When you're in a hurry to get that new car, we know you don't want to waste time trawling through the reams of data to get to the essentials you need to know. At Jade Car Loans, saving time (and money) is our in our DNA. So we're providing this as a ‘cut through’. Cutting through the reams of info on car finance to give you quick brief answers to many FAQs.
General Info
- In general, all types of cars are eligible for finance. That includes SUVs, hatches, sedans, utes, 4WDs, wagons, convertibles and MPVs. Some lenders have minimum loan amounts.
- Both new and used cars can be financed.
- Vehicles purchased through a licensed motor dealer, private seller or at auction can be financed.
- Car finance is available through banks, finance companies and lenders such as Jade Car Loans.
- Brokers such as Jade are accredited with multiple lenders so we can quickly assess the offers, do the hard and time-consuming work for you, negotiate interest rates and conditions to save you time and deliver cheaper business car loan rates.
- There are different types of loans for businesses buying vehicles for use in their business and for private buyers.
- The interest rate offered by Jade on business vehicle finance is lower than on personal car loans due to the lower risk assessment and other factors. This is the same across the car finance market.
- Every car loan application is addressed individually based on the individual or business and the car being purchased. So all information provided by most sources is subject to individual lenders and individual applications.
- Pre-approved car loans are available for both personal and business buyers. This is when we arrange your finances before you do the deal with the seller. The standard loan application procedures and conditions apply for pre-approved finance.
- Using a business car loan calculator or requesting a loan quote is not an obligation to proceed.
Private Buyers: Personal Loans
- You have to be at least 18 years of age to be eligible for a consumer loan. Having a driver’s licence is not a criterion for a loan application.
- A parent, sibling or guardian can go guarantor for a loan for an under 18 but should consider the issues around so doing.
- The most commonly used loan for private buyers is the Secured Car Loan.
- Where the car is not accepted or offered as security for the loan and as such a Secured Car Loan is not appropriate, Jade Car Loans offers the alternative of an Unsecured Personal Loan.
- To apply for a personal car loan you will need to be 18+, have employment or income stream, ID, and provided documents about income, expenses, assets, debts and other information.
- Personal car loans are overseen by ASIC under the consumer credit laws which Jade Car Loans abide by as a Licensed Credit Provider.
- Applying for a car loan with Jade can be started via our online form or with a phone call.
- You will be assigned a consultant who will handle your entire application.
- Jade arranges personal car loans at fixed interest rates, fixed monthly repayments and fixed loan terms.
- When official interest rates change as per RBA decisions, your fixed interest rate loan will not change.
Business Buyers: Commercial Car Finance
- To be eligible for business finance at a minimum you will need a current ABN and ID.
- Being registered for GST with current BAS returns is preferable.
- The loan types available are Chattel Mortgage, Vehicle Leasing, Hire Purchase Cars and Novated Car Lease.
- Novated Car Lease with Salary Sacrifice is for employers looking to purchase a car for an employee and that employee selects to sacrifice part of their salary to pay for the car.
- 100% of the purchase price can usually be financed. That is essentially no deposit finance.
- If a business does not have all the financial documentation that is usually requested by banks, Jade Car Loans offers the opportunity to source a Low Doc car finance or No Doc car Loans.
- New businesses including start-ups are welcome to apply for finance. If not accepted for finance based on lack of financial records, a Low Docs No Docs option may suit.
- Low Docs and No Docs loans attract a higher interest rate and some lenders may attach other conditions.
- Loan terms are negotiated by your Jade consultant and usually run for 4-5 years, 48-60 months.
- Jade arranges all commercial finance at fixed terms, fixed interest rates and fixed repayments.
- A balloon or residual is an option. This is a percentage of the vehicle price, which is deferred for payment at the end of the finance term.
- When interest rates vary according to RBA decisions, your fixed interest rate car finance contract will not change.
- To apply for commercial vehicle finance, just call Jade Car Loans and you will be assigned a consultant to handle your entire finance contract.
The Wrap
So that’s car loans in 60 seconds or so. Hopefully, we’ve clarified any queries and you can read specific details on each of the points above in our web pages. Alternatively, just contact us to discuss your specific car finance requirements.
For a cheap interest rate car loan deal, contact Jade Car Loans at 1300 000 003
DISCLAIMER: THIS ARTICLE INCLUDES SPECS, DETAILS, DATA, POLICIES AND MATERIAL WHICH HAS IN THE MOST PART, BEEN SOURCED FROM THIRD PARTY SOURCES. NO LIABILITY IS ACCEPTED FOR ANY MISINTERPRETATION OF THAT MATERIAL OR ERRORS IN PRESENTATION. THE ARTICLE IS PROVIDED AS GENERAL INFORMATION FOR READERS AND IS NOT PROVIDED WITH ANY INTENTION THAT IT BE USED AS THE ONLY SOURCE FOR MAKING FINANCIAL DECISIONS. IT IS NOT OFFERED AS FINANCIAL ADVICE AND IS NO WAY INTENDED AS SUCH. THOSE THAT REQUIRE ADVICE AROUND THEIR INDIVIDUAL FINANCIAL SITUATION SHOULD SEEK CONSULTATION WITH A FINANCIAL ADVISOR.
