Want to find the perfect car loan? Let Mortgage Choice steer you in the right direction.
If you're in the market for a car loan and need some help narrowing down on your best option, a car loan broker might be an avenue to consider. Brokers will look at your financial situation, the purpose of your loan – in this case, to finance a vehicle – and determine what features you need from the loan, and they will then find the best loan for you. Mortgage Choice offers brokerage services in home loans and business loans, as well as services in the fields of financial planning, and products such as credit cards and insurance. When it comes to finding your next car loan, Mortgage Choice might be able to help.
How does it work?
You apply for a loan, or pre-approval, through Mortgage Choice by submitting an online enquiry. Once a mortgage broker has been in touch with you to discuss your needs, a suitable loan will be sourced for you and financing processed. Financing time varies but can be in as little as two days. Pre-approval is on offer for applicants who haven't found the car they want to purchase yet. No deposit is required for your loan, but you can provide one if you wish.
The types of vehicles you can finance
Mortgage Choice provides financing options for a range of vehicles. The only requirements are that you're looking to finance Here's what they can help you find a loan for:
- Cars - both new and old cars are accepted. For PAYG applicants, cars cannot be more than 12 years old at the end of the contract, and for self-employed applicants this increases to 15.
Features on offer with Mortgage Choice
- Interest rate. All loans financed through Mortgage Choice are fixed rate loans, meaning you'll be able to budget your repayments as they'll remain the same throughout the loan term.
- Pre-approval. Mortgage Choice lets you have the upper hand when searching for your car – get pre-approved for your loan and know how much to have to spend. Once you've found an eligible vehicle to finance, the funds will be drawn by the broker and the payment will be made.
- Flexible eligibility criteria. Having a broker find your loan means that the best finance is found for you, no matter what your situation. Both PAYG and self-employed borrowers can apply, and you can also apply if you've got bad credit.
- Range of vehicles you can finance. Whether you're looking for a boat, a caravan, a motorbike or a car, a Mortgage Choice broker should be able to source a loan for you. Both new and older vehicles are accepted.
- Repayment terms. You'll have between two and seven years to repay your loan.
- Flexibility of the loan amount. Depending on the lender you take out the loan with, you may be able to add insurance and your warranty in the loan amount.
What costs are involved?
Certain fees may be involved when applying for a loan with Mortgage Choice. You'll need to take into account the following:
- Lender's application fee
- Origination fee
- Vehicle inspection fee (for private purchases)
- PPSR (Financiers Security registration fee)
- Stamp Duty (for applicants in NSW)
- Monthly account-keeping fees
How to apply for a car loan through Mortgage Choice
If you're interested in seeing the loan and lending options available through Mortgage Choice, you can submit a quick enquiry online. Make sure you meet the below eligibility criteria before you apply:
- Over the age of 18
- Australian resident
- Earn a regular income – PAYG and self-employed accepted
- Looking to borrow more than $5,000
- Bad credit applicants are able to apply
Once you've checked you meet the eligibility criteria, you can click through to submit an online enquiry. You'll need to provide a few details, so have the following on hand:
- A clear copy of your driver's licence (front and back)
- A recent rates notice if you own property
- PAYG applicants need to provide their last two payslips and a copy of the contract of sale for the car
- Self-employed applicants also need to provide a trust deed (if applicable)
- Commercial full-doc applicants need to provide recent financials (business and individual) and a trust deed (if applicable)
Alternatives to Mortgage Choice Car Loans
Comparing your options when dealing with any type of credit or finance is important. See how the Mortgage Choice car loan stacks up to the others in the market.