Stratton Finance Used Car Loan

How does the Stratton Finance Used Car Loan work?

Stratton is a finance broker that offers both secured and unsecured used car finance. The rates are fixed, ranging from 5.8% p.a. to 6.23% p.a. With a fixed rate loan, your repayments remain the same for the duration of the loan. This makes it easier to budget for your repayments. They also offer flexible repayment solutions, including balloon or residual payments.

How does compare?

• Competitive interest rate. With a minimum interest rate from 6.19% this loan is in the top 15% of lower rates on the market.
• Affordable upfront fee. Its $199 application fee is in the top half of lower fees when compared to other personal loans.
• No ongoing fees. Unlike many other lenders ING doesn't charge any ongoing monthly or account-keeping fees.
• Joint applications available. ING allows you to apply with a partner which isn't an option offered by all lenders.
• High Finder Score. This loan scores 8.9 in our proprietary scoring system placing it among the top-ranking personal loans.

• You can borrow less than with other lenders. The maximum loan amount is capped at $60,000 which may be lower than what other major banks offer.
• Strict eligibility criteria. You will need a good to excellent credit score to be eligible which can exclude some borrowers.
• Only available for existing ING customers. You must have an existing Orange Everyday account to apply for this loan restricting access for new customers.

What features does the Stratton Finance Used Car Loan offer?

• Low rate. The fixed rates start from 5.8% p.a. up to 16.53% p.a. The comparison rate ranges from 6.23% p.a. to 17.85% p.a.
• Fixed interest rates. With fixed interest rates, your monthly repayments will be consistent throughout the term of the loan.
• Finance for a range of makes. Stratton Finance works with a range of makes, giving you greater choice. Makes include Toyota, Holden, Ford, BMW, Mazda, Subaru, Audi and more.
• Secured and unsecured options. You can choose to secure your loan with the vehicle, or opt for an unsecured loan.
• High borrowing amounts. You can borrow from $10,000 up to $300,000.
• Quick approval. Your used car loan can be approved within 2 working days. Settlement will depend on the vendor.
• Flexible contract terms. Your loan term can range from 1 to 7 years.
• Balloon payments option. With a balloon payment, you can reduce your monthly repayments and pay the lender a lump sum at the end of the loan term.
• Ongoing support. Stratton Finance offers ongoing support throughout the term of your loan.

How much does the Stratton Finance Used Car Loan cost?

The costs associated with this loan include:

• Loan principal
• Fixed interest charges ranging from 5.8% p.a. to 16.53% p.a.
• Application fee of $395
• Monthly service fee of $0

The comparison rate, which includes interest and fees, ranges from 6.23% p.a. to 17.85% p.a.

What are the pros and cons of Stratton Finance Used Car Loan?

Am I eligible for this loan?

To be eligible for this loan, you need to:

• Be over 18 years old
• An Australian citizen or permanent resident
• Have a clear credit file
• Have stable employment

How do I apply for this loan?

You can submit an enquiry online, through the Stratton Finance website. You’ll need to provide information on the vehicle and financial, personal and employment details. Keeping the documents at hand can help speed up the process.