Are you in the market for a new vehicle?
Whether it’s for personal or business use, Aussie Car Loans will get you a great deal on car finance with a loan individually tailored to you. Celebrating over 30 years in the industry, Aussie Car Loans offer competitive fixed rates for new or used cars, with a fast and simple online loan application and flexible loan terms.
What is a car loan?
A car loan is a type of personal loan used for buying a motor vehicle such as a car, ute, 4WD, motorbike, or other road vehicle. A car loan is helpful when you don’t have enough savings to afford the vehicle of your choice, but you can afford to repay a loan in monthly installments.
There are a few different types of car loans:
- New car loan: Available for buying cars that are brand new, and some lenders will let you use a new car loan for a car that is 1, 2, or even 3 years old. A new car loan will usually be secured by the car, and the interest rate may be lower the more the car is worth.
- Used car loan: Available for buying cars that are up to 5 or 6 years old and do not qualify for a new
A lower monthly payment on your car loan doesn’t always mean you’re saving money. Here’s how car loans work.
Purchasing a car typically means taking out a car loan. If you’re in the market for a new vehicle, you’ve probably spent a lot of time researching car options, but do you have a good understanding of how car loans work? When you take out a car loan from a financial institution, you receive your money in a lump sum, then pay it back (plus interest) over time. How much you borrow, how much time you take to pay it back and your interest rate all affect the size of your monthly payment. Here are the 3 major factors that affect both your monthly payment and the total amount you’ll pay on your loan:
- The loan amount. It can be significantly less than the value of the car, depending on whether