Personal Car Loan
A Personal Car Loan, also known as an Unsecured Car Loan, offers a flexible way to finance a vehicle without using the car as security.
With this type of loan, the lender does not have the car to sell if the borrower defaults, making it a higher-risk option for the lender. As a result, interest rates are generally higher compared to a secured or consumer car loan. In contrast, a secured or consumer car loan uses the vehicle as collateral. If the borrower fails to repay, the lender can sell the car to recover the loan amount.
Why choose a personal car loan?
A personal car loan offers several advantages over a secured car loan.
First, some lenders won’t accept older cars as security, making personal car finance the only option for vehicles beyond certain age limits. Most lenders prefer vehicles no older than 15 to 20 years by the end of the loan term. Second, personal car loans are ideal for purchasing non-standard cars, such as hot rods, imported vehicles, or collectible cars, which may not meet the guidelines for a secured car loan. Finally, some people prefer having cash on hand when buying a vehicle, as it increases their negotiating power, especially in private sales.
personal car loan Terms
A Personal Car Loan is a straightforward agreement between you and the lender. Here are some key terms:
- Interest rates are usually fixed.
- Loan terms range from 2 to 7 years.
- The lender deposits the money into your bank account, allowing you to purchase the car of your dreams.
- You can make additional repayments at any time during the loan term.
- You can pay out the loan early.
- Repayments can be set up weekly, fortnightly, or monthly based on your lifestyle and pay cycle.
estimate Your personal car loan repayments
You can use our personal car loan calculator to estimate your repayments. Simply determine the finance amount, loan term in years and an approximate interest rate. Your interest rate is based on your credit history, personal circumstances and the type and age of the car being purchased. The car loan calculator lets you gauge your fortnightly or monthly repayments. Knowing your new purchase will fit into your budget is very important for peace of mind.
Why use AAA Finance
AAA Finance has a team of professional finance brokers who work for you and not the banks! We will save you both time and money.
1. Quick loan approvals
In fact, most loans are approved within 24 to 48 hours of receiving all the requested information.
2. Easy application
An over the phone application takes only 5 to 10 minutes. So call today to drive away on (07) 5493 1222. Our experienced car finance experts are ready to discuss your new car loan.
Alternatively, get in touch using one of our online enquiry forms. One of our friendly finance specialists will call you at a time convenient to yourself.
3. Competitive Interest Rates
Our team has access to over 40 lenders. Consequently, we have a lender to suit your circumstances. We then select the lender who has the most competitive interest rates with terms to suit your individual needs.
4. AAA customer service
We aim to provide exceptional AAA customer service. Both our google and Facebook reviews are testament to our commitment to our clients and their finance needs.
5. Experience and professional finance brokerage
Our qualified team has over 100 years of finance experience behind them. Lenders are constantly changing their lending guidelines. Hence our brokers are constantly being updated on new policy and procedures. This depth and breathe of knowledge ensures we get the best outcome for you!
Compare and save money with AAA!
Useful personal car loan link
Drive has some great tips when buying a used vehicle.
