Here at Yes Loans, we get asked so many questions about car loans and how they work that we thought we’d put them all together in one place! If you are contemplating applying for a car loan, Yes Loans can help. Our car loan interest rates are competitive; we have a quick turnaround on finance applications and a team of very experienced brokers who specialise in car loans.
Read on to learn everything you need to know about car loans.
What is a car loan calculator?
A car loan finance calculator is a simple tool that lets you quickly calculate your repayments based on the interest rate, loan term, repayment frequency, and more. Please note that a car loan calculator is only an estimation tool. Individual rates and repayments will differ depending on your credit profile and other factors.
How does a car loan calculator work?
A car loan calculator works by calculating your loan repayments based on the amount you wish to borrow, the term of the loan, repayment frequency, and any deposit or balloon payments you may wish to pay at the end of the loan.
Use our car loan calculator to determine your repayments. Simply add the amount you wish to borrow, the term of the loan, and your preferred repayment frequency, and press Enter to calculate an estimate of your repayments.
How do you calculate the interest rate on a car loan?
Your credit profile will determine the interest rates on your car loan. Interest rates offered by lenders can vary significantly based on your profile and can range from as little as 4.99% up to 20%.
What documents do I need to apply for a car loan?
Making an application is quick and easy. You just need to have the following documents ready to give to the Yes Loans team:
- Current Australian Residency Identification
- Two recent payslips
- One current bank statement
How quickly can I get approval?
Provided all details are correct, Yes Loans car loans can provide pre-approval in just a few business hours.
How can I calculate my car loan repayments?
Use the Yes Loans loan calculator to help you determine your car loan repayments.
Can I make additional repayments?
Yes.
Should I find a vehicle or arrange finance first?
We recommend securing a finance pre-approval at Yes Loans before looking for a car. Especially in this current market where stock is low. Pre-approval offers several advantages. The biggest advantage is that you can make an offer immediately if you see the perfect vehicle. Pre-approval also gives you extra bargaining power because you are ready to purchase.
What will my car loan repayments be each week?
Determine what your finance repayments will be using our personalised online loan calculator. This tool will calculate how much you will pay weekly or monthly.
How much deposit do I need for car finance?
We have relationships and accreditations with leading financiers who offer bank-beating finance packages and, in most cases, can also offer no-deposit, 100% finance options.
I am self-employed; can you arrange my car finance?
Yes, we can! We have access to dozens of packages from different financiers to suit self-employed people, whether your vehicle is for personal or private use.
What happens if my car is written off?
Hopefully, your car insurance policy will cover the bulk of the loan, but if there is a shortfall between the amount paid out and the amount owing, you must continue to make the loan repayments.
Can I still get finance with bad credit?
Yes, you likely can. Start by applying or call one of our experienced team for a confidential conversation about your situation.
Can I get a car loan if I am bankrupt?
Not if you are currently in bankruptcy or a Part 9 or 10 debt agreement.
How do I apply for a fast car loan?
Applying is quick and easy with our online application system.
There you have it, Yes Loans’ most common questions about car loans.
We have one last question: is your car loan for personal or business use?
Personal car loan: Yes Loans has low-interest car finance options for new and used cars. We respond to car applications within 24 hours and have flexible finance options. We help get you into the car you want sooner with our easy-to-use online application form.
Business car loan: apply through your business entity. When you finance your business vehicles with Yes Loans, we will help you keep your bottom line down and all associated car finance costs attributed to the business car loan. This makes it easy to get what you need in one finance application.
Still have questions?
Talk to Yes Loans to learn more about our fast, efficient car loan options. We know that cars on the market – especially good value ones – don’t stay advertised long, especially in this current market! The sooner you have the money, the sooner you can drive that dream car off the lot.
Check out how Yes Loans can provide you with the financial loan you require here, so we can help get you into the car you’re looking for fast. Call us today.