It is not everyone who wants or needs a car that can afford it. For those who can’t afford it, there are several finance options that they can use, which offers them the opportunity of buying the car straight off and paying later. If you are looking for car finance but don’t know where to start, you can start by coming to us. We will help you handle the car finance process.
We know how important a car can be for any family or business and This is why we are committed to helping you get the car that satisfies any purpose you have in mind. We have strong relationships with Industry-specific lenders and general lenders that offer flexible and competitive car finance options, and our customers will get easy access to financial products.
Forms of Car Finance
The term car finance covers a wide variety of finance products that you can use to get cars. Each of these financial products is unique and suitable in different conditions for getting the car finance you need. Thus, you just have to figure out the one that works for someone in your financial position and adopt it. At Liberty Auto Mart, we have financial experts on the ground who can do this for you, and they will analyse your financial information to determine the best finance product for someone in your position. That said, forms of car finance include the following;
Business Vehicle Finance
While car loans can be used to get private and business cards, business vehicle finance is exclusively for business cars. Maybe you are wondering which type of cars will qualify as business cars; these are cars that are used for business purposes at least 51% of the time. The finance product is perfect for business owners and will benefit their operations. It is especially useful if your business requires a car. Many businesses need at least a vehicle for smooth operations, and if your business is one of those, you don’t have to spend your capital on purchasing a car when you can use a business vehicle finance for exactly the same purpose. Business Vehicle Finance offers the same benefit, and it frees up all the money you would have spent on cars so you can spend it on your business.
Think of a personal loan, but designed for a car purchase. This is what car loans are. It is a very simple way to get your car without worrying about complexities. However, car loans can be of two types, either they are unsecured or secured. An unsecured loan is a loan without security. i.e. it does not have collateral. It is a loan that usually has a high-interest rate. On the other hand, a secured loan has collateral which means you have to use another property equal or similar in value to the loan to secure it and default in loan terms may lead you to forfeit the collateral.
Commercial Hire Purchase
This is also a form of business finance, and you can use it to get the vehicle you need. It entails hiring a vehicle from the lender on the basis of the fixed monthly repayment, and once you finish paying, the car becomes yours. It is also known as an offer to hire and represents a financial opportunity that you can explore for your business.
Low rates car finance
Low rates car finance are loans with low-interest rates that you can use to get a car. What makes the interest rates on loan to be in most cases is that the loan is secured, which means the lender is not worrying too much about the purchase risks.
Car Chattel Mortgage
This is a form of finance in which the lender offers you the loan needed to purchase the car and use the car as security for the loan. This means that if you default on the loan, the lender can take the car. However, upon completion of payment, the car will immediately become yours fully. It is a good way to get a car for business purposes because it might even yield tax deductions among many other benefits. By using it, you free up capital which you can use for your business.
Car finance calculator
A car finance calculator will help you determine actual costs of car finance and the financial implications of any loan you’re taking. It is an online tool that contains fields where you will input the details about your loan. The details you’ll input include the amount you plan to borrow, interest rate, repayment plan, the term of the loan, etc. It can be very useful in helping you decide if a loan is good for you.
With an online car finance calculator, you can determine the right repayment plan for you and restructure the loan to favour you. Using it, you can avoid the hardship of repayment structures that are too strict. You can also use it to calculate interest rates and determine the most suitable for. The interest rate is usually the long term cost of the loan.
At Liberty Auto Mart, we have partnerships that will make your dream a reality and get you just the right car you need. We have access to some of the best forms of car finance options. We offer them at competitive rates with flexibility in repayment periods, which ensures that you are not under any sort of pressure throughout the process. Our financial experts are with you all the way, and we are not just keen to see you get the loan and buy the car, we also want to see you pay off the loan and enjoy the car.
DISCLAIMER. THIS INFORMATION IS ONLY AVAILABLE AS A GENERAL GUIDE ON THE GOVERNMENT POLICIES. IT IS DERIVED FROM THE OFFICIAL AUSTRALIAN GOVERNMENT SOURCES. WE DO NOT BEAR ANY RESPONSIBILITY FOR THE COMMENTARY AND ANALYSIS OF THIS PUBLIC DOMAIN INFORMATION NOR ANY LIABILITY FOR HOW THE FACTS ARE INTERPRETED. IT IS RECOMMENDED THAT YOU SPEAK WITH AN ACCOUNTANT OR FINANCIAL ADVISOR TO GET PRECISE INFORMATION AND ADVICE ON YOUR SITUATION.
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