Consumer Car Loan
A Consumer Car Loan is when a consumer finances a car in their name and will be using the car for predominantly personal use. The consumer has ownership of the car from the commencement of the car loan while the Financier places an encumberance over the car as security for the loan.
Benefits of a Consumer Car Loan:
- Offers fixed interest rate for the term of the loan
- Flexible terms from 24 – 60 months
- Option to have a balloon payment (lump sum payment) at the end of the car loan to reduce monthly repayments
- Allows consumer to put deposit or equity towards the new car
- Consumer has ownership of the car from the outset of car loan
- Able to finance in the onroad costs and insurance for the car