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Car loans. How can I finance my car?

Car loans. How can I finance my car?

Comparing car loans is relatively easy but how do you know that you have the best car finance option for you? There are various types of car loans available for a variety of reasons. Start by understanding these then work with an experienced financial consultant who can help you find the best available option for your circumstances and repayment requirements.

Personal Car Loans

A personal car loan can offer more flexibility, often allowing you to use the car itself as collateral to secure the loan. You agree to pay back the money you borrow in a certain timeframe (a term) with interest either fixed or variable. When it is secured, this type of loan may have a lower interest rate. The fixed interest rate will give you certainty of how much your regular payments will be and you may be able to borrow a higher amount than if the loan was 'unsecured'.

Business Vehicle Leases

If you are self-employed or operate a business with an ABN number, you may be eligible for a Business Vehicle Lease. There are potentially many benefits to securing the loan and running it through your business in this way. You may not require a large sum of money up-front. Your money is not being used for a depreciating asset and you can upgrade the vehicle when the lease ends say, after 2-4 years.

Chattel Mortgages

A Chattel Mortgage is essentially the same as a Car Loan, but for a business. The car must be used for your business over half the time to qualify for a Chattel Mortgage loan. In most instances the car will be used to secure the loan and you will be buying the car with agreed repayments over a set term.

Novated Leases

There can be many benefits to buying a car as part of your salary package, if offered by your employer. Your repayments will be made using pre-taxed dollars and come directly from your salary, and you should be able to bundle the costs of running the car into this fixed payment.

Speak to an accredited, experienced car finance consultant

An experienced automotive financial expert can talk to you about your individual circumstances and be able to customise a financial package tailored to your specific needs. A genuine car dealership like SD Motors, backed by the global automotive group Sime Darby, has a team of financial consultants who can guide you to the best loan for you and help organise a quote.

Ready to finance your car?

Financing your car with SD Motors is a swift and effortless process that can all be done within the comfort of your own home.

Simply search for the car you are interested in on the SD Motors website and under the “Start your purchase” heading click “Get Started”.
Sign up with your E-mail (or Google account). Then, fill in your details and answer whether you wish to trade in a car and select that you wish to finance the vehicle.

Our intuitive software makes the application a breeze. Simply answer questions such as your deposit amount, your desired loan length and whether you would like an end of loan payment (a lump sum owed after all regular repayments have been paid).

The initial loan details will be followed by personal details. The questions are typical of loan applications, such as personal details, residency status, and employment details.

Once all the questions have been answered, simply click which financier you have decided best suits you, click on “reserve vehicle” and pay the holding deposit. Easy right?

SD Motors has hundreds of used cars, all 300 point tested by trained technicians, ready for you to inspect. Shop online from the comfort of your home and reserve a car with no obligation to buy. Online used car buying, selling, and finance made easy with experienced consultants ready to answer all your questions.