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Got your heart set on an Infiniti? Find out everything you need to know about different Infiniti finance options available to you.
Infiniti was developed by Nissan as its luxury car brand and began trading throughout North America in 1989. 2012 saw the launch of Infiniti as a distinct brand in Australia, and it has gone from strength to strength with luxury car enthusiasts ever since.
Infiniti currently has an impressive range of cars available in Australia and has expressed plans to further extend the range. Current models available in Australia are the QX80 SUV, QX70 crossover, Q70 sedan, Q60 sports coupe, Q50 sports sedan, QX30 compact crossover and the Q30 active compact.
According to Redbook, the cost to purchase new 2018 Infiniti models in Australia is as follows:
According to information provided by the Australian Government's Green Vehicle Guide www.greenvehicleguide.gov.au, the Infiniti Q30 is the most fuel-efficient Infiniti vehicle, with a minimum urban fuel consumption of 6.2 litres per 100 kilometres. The Infiniti QX30 ranks next, with a minimum urban fuel consumption of 8.9 L/100km, followed by the Infiniti Q50 at 9.8 L/100km, the Infiniti Q70 at 9.2 L/100km, the Infiniti Q60 at 10.2 L/100km, the Infiniti QX70 at 11.2 L/100km, followed by the Infiniti QX80 at 20.9 L/100km.
Since the Australian Taxation Office defines a fuel-efficient car as one with a fuel consumption of 7 L/100km or less, only the Infiniti Q30 would fall into this category, with the other Australian models not meeting the definition of a fuel-efficient car.
Decided on the perfect Infiniti for you? Now it's time to consider your Infiniti finance options. With so many different options to choose from, the best solution for you will depend on your circumstances.
Consider the following types of Infiniti finance options:
A commercial hire purchase can be a good choice for self-employed people who intend to use the car primarily for business purposes. Regular repayments are made during the course of the lease term, with the car being purchased outright at the end of the term, typically with a balloon payment due.
Using a credit card to purchase a car can be a much more convenient option than going through a loan approval process, but it can also end up costing you more in the long run. Credit cards tend to have much higher interest rates than other Infiniti finance options. If you have your heart set on racking up a huge number of credit card reward points with the purchase, be realistic about how long it will take you to pay off this credit card debt and how much interest you'll accrue in the meantime. Before taking out a new credit card to fund the purchase, take the time to compare credit cards to make sure you get the best deal.
Has your credit score improved since you took out your mortgage, or has the value of your property significantly increased? It may be worth refinancing your home loan to get a better deal, and freeing up some of the equity in your home at the same time. In these circumstances, you could end up with enough money to purchase your car while also securing a better deal on your mortgage. Be aware of fees that come with refinancing, including having a new valuation performed on your property, as well as early exit fees and loan application fees.
A mortgage redraw could be a viable option if you have sufficient funds in a home loan offset account or redraw facility. However, it is important to keep in mind that if you use funds that would otherwise have been offsetting your mortgage, you are essentially borrowing that money for the remaining term of your home loan. Although home loan interest rates tend to be lower than other forms of personal lending, the longer you take to pay off a loan, the more it ends up costing overall.
A secured car loan poses less risk to the lender than an unsecured loan and can carry with it a lower interest rate and other favourable terms. It is important to remember that if you default on the loan, the lender can take possession of your car since it has been used as security for the loan.
If you're a business buyer, consider a chattel mortgage when purchasing a new vehicle. Also, keep in mind the small business tax break which was renewed in the most recent federal budget.
An unsecured car loan poses more risk to the lender and as such will usually attract higher interest rates and other fees than similar secured finance.
A pre-approved car loan is one in which you begin the loan application process prior to entering into an agreement to purchase a car. Once you know how much you are able to borrow, you can use this information to your advantage to get a more expensive car at a discount or to use your existing pre-approval to negotiate an even better finance deal directly from the dealership.
With a novated lease, you'll be entering into a three-way contract between yourself as the employee, your employer and the car dealership. Lease payments are taken out of your before-tax salary, reducing the amount of income tax you are liable to pay. While this arrangement can benefit some employees, it needs to be weighed against the fringe benefits tax that will be payable on the novated lease arrangement.
Infiniti offers financial services to assist individuals and businesses with the costs of purchasing a new Infiniti. Click here to compare dealer finance with other forms of car loans.
Consider the following when comparing finance options:
The loan application process will vary from lender to lender and will depend on whether you are applying as an individual or a business.
As a private buyer, you will need to meet the following minimum criteria for vehicle finance:
As a private buyer, expect to be asked for the following documents when applying for vehicle finance:
As a division of the Japanese car company Nissan, Infiniti came about in the company's attempt to gain traction in the US vehicle market. In the 1980s and earlier, the United States preferred American and European luxury cars and was sceptical of cars made in Japan. In 1989, Nissan launched its new Infiniti luxury vehicle brand in the United States and soon found success, after which it was rolled out to other countries.
Infiniti is derived from the English word "infinity" and was chosen due to the company's desire to "always be looking forward to new horizons". Continuing with this theme, the company's logo symbolises "two central lines leading off into an infinite point on the horizon".
All loan applications involve a credit check, and all will appear on your credit report. Should your loan application be denied and you decide to apply elsewhere, your credit report will also show the earlier application.
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