In Australia, when people are trying to get Car Loans or are in need of Car Finance in order to get sufficient financial support to buy a new car, he or she has to decide on the various possibilities that are available for everyone. Either a person needs to have a car loan or Truck Finance or even when he is applying for Boat Finance and personal loans, there are mainly a few basic kinds of facilities through which a person can get the desired financing and loan facility for sure.
If we just talk about the car loan facility, we can say there could be around five main kinds of loans a person could get from any reputed bank or lender like that of ESANDA and the ANZ Car Loans. These lenders usually give their customers loans based on certain conditions as monitored by the National consumer credit protect act. But among these some loans may not be monitored by this act and have some other conditions as well.
Here is a brief intro to the most popular vehicle loans a person could ever get from a reputed bank or money lender:
Car loans or consumer car loans
Simple car loans are given on the basis of the car value and the monthly income report and it can be against any property that you have got or your car or even unsecured. The repayment schedule and the interest rate varies, depending upon the plan that you have selected.
Novated Lease is the kind of loan that is given to the employee of a particular company. The loan is repaid by the company and the lender collaborates with the company itself and get all the payments from the salary.
Chattel finance or Chattel Mortgage is a loan that is given against the car you have bought and these are not secured against any other property you may have.
Refinancing for your car
Car refinancing is available when you need to refinance your car if there are conditions like your car value has been changed, you have gotten a better credit score etc, etc.
Low doc loans when you have got lesser documentation available
These loans are for those who don’t have a regular income or their income reports fluctuates and are not permanent employees anywhere.
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