Car Loans Melbourne
At Drive Financial Services, we are experts in matching our customers with the best possible Car Loans and Finance solutions. Linked in with the most competitive lenders in the industry, we promise to get you the best rate and the best deal car loan. We are also linked in with Licensed Motor Car Traders and Leasing providers to source you your next vehicle on competitive finance packages.
Car Loan Options – Chattel Mortgage
A Chattel Mortgage Car Loan is where the car loan is secured by the asset, namely the vehicle that you are purchasing. The car loan lender lodges a security interest in the Personal Property Securities Register (PPSR) against the car. This acts similarly to a Mortgage in a Residential Home Loan. The car loan must be fully paid out before the lenders interest is removed from the PPSR. It is important to check that a vehicle is not encumbered by a lien on the PPSR before buying a vehicle.
You can check the Title of a Motor Vehicle by doing a PPSR check
Payments are usually monthly and Principle and Interest are charged on the loan balance
Car Loan Options – Fixed Term Lease with/wothout Residual Balance (Balloon Payment)
These loans are becoming less common. They feature a fixed number of monthly payments with a residual or balloon payment at the end of the term. The lease term is fixed and interest is applies to the loan at the commencement of the loan contract. There is usually no benefit to making early repayments.
There may be tax benefits to leases of this nature. Check with your taxation professional.
Car Loan Options – Unsecured Loan
These loans are similar to Personal Loans. The loan is not secured by any asset. Great for smaller amounts.
Drive Financial Services have the knowledge, expertise and contacts to find the right loan for each situation. Call for an obligation free chat.
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