Helping Australians to get the Car they need... Sooner
Secured Loan
A secured loan is the most common and is usually secured on the car itself, this means that if the vehicle is sold prior to the loan term finishing then the loan must be paid out in full.This does not mean that you are locked into keeping your car until the loan term finishes, in most cases this is simply done by obtaining a payout figure from your current finance company when trading the car in. We then adjusted the figures accordingly with a new loan starting again on the new vehicle.
A secured loan is the most common and is usually secured on the car itself, this means that if the vehicle is sold prior to the loan term finishing then the loan must be paid out in full.This does not mean that you are locked into keeping your car until the loan term finishes, in most cases this is simply done by obtaining a payout figure from your current finance company when trading the car in. We then adjusted the figures accordingly with a new loan starting again on the new vehicle.
Unsecured Loan
This is basically a personal loan, this means that the loan is unsecured and you can sell the car without the need to repay the loan at that point, of course as any loan you must still keep paying the monthly repayments.This type of loan is good for cars such as Used Japanese Imports or custom and vintage cars which can be difficult to have financed with most of the mainstream Finance Companies. It pays to keep in mind an unsecured personal loan will in most cases be a higher interest rate than a secured loan and there can be limits as to how much you may borrow.
This is basically a personal loan, this means that the loan is unsecured and you can sell the car without the need to repay the loan at that point, of course as any loan you must still keep paying the monthly repayments.This type of loan is good for cars such as Used Japanese Imports or custom and vintage cars which can be difficult to have financed with most of the mainstream Finance Companies. It pays to keep in mind an unsecured personal loan will in most cases be a higher interest rate than a secured loan and there can be limits as to how much you may borrow.
Low doc business loan
You usually need to have have been trading for over 12 months ( i.e. your ABN has been active 12 months ). You may then be eligible for a business lo doc loan, this means that as a self employed person you do not have to provide the usual payslips, tax assessments and proof of earnings that are required by most lending institutions. These are definitely a more expensive option but do have some tax benefits.
You usually need to have have been trading for over 12 months ( i.e. your ABN has been active 12 months ). You may then be eligible for a business lo doc loan, this means that as a self employed person you do not have to provide the usual payslips, tax assessments and proof of earnings that are required by most lending institutions. These are definitely a more expensive option but do have some tax benefits.
Non Conforming Loan
This type of loan is for the person that does not fit into the lending criteria of the average finance company, you may have a default or two on your credit rating, be in business but not have your financials up to date or be working but not be able to supply pay slips, whatever the reason this type of loan is used as a back up when the other avenues fail.The interest rate is generally higher and is set according to the risk perceived by the Lender.
A good deposit is usually required and the amount able to be lent can be capped.
This type of loan is for the person that does not fit into the lending criteria of the average finance company, you may have a default or two on your credit rating, be in business but not have your financials up to date or be working but not be able to supply pay slips, whatever the reason this type of loan is used as a back up when the other avenues fail.The interest rate is generally higher and is set according to the risk perceived by the Lender.
A good deposit is usually required and the amount able to be lent can be capped.
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