Terms
|
Loan size |
$5,000-$150,000 |
|
Loan term |
3-7 years |
|
Repayment options |
Monthly, fortnightly, weekly |
|
Balloon payment available |
Yes, up to 50% for new cars, except on variable rate loans |
|
Redraw |
Up to $5,000 a day for variable rates |
Fees
The following fees may apply to the loans.com.au car loan
|
Application fee |
$400 |
|
Monthly fee |
$8 |
Rates
loans.com.au has several different car loan products with varying rates. Specific rates are subject to change, but in general, products lower down on this list tend to have higher rates.
|
Loan type |
Rate type |
|---|---|
|
Green/Electric car |
Variable/Fixed |
|
New car/Demo |
Variable/Fixed |
|
Used car (< 3 years old) |
Variable/Fixed |
|
Private sale (< 3 years old) |
Variable/Fixed |
|
Used car (< 5 years old) |
Variable/Fixed |
|
Private sale (< 5 years old) |
Variable/Fixed |
|
Used (6-7 years old) |
Fixed |
|
Private sale (6-7 years old) |
Fixed |
Approval time
Per the loans.com.au website, the approval time on car loans is typically within 24 hours. As with home loans, this is subject to the borrower providing all necessary documents in the initial application.
Green car loan
loans.com.au offers a discounted rate for cars that qualify for the ‘green’ discount. The vehicle must be electric, with significantly lower CO2 emissions compared to others of a similar size. There are a number of models approved for the green car loan, including manufacturers like Tesla, Mercedes, Toyota and BMW. To find out if the car you want to buy is eligible, loans.com.au recommend contacting a lending specialist, who will be able to tell you.
