Use our online car loan calculator to help with your loan repayment options.
The motor vehicle loan calculator can help if your sticking to a budget or loan term.
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Does a credit score change the interest rate?
Your credit rating and/or credit score will determine the interest rate you can receive. The higher the score, the better the interest rate. Your credit score is determined by factors such as: overall debt level and repayment history on loans and credit cards.
What loan term should I look at?
You can choose a car loan term that’s suitable to your budget.
Many customers tend to choose vehicle loans over longer terms so the repayments are low and manageable, but opt to repay higher repayments throughout. This provides flexibility in knowing your car loan is paid off sooner and saves paying unnecessary interest.
If your committing to a higher repayments at the start of the loan, there is little room to reduce the repayments with lenders should anything happen throughout the term (loss of employment etc)
Secured Car Loans
About Secured Car Loans
Secured car loans offer the most competitive interest rates with loan terms ranging from 1 – 7 years. Secured vehicle loans are available for new and used cars, utes, vans, 4wd’s and wagons through dealerships, private and auction purchases. The car is used as security for the loan which lowers the overall loan risk to the bank.
Unsecured Car Loans
About Unsecured Car Loans
Unsecured car loans offer flexibility with loan terms ranging from 1 – 7 years. Unsecured loans can also be known as personal loans and can be used to purchase older model cars or if you want the flexibility to sell your vehicle without having to pay out the loan contract. These loans may have higher interest rates.
Business Vehicle Finance
About Business Vehicle Finance
Business vehicle finance is used predominately for commercial use and can offer taxation benefits of claiming against GST, repayments or loan interest. Loan terms can range from 1 – 7 years with balloon or structured repayments options. These loans offer flexible repayment terms to suit the business structure or cash flow.
How long does it take for loan approval?
With your dedicated finance specialist at your side, your loan could be approved the same day and settlement within 24-48 hours.
What do I need to apply?
You will need to provide ID documents and proof of income
What else changes the interest rate?
Banks and Vehicle Finance Companies asses loans based on risk. What is the customer like? Are they going to repay the loan? Is their job stable?
The vehicle age also determines the interest rate or loan term as older model cars can be viewed as being harder to sell by the lender, should the customer default on their secured loan.
For example: A new to 2 year old car will receive a lower interest rate than a 18-20 year old vehicle.
Are there any other costs?
The car loan calculator is a guide only and does not take into consideration any potential monthly fees, establishment fees, credit check or vehicle check fees set by the lenders.
These fees are generally included in the loan borrowed amount and do vary from bank to bank.
For a detailed explanation of potential lender fees, contact our motorbike finance specialists on 1300 350 118.
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Why Choose Us?
Choosing vehicle finance is not as daunting as it could be when you have iCREDIT in your corner. Whatever your requirements and whatever your financial situation, we’re on your side. We’re backed by national buying power, which means that we’re in the best position possible to negotiate better, more affordable finance rates for you. Going through us is simpler, more affordable and more rewarding than going to banks directly for financing.
Whether you’re buying a new or used car, have your eye on a classic car, business use vehicle or just need someone to give you a go with second chance car finance; Make the smart choice by talking to one of our dedicated finance consultants today and you’ll be well on your way to securing the motor vehicle of your dreams. We do all the heavy lifting for you, as at iCREDIT, we’re your one-stop vehicle financing solution.
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You should however take into consideration that an online car loan calculator is to be used as a Guide Only and may not include all fees and charges. Every effort has been made to ensure the accuracy of the calculator, however use and results are at your own risk. Banks and vehicle financiers will base their final decision on the vehicle age, the amount borrowed and the overall profile of the customer.
*Finance subject to approval, including the application of applicable lending criteria. Terms and Conditions apply. Fees and Charges are payable. Credit assistance provided by iCREDIT Australian credit licence 499023. ^Comparison rate for Secured Loan is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. **. Interest Rate: 5.49% Comparison Rate: 6.71%