Main points to consider with the loans.com.au - Used Car Loan
The loans.com.au - Used Car Loan lets you borrow up to $150,000 for a used car. You have the option of either a fixed or variable interest rate for the vehicle you are financing. Here is a break down of the rates:
Variable rate used car loan for a vehicle up to 3 years old you'll receive a variable interest rate from 7.74% p.a. with a comparison rate of 8.85% p.a.
Variable rate used car loan for a vehicle up to 5 years old: you'll receive a variable interest rate from 7.74% p.a. with a comparison rate of 8.85% p.a.
Fixed rate used car loan for a vehicle less than 3 years old: you'll receive an interest rate of 7.69% p.a. and a comparison rate of 8.8% p.a.
Fixed rate used car loan for a vehicle is up to 5 years old: you will receive a rate of 7.79% p.a. and a comparison rate of 8.9% p.a.
Fixed rate used car loan for a vehicle between 6 and 7 years old: you will receive a rate of 9.09% p.a. and comparison rate of 10.2% p.a.
Fixed rate car loan for a vehicle 8 years or older: you'll receive a rate of 12.79% p.a. and a comparison rate of 13.9% p.a..
Features of a loans.com.au - Used Car Loan
Fixed and variable rate options. You can choose either the fixed or variable rate, based on what suits your needs. The fixed rates give certainty of knowing what your repayments will be but are higher than the variable rate.
Loan amount. You can borrow from $5,000 to $150,000. If you're looking to purchase a car cheaper than the minimum amount offered, you have the option of adding your on-road costs into the loan amount.
Loan term. You can choose to repay the loan over 3 years, 4 years or 7 years.
Used cars up to twelve years old. You can get a loan for a used car that is less than twelve years old, based on build date.
Fees and charges
Establishment fee. You'll pay an initial $400 establishment fee.
Early repayment fee. This will apply if you pay off the loan before the last 12 months of the loan term.
You won't need to pay the early repayment fee if you pay off the loan within the last 12 months of the agreed term.
How to apply for a loans.com.au - Used Car Loan
You can apply for a loans.com.au - Used Car Loan by clicking "Go to Site" above. The application process should take approximately 15 minutes to complete.
You'll need to meet the following criteria to be eligible for a loan:
Be over the age of 18
Be an Australian citizen or permanent resident
Have a good credit history
Have stable employment history
You'll also need to supply the following as part of your application:
Proof of identity
Proof of income
Details of your assets and liabilities
The loans.com.au - Used Car Loan lets you buy a car up to twelve years old, with quick approval. You should compare a range of used car loan options to find the one that is right for you.
Tom Stelzer is the Members Publisher for Finder, specialising in content for Finder app and website members. He previously worked for Finder as a writer in Australia and the UK, covering things like personal finance, loans, investing, insurance as well as small business and business loans. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.
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