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How to Finance a Car in Sydney
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Sydney is one of the most livable cities in the world, but it’s notoriously expensive. That’s where we come in. There are times when you need finance to realise your goals. Supra Finance offers the following credit products for your personal finance needs:
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[av_timeline_item date=” title=’1.Submit Your Application for a Vehicle Loan ‘ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’4′ font=’entypo-fontello’ image=’https://suprafinance.com.au/wp-content/uploads/2018/06/car-icon-2-1.png’ attachment=’4454′ attachment_size=’full’ av_uid=’av-5w6r0n’]
Once you finally choose the vehicle you want to purchase, Supra Finance will submit your application to different lenders.
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[av_timeline_item date=” title=’2. Your Lender Approves the Loan ‘ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’icon’ icon=’ue84d’ font=’entypo-fontello’ image=’https://suprafinance.com.au/wp-content/themes/enfold/config-templatebuilder/avia-template-builder/images/placeholder.jpg’ attachment=” attachment_size=” av_uid=’av-4yi1lz’]
With Supra Finance, we make sure your requirements are complete before submission to avoid delays. Some lenders will issue a pre-approval so you can look around for vehicles with an estimate of the amount you can spend.
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[av_timeline_item date=” title=’3. Your Loan will be Released and You Get the Vehicle ‘ link=” linktarget=” linkelement=’all’ milestone_valign=’middle’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’62’ font=’entypo-fontello’ image=’https://suprafinance.com.au/wp-content/uploads/2018/06/thumbs-up-icon.png’ attachment=’4457′ attachment_size=’full’ av_uid=’av-70k8n’]
Payment for your vehicle may vary. If you are buying the vehicle as a private purchase, your lender may write you a cheque so you can buy the car or it may issue a cheque to the seller. If you are getting the vehicle from a dealership, the lender usually pays them directly.
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Types of Car Finance in Sydney
There are different vehicle loan options available in Sydney depending on the payment terms and arrangements you sign with your chosen lender.
Novated Lease
This is the ideal option for employees who can make an arrangement with their employers. The loan provider will purchase the car and the employer will pay for the lease. This type of vehicle finance is popular for those who want to minimise their taxable incomes.
Chattel Mortgage
Getting a Chattel Mortgage is recommended for self-employed Sydneysiders who are purchasing a vehicle mainly for business use. The ownership of the vehicle will only be transferred to you once you pay the loan in full.
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Secured Vehicle Loan
The vehicle you purchase from the proceeds of the loan will be used as collateral so the lender can repossess the car if you miss repayments.
Unsecured Vehicle Loan
Unlike secured vehicle loan, the vehicle purchased from the proceeds of an unsecured vehicle loan will not be subject to repossession. The downsides of this loan are the higher interest rates and additional charges.
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Aside from private cars and vehicles, Supra Finance can also help you get financing to purchase commercial vehicles such as:
- Small Trucks
- Prime Movers
- Courier Vehicles and Fleets
- Single Trailer
- Mezzanine Trailers
- Yellow Goods
- Tow Trucks
- Earth Moving Trucks
- Tankers
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Supra Finance has a quick application on our contact page to provide quotes for finance.
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