Personal car loans are usually unsecured and do not encumber the car itself as collateral. They are more flexible with the option to pay the loan out early without any early termination fee or penalties. In comparison to a secured car loan most unsecured personal loans typically come with higher interest rates on average, as there may be more risk posed to the lender that the borrower may default if no collateral is provided.

A secured car loan is a type of personal loan where the Lender uses the car as security against the lump sum you borrowed (principal), plus accrued interest. This allows the borrower to access lower rates because they can repossess the car in the event of non-payment. You can spread the cost of your car across fixed payments that you can budget for with the flexibility to repay weekly, fortnightly, or monthly.

Novated lease is a three-way agreement between you, your employer, and the finance company. It simply means that your employer pays for the car lease and car running costs out of your salary package through a combination of pre-tax and post-tax salary deductions. This can effectively reduce your taxable income and it can also allow you to bundle all your vehicle running cost and expenses into one single repayment.

A chattel mortgage involves a finance company lending you the money to purchase a vehicle that will be primarily used for business purposes. The lender takes a “mortgage” over the vehicle as security against the loan. The goods and services tax (GST) inclusive purchase price of the car is financed, and you’re entitled to claim an input tax credit up-front. We recommend seeking advice from your accountant.

A car lease is a commercial finance product that allows businesses and individuals to use a car without owning it. The lease has a set term range from 1 – 5 years which includes a residual payment. It is an attractive tax effective solution that can allow you to potentially claim your entire monthly lease payment as a tax deduction. When your lease term is up you have the option to purchase the vehicle or trade it in for a newer model.

Low doc car loans are a business car loan option available only to self-employed people and businesses with an ABN. The vehicle being purchased must be used 'predominantly' for business purposes, that is, more than 50% of the time for business related use. Low doc loans essentially mean low documentation. If you don’t have the documents your bank might be asking for, we can help.