Car Loan

With a large portion of Australians requiring a car to get to work and meet obligations in their day-to-day lives, it should come as no surprise that, according to data, close to one out of every five Australians either has or has had a car loan. Despite this, car loans can still be difficult to navigate, and finding the best car loan rates for your needs is often a complex process. At MPI Financial, our specialists are dedicated to ensuring that you are getting the best deal on your personal car loan, whether you’re getting a loan for a new car or a second-hand vehicle.

Comprehensive Car Loan Support With MPI Financial

A car loan is classified as one of our personal loan options and can be used in new car purchases or second-hand car purchases, with the minimum loan amount being $7,500. Depending on your situation and the size of your loan, the repayment period ranges from 12 months to 7 years.

The Car Loan Repayment Method: Principal and interest. Fixed-rate or variable rate.

Interest Rates For Car Loans

Generally, the interest rate for private car loans varies a lot from bank to bank depending on different conditions. It can be as low as 5%, or it may be as high as 21%. Some of the interest in a car loan can be tax deductible in some cases, depending in part on the intended usage of the vehicle in question.

How Vehicle Usage Impacts Your Car Loan Interest Rates

The car can be used as a public car or a private car. You may deduct interest on a loan for a car you use in your business. You can deduct only the business use percentage of interest and taxes on a car you use for business and personal reasons.

Does a Car Loan Require Pre-Approval?

The short answer is no. Unlike home loans, car loans do not require pre-approval, which makes getting a vehicle loan a significantly faster process than many other personal loan types. Car loans could be approved within one business day, though may take longer depending on individual factors. You will get your car loan granted in the shortest period when working with our team, so call us at 0433 512 316, or email us at [email protected] to start the process.