Dave doesn’t have your everyday, 9-5 job. After moving to Brisbane two years ago, Dave has decided to become a licensed wildlife relocation contractor. On any one day, Dave could be trapping problem possums in a Caboolture roof cavity, or bagging a brown snake in a Bellbowrie backyard. It’s hard work, not only for Dave, but also on his vehicle. After only 24 months, Dave has worn out his old car. He needs something new, capable of doing big distances and with plenty of room for his gear. It won’t be a cheap purchase. Dave will need to take out a loan. So what are his car loan options in Brisbane?
Personal Car Loans
There are two types of personal loans Dave could consider: the secured and unsecured car loan.
Secured car loans are funds provided specifically for buying a car. While you have ownership of the car, the finance provider may repossess the car if you are unable to make payments and default on the loan. However, secured loans offer the car buyer competitive interest rates with low monthly repayments, no fees and the flexibility to use some of your own cash in the purchase.
Unsecured car loans are more like a general personal loan. Take out an unsecured loan and you have the joy of getting more cash to fund anything you like from studies to a trip away; it’s completely flexible. The finance provider doesn’t hold the car as security, it can be used for more than just your car purchase and the lender cannot repossess it if you default on payments. Hence unsecured loans frequently have higher rates of interest and can have fees.
Business Car Loans
Because Dave will use his new car for his business, he might also consider a no or low doc Business Car Loan. These loans are subject to lending criteria, however, they offer a fuss-free way to arrange car finance, especially for the small business owner.