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?

• A competitive interest rate. With a minimum rate of 7.24% p.a. this loan is priced more competitively than many other secured loans on the market.
• An affordable application fee. The $250 application fee is lower than many other lenders making it one of the more affordable options.
• No ongoing monthly fees. Unlike some other lenders IMB charges no ongoing monthly account-keeping fees helping you save money over the loan term.
• Finance for electric vehicles. This loan can be used to purchase an electric vehicle which isn't always an option with other personal loan providers.
• A high Finder Score. This loan's Finder Score of 8.3 out of 10 places it among the top-ranking products in our database.

• There is an upfront fee. An application fee of $250 applies which is an extra cost you'll need to budget for while other lenders charge no application fee.
• You may be charged for paying your loan off early. Break costs can apply if you decide to pay out your loan before the end of the term which can limit the potential interest savings you make.
• The interest rate isn't the lowest available. While its starting rate of 7.24% p.a. is competitive some lenders on the market offer lower rates.
• This loan requires you to provide an asset as security. You must secure the loan against an asset like a car meaning if you don't have a suitable asset you won't be eligible.

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.