Car Loans For New or Used Cars.
Car loans Adelaide applicants apply for to finance the purchase of a car, where the car will be used for personal use, is an example of a personal loan.
Car loans are most often treated as secured personal loans due to the car being taken as security against the loan; in a similiar manner to a morgage taken over a house.
While you make the required minimum repayments on the car loan, you won’t have any problems. If you fall behind making the loan repayments however you run the risk of the car being repossessed by the lender and after they sell it, quickly, at auction you could still be due to pay any balance outstanding, including extra fees and charges.
Used Car Loans
Used car loans Adelaide residents apply for are for used cars either purchased from a licensed used car dealer or privately.
New Car Loans
New car loans Adelaide people apply for are for purchasing new cars or demo models through a new car dealer.
Depending on your unique circumstances, there are two other types of car loans you may need to consider.
Bad Credit Car Loans
If you know you have a bad credit history, and have tried to apply for a car loan previously, without any success, you may consider a bad credit car loan Adelaide consumers apply for as a last resort.
There are lenders that specialise in bad credit loans who may approve your loan application but at a higher interest rate due to the poor credit history.
Business Car Loans
If the car will be used for business, then you should take a look at the types of business car loans Adelaide companies and businesses use. Options include leasing, hire purchase and chattel mortgage. Small business car loans are often structured over three to five years with a ‘residual amount’ left at the end, much like a deposit consumers pay at the beginning.