A new car loan is a type of personal loan that is used in buying a brand new motor vehicle such as a car, 4WD, ute or other road vehicles. You can use a car loan if you lack the funds to pay for a vehicle upfront, but have the money to pay in monthly instalments.
The great thing about a car loan is that you can borrow for as much as you need to get the car. Besides that, the amount of debt will be fixed. The term of a car loan will vary, but it is usually between 12 months up to 5 years.
We provide a range of car loan solutions
Most vehicle loans in Australia are secured loans also known as consumer or personal secured loans. Yes loans has access to a range of commercial or business loan options that enable you to maximise any deductions you may be entitled to. Yes loans has access to lenders that provide a low doc loan product to ABN holders, subject to meeting their approval criteria. It is a requirement that the equipment used be predominantly for business purposes. (More than 51% business use).
Types of Car Loan Options
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)
A chattel mortgage is a loan for self-employed people, contractors, large and small business to secure loan against a vehicle or machinery plant and equipment. Yes loans has access to lenders that provide a low doc loan product to ABN holders subject to meeting their approval criteria. It is a requirement that the equipment used be predominantly for business purposes. (More than 51% business use).
CHP Commercial Hire Purchase
A commercial car hire purchase is a method of vehicle financing.
CHP essentially means that a lender or finance company buys a vehicle for a customer and then in turn grants the client use and custody of the motor vehicle on a contractually stated payment plan
A novated lease is a popular type of vehicle lease for employers and employees. It provides an alternative arrangement to the standard company car, allowing the employee to take on the responsibility and control of the lease, and associated benefits, while the monthly rental payments are made by the employer out of the ’employees’ pre-tax salary.