Consumer Loan
CONSUMER LOANS OR PERSONAL CAR LOANS
A secured personal loan where the vehicle is used as security for the loan is the most popular way of buying and financing your next car. This is what most people think of when they think about a car loan. (a non business related loan or a regulated 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 Loans 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.
Advantages of a Consumer loan
- Up to and beyond 100% of the purchase price (and even more) can be Loansd.
- 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 Loans term to suit you.