Consumer Loan
CONSUMER LOANS OR PERSONAL CAR LOANS
A consumer loan or secured personal loan is what most people think of when they think about a car loan. ( a non business related loan)
This is a loan between the lender and the purchaser, with regular repayment structures. Ownership of the vehicle is in the purchaser’s name, and the loan is secured against the vehicle. At the end of the finance term, the vehicle is yours to enjoy or deal with as you please. A consumer loan can be paid out at any time, and as ownership rests in you, the vehicle can also be sold by you at any time during the loan.
How it works
With a consumer loan, you own the vehicle from the start of the agreement. Funds are credited directly to the seller’s bank account, and this product is available for private sale vehicles in addition to purchases made from a dealership. Repayments occur at fixed intervals, and usually are direct debited from your bank account on a pre-determined date. You have the choice of repaying weekly, fortnightly or monthly.
Who this option is best for
Consumer loans allow individuals to access finance to purchase both new and used vehicles.Tax benefits and cash management are reasons why many individuals who have sufficient surplus cash to fund a purchase still opt for a consumer loan.
Advantages of a Consumer loan
- Up to and beyond 100% of the purchase price (and even more) can be financed.
- Regular structured repayments on a pre-determined date
- Ownership in the vehicle passes to you from the start of the agreement
- Ability to tailor the length of the finance term to suit you.
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