Car Loans - Compare Vehicle Finance Interest Rates

In general, finance is provided for all types of cars. Exceptions may arise with say vintage and collectable cars, racing cars and other such categories. But for the majority of commonly purchased cars for most applicants, Jade can source you a cheap car loan. The categories of cars we finance include all types of passenger cars such as sedans, SUVs, hatches, convertibles, sports cars, wagons, multiple people vehicles, electric vehicles, hybrids, diesel and petrol powered. In the business vehicle category, we finance all leading brands of utes, SUVs, cab chassis, light commercial vehicles, vans and small work vehicles which don’t come under our truck finance sector. Small and large cars can be financed, there are no general restrictions in that regard. Individual lenders may vary loan offers for new versus used cars.

Yes. Finance is available for both personal car loans and business vehicle finance for new and used vehicles. Used vehicles may include: passenger cars, sedans, hatch backs, convertibles, utes, SUVs, 4WDs, wagons, MPVs, light commercial vans, cab chassis utes and many other types of vehicles. In all cases, loans on used cars are subject to individual lender requirements. The age and condition of a used vehicle is taken into consideration by our lenders when assessing an application and working out the offer they will make on a loan to the applicant. In some cases, a lender may request a deposit be paid in order to reduce the overall loan amount if they consider the value of the motor vehicle relative to the loan amount being requested does not meet their criteria.

Not necessarily but maybe. There is a difference between any deposit that the car seller or dealer may ask you to pay and a deposit that the lender may request. When you commit to a car purchase and sign a contract with say a car dealer, they usually ask you to pay some amount on the spot to confirm the deal. The exact amount requested will vary. This is usually referred to as a holding deposit and can be refunded back to the buyer if their car loan finance company pays the 100% purchase price of the vehicle. Lenders only usually request a deposit to be paid when the applicant or the vehicle being purchased does not meet their guidelines. No deposit vehicle loans can be sourced. That means you request a loan for 100% of the purchase price of the car including all dealer delivery etc charges. In many cases, especially with new vehicles and for business applicants, this is generally achievable. With Low Docs and No Docs business vehicle loans, personal loans with low credit profile and with Unsecured Personal Loans, the lender will often request a deposit be paid to lower the loan amount being requested. It may also be requested in some cases with some used cars, depending on age and condition.

In order to qualify for business vehicle finance, the business must meet the criteria for a business loan and the vehicle being purchased must be primarily for use in that business. If a vehicle is being purchased by an individual primarily for their own personal use, then a personal car loan would be the applicable loan type. The structure of business and personal car loans are essentially similar in that the lender uses the vehicle, in some aspect, as security against the loan and the borrower repays the loan in monthly instalments for a fixed number of years, known as the loan term. Business loans differ in that they do have the option for a balloon or residual. This is a portion of the price of the car which is set aside from the repayments to be paid as a lump sum at the end of the loan term. There are a number of business car finance products which have varying features and benefits in regard to tax and accounting methods. In order to qualify for business finance, an applicant must have a current ABN and some level of financial documentation in regard to their business set-up.

Yes, it is possible, but other financial documentation is also required. A current ABN and ID is the minimum requirements for business car loans. From that minimum level of requirements, the more financial information about your business that you provide and the better the quality of that information in regard to your credit profile, the more favourable the interest rate and loan conditions you can expect to be offered. Being registered for GST and having BAS statements is highly preferred. For businesses with little or no documentation, a specialist service to source Low Docs, No Docs and ABN only car finance is available. This type of finance is usually not offered by the major banks but non-bank lenders are more favourable to offering finance to this type of business.

There are a number of ways to start the car application process. You can either apply online or over the phone. Licensed credit providers with ASIC must adhere to the Responsible Lending Guidelines in relation to consumer credit and a set process is laid out to follow. You will need a range of documents to complete your application. These vary according to the type of car loan – personal or business – that you are applying for. For a personal car loan you will need ID, employment status and history record, proof of income such as payslips, a list of your income and expenses each week/month, details of any assets, details of any debts such as credit cards and other loans. For business vehicle finance, you will need a current ABN, ID and financial details around your business activities. The quantity and quality of the financial documents provided will determine if you meet the criteria for a fully documented (standard) loan or you require a Low Docs or No Docs loan.

Car loans and driver licences are separate issues and not connected except that a driver licence can be used as one form of ID in applying for a car loan. Driving licences come under state regulations and the age for getting a licence may vary across the jurisdictions. In most states and territories a person can get a driver licence under the age of 18. Under the Consumer Credit Laws in Australia, you must be over 18 in order to apply for and be offered a consumer loan. So just because you have a driver licence doesn’t mean you can apply for a vehicle loan. On the reverse, you don’t need to have a driving licence in order to apply for a car loan. Someone without a driving licence can be offered a car loan for a car which is obviously to be driven by another person.