Car Loan

Minimum loan amount: $7500
Repayment term: minimum 12 months, maximum 7 years
Repayment method: principal with interest, can choose fixed interest rate or floating rate.

 

 

The normal interest rate for a private car loan varies greatly according to different conditions and different banking institutions. It can be as low as 5% or so and as high as 21% or more. The interest generated by the car loan can be refunded in part of the case, the car accepts the practice of public and private dual-use, that is, the use of the car itself can have a part as a grandfather oh use, and the proportion of the generation can be deducted from personal income tax. A car loan, a type of personal loan, can be used to buy a new or used car.

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Auto loan application conditions

In general, only holders of Citizen, PR and certain work visas and temporary visas (e.g. 457, 188) can apply for a car loan. Student visas and any Bridging visas cannot be applied for loans in any form. Generally speaking, auto loans are not pre-approved like housing loans, and the overall procedures for auto loans are very fast, which can be approved in one working day at the earliest.