Raj and his family came to Australia when he was a small boy. He studied in Sydney, completing an engineering degree at University. Now, in his twenties, Raj is following the lead of his older brother Sanjay and has moved to Perth. He is going to take advantage of the growth in engineering roles due to the mining boom. With plenty of distance to cover, and less public transport than he’s used to, Raj now needs a car to get around his new city. So what are the car loan options available in Perth?
Personal Car Loans
Raj may want to take out a car loan to finance his car purchase. There are two main types: 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. When you take out an unsecured loan, it can be used for more than just your car purchase and the lender does not have an interest in your vehicle and will not repossess it if you default. Because of this, these types of loans usually have higher rates of interest and incur fees. They do, however, offer a more flexible method of making a purchase.
Business Car Loans
Aside from engineering roles, Raj is also considering starting up his own small business. In this case, a no or low doc Business Car Loan might be just what he needs. These loans are subject to lending criteria, however, they offer a stress-free method of getting a car loan, particularly for the owner of a small business.
Contact 123 Carz to find out more about car loans.