Best forThis type of finance suits individuals who mostly use their vehicle to drive to and from work, pick the kids up from school, going the shops, visiting friends and family and rarely, if ever, used for work purposes.
Fixed repaymentsYes, either monthly or fortnightly
Repayment periodUsually 12-84 months (1-7 years)
Who owns the carYou own the car. The lender will hold a financial interest over the vehicle until the loan is paid in full.
Flexibility to sell/pay off earlyAll lenders offer the option to exit the loan earlier if you wish. By finishing the loan early, you will save on interest.
Repayment optionsA direct debit is setup so you’ll never miss a payment.
Residual (balloon) optionsYou can nominate an amount to pay at the end of the loan to reduce your repayments throughout the term. The residual amount available will depend on the loan term and vehicle age.
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This Information will help your ACFC broker with a quick approval:
- A recent payslip (no older than 30 days)
- Current driver’s licence
- Rates notice, if you own a property