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Car Loans

Do you need a car for work, weekend trips or anything in between?

We will tailor a loan package that suits your needs!  Search our 'Find a Loan' page for the right solution for you. Why not see our articles and videos and gain great tips with useful information to assist you with your decision. Our guide has the most up-to-date advice, information and tips  for car loan repayment strategies and general advice. Whether you're after a solid work vehicle or a brand new luxury car, our insightful information will show you how to choose the best Intellichoice Car Loan.  Taking care of happy clients all over Australia, we are proudly the experts in the car loan industry.

If you are buying your first car or looking to upgrade, make sure you speak to the mortgage brokers at Intellichoice first about finding the right car loan to finance your new set of wheels. We have established a strategic partnership to offer you a quick and easy way to arrange the purchase of your new or used vehicle.

We have access to a comprehensive range of business and personal car loans and will be able to find a product to suit your needs and circumstances.

And don't worry even if you don't fit into the strict lending criteria of the bank - we may still be able to find a finance solution for you. If you have defaults, had too many enquiries on your credit rating, are self employed with no financials, or been declined multiple times without a reason - speak to us about alternative car finance solutions, including our bad credit car loans. We assess each client based on its merits and then offer a tailored finance solution to suit your needs and budget.

Once you have bought your car, you will want peace of mind knowing it is covered with the right type of car insurance, so make sure you protect your car against damage, theft, fire or storm.

Amount you need to borrow

The amount you need to borrow depends on the price of the vehicle and how much of your own money you will use to put toward the purchase.  You will need to think about how much you can afford to borrow, too.

In order to determine how much you can afford to borrow, it helps to work out a budget so you can ascertain how much you can afford with repayments. 

Some car loan lenders have a minimum amount that you can borrow.  Intellichoice will help advise you on the amounts you can borrow and the appropriate options that are available to you.

Car Loan Types

There are a number of different types of car loans available depending on your needs.

Variable: A variable car loan means that the loan fluctuates in the interest level.  Your repayments may increase or decrease, depending on the interest rate at the time. This type of loan is harder to budget for as your repayments may vary from month to month.

Fixed: A fixed car loan is a type of loan where the interest rate is fixed for the term of the loan, so the repayments will stay the same. Because of this it is easier to budget for a fixed loan compared to a variable loan; however, fixed rates tend to be higher than variable rates.

Secured: With a secured car loan, generally the car you wish to purchase is used as an asset for security against the loan. For lenders this type of loan is seen as lower risk due to the fact that if you default on your repayments they can repossess your vehicle and sell it to pay off your loan. Because of this fact, secured car loans generally offer better interest rates.

Unsecured: Unlike secured loans, unsecured car loans do not require the car as security against the loan. Instead you need to prove that you can meet the repayments by showing a history of savings or if you have previously had a loan or a credit card that you met the repayments. Some borrowers may not have the option of choosing between secured and unsecured car loans but with so many to choose from on RateCity you are bound to find one that is great value and suits your requirements.

Are you looking for a new car or a used car? Which one you choose and the age of the car will determine what type car loan you may require.

The vehicle types:

New car Loan: A new car loan is a type of personal loan available to fund the purchase of a new car. With this type of loan, there are usually conditions about the age of the car that you wish to purchase. These however will differ between financial institutions as some may offer new car loans to brand new cars only, while some may consider a new car no more than two years-old or with a certain amount of kilometers on the clock.

Interest rates for new car loans are usually a bit lower than a used car loan as this type of loan is seen as less risk to the lender because new cars are generally worth more than older models.

Used car loan: A used car loan allows you to borrow money in order to purchase a used car only. Depending on the financial institution, there may be restrictions on the age of the car in order to be eligible. For example some may offer this type of loan to cars that are between two to five years-old. Be sure to check with your lender for terms and conditions.

The other major difference between a used car loan and a new car loan is that interest rates may be a little higher for used car loans. Much like a new car loan, there are also a range of secured and unsecured used car loans available to choose from.

Call our Customer Care Team, today, on 1300 55 10 45.