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A Consumer Loan is typically used by individuals to purchase a car where
there is no business use of the vehicle and it
does not form part of any salary packaging arrangement. With car loans, the car
is the security against the funds borrowed to
acquire the car. As the financier holds the car as security, their risk of loss
is reduced, and as such a much more competitive
interest rate can be offered
than for standard personal loans.
Benefits
The benefits of a Consumer Loan are:
- Repayments are fixed for the period of the loan.
- In general, the interest rate on a personal car loan is significantly less than
standard personal loans.
- You can finance the total purchase price of the car.
- Compared to a adding the vehicle to an existing mortgage, a consumer car loan ensures
you make regular payments
over a period of 12-60 months, instead of spreading your vehicle repayments over
the life of a home loan, for a period
as long as 30 years. Avoiding this can save you many thousands of dollars and stop
you paying many times the car's
purchase price in interest payments.
Click here for Business Usage Finance Options
REQUEST A QUOTE ONLINE
or call our friendly finance consultants on 1300 132 700.
Downloadable PDF Information Pack - Consumer Loan
Disclaimer: We
recommend that prior to entering into any financial arrangement that you seek independent
financial advice.
The information contained herein is of a general nature only and does not take into
account your personal circumstances.
Southgate Financial Services Pty Ltd, its agents, employees and lenders accept no
responsibility for any loss that may arise.
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