Finding the right car loan in Canberra
Whether you are buying your first car, a new family car, something a little sporty, better for the environment or practical, getting the finance right can make a huge difference to your pocket. While many dealerships offer finance deals on the spot, are they the right fit for your particular situation?
The reality is there are many ways you can finance a car. Whether you are looking for a car loan for a vehicle in Canberra or further afield, new or used, there are a number of options when it comes to loan structure as well as lender.
Access over 25 lenders
By speaking to a Loan Market Canberra broker before you take out a car loan, you will have access to over 25 lenders in the one place. You will also benefit from our expertise in understanding lenders’ policies and structuring your loan in a way that suits your needs and goals.
Get pre-approval
We can work with your lender of choice to arrange pre-approval for your finance, sometimes within 24 hours*. This gives you confidence to refine your search and find the right vehicle.
Your options explained in plain English
On top of choosing the right lender, you will also want to consider the options available to you when it comes to structure and loan type. The brokers at Loan Market Canberra will break down the car loan options so you can make an informed decision. This could include a balloon payment, lease structure, secured or unsecured car loans.
How does a car loan work?
A car loan can be secured or unsecured. A secured car loan is one where you provide ‘security’ to the lender (usually the car itself) meaning they can claim the security to recoup costs should you stop making your repayments. An unsecured car loan does not have security offered to the lender, but often carries a higher interest rate.
The length of time the car loan is for can vary but is usually between one to seven years. The interest rate is typically fixed (meaning it remains the same for the set timeframe) however some lenders do have variable products (meaning it can change).
Before you purchase your new (or used) car, speak to Loan Market Canberra about the right car loan for you.
*Pre-approval is given to the broker from a lender. Timeframes are impacted by individual financial situations and completed documentation received.