The car finance from LoansOne will get you behind the wheel
Having a car or any other vehicle is a vital part of Australian life. Whether you are searching for a used or new car, work vehicle or a minivan, LoansOne is always there to cover all your financial commitments by offering the best car loans in Australia. A car loan is a personal loan that you can use for purchasing any vehicle without spending your entire savings to pay the upfront costs. The borrower makes repayments for a specific term for the loan amount they have borrowed with the applicable interest.
How does a Car funding process work?
Car funding performs differently based on the loan type you have taken and what vehicle type you want to buy. It works in the following way.
● Application for the funds
Once you have selected which car is perfect for you, you can apply to LoansOne. Personal loan car funding will ask for the financial and personal details of the borrower, while secured car loans, on the other hand, will also need car information.
● Loan Approval
The LoansOne team approves the funding within 7 days, after verifying the submitted documents. However a preapproval can be obtained within 24 hours.
● Funds Approval
You will get funding approval which you can use in two different types. If you want to buy a car in a private sale, we can directly pay the seller when the car is used as security, or you can also arrange payment directly yourself if an unsecured personal loan is approved.
Different types of Car funding are available.
LoansOne offers the following type of car funds to the borrower.
● Unsecured car funding, where you do not have to submit any asset as collateral
● Secured car funding, you have to submit the car being purchased as security.
● Chattel Mortgage is a car funding alternative for business purposes.
● Operating Lease is a longer-term car finance arrangement that involves an organization leasing a vehicle for a specific period.
● New Car funding allows you to purchase a new or less than two years aged vehicle.
● Used car loans, the borrower can buy a vehicle more than two years of age.
Advantages of the best car loans in Australia
Before making any major decision, you should know about the benefits of acquiring car funding. They are as follows.
● Offers the borrower a chance to access the vehicles that you cannot afford otherwise
● The interest rate of the car funding is much lower than the other financial options like personal loans.
● The borrower does not have to instantly repay the funds and take up to 5 years to complete the loan.
Things to Consider before Applying for the Car funds
Keep in mind the following things before submitting a car fund application to LoansOne, which are:
● The amount you can afford to repay
Before researching your dream car or looking for loans, calculate how much you can afford to repay the lender. This amount is directly dependent on your income and expenditure. Go through all the financial options carefully and then decide the monthly repayment amount you can truly afford without hampering your monthly expenses.
● Terms for car finance
Next, determine the total loan term within which you can repay the entire loan amount. Remember, the longer the repayment term, the more interest you will pay.
● Additional Costs
Also consider the additional costs related to maintaining a car-be it new or old. These costs include insurance, servicing, fuel and others, which keeps on increasing when the vehicle gets older and older.
Documents necessary to apply for car loans
Below we have listed all the documents that are necessary for applying for the best car loans in Australia.
● Driver license or passport or birth certificate
● Medicare card
● Two recent payslips
● Last two years of tax returns for self employed borrowers
● Notice of assessment for self employed borrowers
● Employer contact details and information
● Asset & Liabilities statement
● Ongoing expenditures
● Limits of Store or credit card
● Other overdraft or loan details
● Make, Model & Year of vehicle
● Chassis or Vehicle Identification number
● Engine and registration number
● Estimated purchasing price
Remember, car funding can assist you in purchasing the car you have always wanted. Just get in touch with us, and we will take care of the rest!
Eligibility Criteria: Be 18 years and over, be currently employed, be a permanent Australian resident or NZ citizen; Be able to demonstrate a reasonable credit history and be free from bankruptcy for the past 7 years.
Frequently Asked Questions
Simply click on the “Apply Now” button to start your loan enquiry
Yes you can. You will be required to be self employed for a minimum of 1 year to qualify.
Once we have received a completed application along with supporting documents we will work on obtaining an approval through our lenders. We will liaise with the dealership/supplier to obtain a tax invoice for the vehicle and move forward to settlement.
The borrower is responsible for maintaining the car in good working order while under finance.
The interest rate varies depending on the Lender
At the end of the loan term if there is a loan secured against the asset, the charge will be removed and you will own the asset. If you have a rent option, in most cases you have the option to buy the asset or return it.