Frequently Asked Questions.

Secured loans require you to put up collateral, such as a car, in case you default on the loan.

 Unsecured loans do not require collateral but may have higher interest rates.

A deposit is an upfront payment that a customer makes when making a purchase, such as a vehicle, machinery, or equipment. It reduces the amount of money you need to finance and may also lower your interest rate. 

An interest rate is the percentage of the loan amount that a lender charges for borrowing money. A lower interest rate means you will pay less in interest over the life of the loan. 

Car loans can vary in length, but they typically last from three to five years. In some cases, lenders may offer terms up to seven years. The length of the loan affects your monthly payment and the total amount of interest you will pay. 

A credit score is a number that represents your creditworthiness based on your credit history. In Australia, there are three main credit reporting agencies: Equifax, Illion and Experian. Credit scores assist to determine if you qualify for a loan and what interest rate you will be offered. A higher credit score may lead to a lower interest rate and better loan terms. 

A pre-approval may help you determine what type of car you can afford and give you negotiating power when you are ready to buy. It can also help you avoid financing surprises at the dealership.

Yes, financing a used car is very common in Australia. However, the interest rates and loan terms may be different than those for a new car. 

Yes, private vehicle sales can be financed. However, lenders may require additional documentation to verify ownership and the vehicle's condition.