depends on the information you provide. If you can supply all the application information we need (current driver’s licence and details of your current employment and financial situation) and you are eligible, you can get a pre-approval in an hour.

    A pre-approval lets you know how much you can borrow before you sign the loan paperwork. Getting a car loan pre-approval can save you both time and money.

     

    Firstly, it lets you know how much you can afford to pay for your new car so that you don’t look at vehicles that are outside your price range.

     

    Secondly, having a car loan pre-approval can give you the power to negotiate with sellers. Whether you’re negotiating with car dealers or private sellers, you’ll have the power to give them a firm offer that’s not subject to finance approval. It’s a ‘clean’ and quick sale for the seller because it won’t fall over due to your finance being rejected later.

     

    A car loan pre-approval can also help save you money by helping you to avoid dealer-arranged finance. Dealer finance usually has terms and conditions that favour the dealer more than the buyer.

     

    Our team of car loan specialists at National Loans work for car buyers, not lenders or car dealers.

    A range of car loans are available including:

    A car loan is more specific than a personal loan. You can only use a car loan to buy a car. You can use a personal loan for a range of purposes including travel, wedding or home renovation costs.

     

    And if you take out a secure car loan, you will get a lower interest rate than you will with a personal loan.

    You can use our loan calculator as a guide for how much you could potentially borrow for your car loan.

     

    If you want to increase your borrowing power, you could:

    • Increase your loan term (for example, from five years to seven years).
    • Arrange for a larger balloon payment at the end.
    • Look for ways to increase the regular payment amount you can afford (for example, by reducing or eliminating any non-essential expenses in your weekly or monthly budget).

    Besides the purchase price of your car, other upfront costs you should consider include government stamp duty, vehicle registration and insurance.

     

    Some car dealers will include government stamp duty and registration as part of a new car’s purchase price. These vehicles are usually advertised as ‘including on-road costs’.

     

    Other dealers will advertise a car’s price ‘plus on-road costs’. You should research what these costs are before you buy to make sure you apply for the right loan amount.

     

    Vehicle registration and insurance will be ongoing costs for your new car. You can choose to pay these costs in a lump sum annually or by more regular repayments.

     

    Your car loan interest will be an ongoing cost until you fully repay your loan. Your loan interest will reduce over time as you repay more of the amount you have  borrowed.

     

    Fuel, tolls, and regular servicing and maintenance will also be ongoing costs for your new car.

    Applyingfor a car loan with National Loans is easy. You can do it online in less than five minutes if you have some basic information handy to confirm your identity and your current employment and financial situation.

     

    Or if you prefer, you can simply give us a call on 1300 358 358 and one of our car loan specialists will be happy to answer any questions you have or to help you with your online application.

     

    You don’t even need to have chosen the car you want before you apply (but it’s fine if you have). If you’re just starting to look for a new car, we can arrange a loan pre-approval if you’re eligible so that you know your price range.

    You can compare car loans on a range of different criteria.

     

    Interest rates and lender fees.

    When you compare interest rates, look for the comparison rate. This is the cost of interest plus any lender fees or charges.

    Interest rates can also be fixed or variable. Fixed rates stay the same for the term of your loan. They give you repayment certainty. Variable rates can move up or down based on market interest rate movements. If they go up, so will your regular repayments. If they go down, so will your repayments.

     

    Secured versus unsecured

    Secured car loans have lower interest rates than unsecured loans. But your car can be repossessed by your lender on a secured loan if you don’t make your repayments. The lender’s security is registered on the Personal Property Securities Register until you have fully paid off your loan.

     

    Flexibility

     Some car loans come with optional additional features such as the ability to make extra repayments or a redraw facility. A redraw facility allows you to redraw any extra payments you make if you need the money later.

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