Looking for car loan options can be a daunting task, especially if you’re not familiar with the ins and outs of car financing in Australia.
With so many car loan options to choose from, it’s important to do your research and compare the various options before making a final decision.
At Fundo, we understand that Australians are looking for ways to finance their next vehicle purchase, whether it’s a new or used car, a first car or a secondary car. That’s why we offer car loans up to $5000, making it easier for you to get the funds you need to purchase your dream car.
Many Australians are interested in purchasing a used car for differing reasons, and it has never been easier!
- Buying a well maintained used car can save you a lot compared with buying new
- Buying privately can also deliver savings compared with buying from a dealer, however;
- Buying from a dealer means you get a warranty in many cases
When considering finance for your new or used car purchase, keep these 5 things in mind:
- Confirm the terms and conditions of the sale with the seller/dealer and perform any verifications before exchanging to avoid surprises.
- There are many car loan options to choose from, depending on the amount you wish to borrow and how you’d like to pay it back. Fundo offers car loans up to $5000, making it a great option for those looking for a smaller loan.
- The amount you can borrow for a car loan depends on your individual circumstances, such as the type of car you’re purchasing, your credit score, and which car loan provider and loan type works best for you.
- It’s important to keep in mind the on-road costs associated with buying a car in Australia, including registration, transfer costs, stamp duty and insurance, as well as day-to-day running costs like fuel, maintenance and servicing.
- Compare more than one financing option and consider it carefully before making a final decision. Fundo offers a free loan calculator so you can see what your loan would look like if you were to be approved.
If you’re looking for a car loan up to $5000, look no further than Fundo. To apply for a loan online, visit our website https://fundo.com.au/ to access our easy 3 minute application and get one step closer to owning your dream car!
FAQ
What car loan options are available in Australia?
A Car Loan in Australia is a specific type of personal loan which can either be secured or unsecured depending on the provider and the amount you need to borrow.
A secured car loan will mean that the lender will register an interest on the vehicle or other agreed asset, and in the event of non payment they may repossess the vehicle or asset to recover their costs. An unsecured loan does not take security over any assets and are generally granted based on your financials. Fundo offers unsecured loans of up to $5,000 with a FAST application, FAST approval and FAST funds to your account!
How do Car Loans work?
Car loans in Australia can be secured or unsecured. The main difference between these two types of personal loan, or car loan, is that a secured loan requires you to put up an asset as collateral. For example, if you were to purchase a brand new car at the dealership, this is a typical loan type you may be offered. If you choose this loan type to purchase your car, in the event that you fail to make your repayments your lender would have the right to repossess your vehicle to recover the amount they loaned, and have a registered interest on the vehicle, which could present an issue down the track if you wished to sell or trade in your car after a few years time.
Unsecured loans, which is what we offer at Fundo, do not require you to put up an asset as collateral, however without assets attached to the loan, the interest rates can be at a higher rate due to the higher risk.
The loan product that you choose will determine how that particular product works. If you are in need of fast cash and wish to access a short term loan of up to $5,000 – a car loan with Fundo is the way to go!
If you have bad credit are there car loan options?
Each individual has different needs. Two people can have the same problem, but require different solutions due to their personal circumstances. Some lenders are not able to offer finance for individuals that have what is considered bad credit or a low credit score. At Fundo, we are certainly able to consider applications from customers with bad credit – we genuinely consider your overall situation and circumstances, and not just your credit score. We understand that sometimes everyone needs a little bit of help!
How quickly can I be approved for a Car Loan?
Depending on the provider, some car loan providers are able to assist you at the dealership on the spot, however if you are purchasing privately or secondhand, that option may not be available. Fundo can offer approval and funds deposited within 1 hour of successfully submitting an application
Can some car loan options be repaid early?
Yes, however some Car Loan products are not designed to be paid out early, and can have huge fees applied for early payouts. If you are considering paying off your car loan in a sooner term than offered, it is best to confirm this with your provider. For all Fundo loans, including a loan for a car, you can pay it out early and be rewarded with discounts on interest, and an increase in your Fundo Credit Score!
How long does it take to repay a car loan?
The length of a Car Loan can depend on the amount that you have borrowed along with the provider and product you have selected. Check out the Fundo homepage for current examples on the available loan products! All Fundo Loans can be paid out early without penalty for doing so, and in many cases our customers are rewarded for taking control!
How can I contact Fundo if I have any questions about Car Loan options available?
Questions? Concerns? We got you! Reach out to our friendly team by phone, online chat or email – we’d be happy to answer any questions you have about applying for a car loan with Fundo and can walk you through the application process. You can also check out the FAQ
Disclaimer: The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.