What is a Car Loan?

A car loan is a specific type of personal loan that you can use to buy a new or used motor vehicle when your savings won’t cover the total cost upfront. When you take out a car loan, you will need to make regular repayments over a fixed term towards the lump sum you borrowed (the principal), as well as interest accrued. The interest rate will apply on the loan amount from the time you take out the loan.

It’s generally a good idea to spend some time comparing your options when it comes to choosing a loan, as the interest rate isn’t the only thing you should consider.

How do car loans work?

A car loan is a formal car finance arrangement between three parties: the buyer (you), the vendor (someone selling the car, typically a car dealership), and the lender (the organisation providing the money). You can get a car loan to buy a new or used car.

Car loans typically range from $5,000 to $100,000 and often have loan terms from one to ten years. Interest rates generally vary between 2.99% and 10% for secured car loans, and up to 15% for unsecured loans. The interest rate on a car loan can often be lower than on a personal loan as the loan is often secured by the car you are purchasing.

  • Low rate car loans
  • Young borrowers okay
  • Flexible arrangements
  • Older vehicles
  • Start-up solutions
  • Low-doc options
  • Poor credit
  • Irregular income
  • Loan advice
  • Low rate car loans
  • Young borrowers okay
  • Flexible arrangements
  • Older vehicles
  • Start-up solutions
  • Low-doc options
  • Poor credit
  • Irregular income
  • Loan advice
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Our first step is to learn what you need, we’ll complete this with you or send you an easy online form.

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Once we know what you need and your specific circumstances, we get to work, do the research and send you options.

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If you like what you see, you simply choose the loan that suits you and we’ll take care of the rest. Easy!

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PFGA Car Loans Made Easy

At Premium Finance Group Australia we make getting a car loan quick and hassle free. If you’re looking for a new car, used car or even a car for your business – speak with PFGA about car finance and drive away today.

With great car loan interest rates and finance solutions for self-employed (low-doc), people with bad credit or those who need help financing older vehicles – Premium Finance Group Australia car loans have options to suit you.

How do I qualify for a car loan?

At Premium Finance Group Australia, we take an unbiased practical approach to your car loan application. In most cases, we will need to understand your current circumstances for things like how you earn an income and what funds or equity you may have to go towards the car purchase. We make this process easy and present you with options once we’ve covered the above.

Whether you’re self-employed, a first home buyer, want lower repayments or perhaps even have poor credit / low deposit, get in touch with a PFGA Adviser today to see if you qualify for a car loan.

What is a secured car loan?

A secured car loan is one where the car being purchased becomes the security for the loan. If the borrower stops making payments toward the loan, the lender may take possession of the car, with the proceeds of the sale going toward the outstanding balance.

Premium Finance Group Australia has a large range of car loan lenders to suit all borrower’s needs. So whether it’s a new or a used car you are after, if you’re self-employed or have bad credit, contact a PFGA Adviser today.

What are the repayments for a car loan?

Depending on whether you are after a car for personal or business purposes, repayment options for car loans with PFGA vary. Premium Finance Group Australia will tailor car loan repayment options to suit your circumstances, as an example, this could include weekly, fortnightly or monthly repayments.