Car Loans
A Car Loan is a private or personal finance product. Banks or Financiers lend funds to individuals or partners for the purchase of a motor vehicle. The vehicle is used as security for the loan.
This sort of loan, for personal use, is known as a Consumer Loan or Secured Car Loan. The interest component is always fixed, but reducible with a Consumer Loan.
How does a Car Loan or Consumer Loan work?
The vehicle is owned by the customer at the time of purchase, the financier then has an interest in the vehicle and has the vehicle listed on REVS.
The financier funds the applicable amount for this sort of loan to facilitate the purchase.
Once the Consumer Loan is paid in full, the financier will lift it's interest in the vehicle and remove the vehicle from REVS.
Benefits of choosing a Car Loan.
- Having security on the vehicle will give you a lower interest component.
- You can add a cash deposit to lower your payments.
- You can use your trade in to lower the amount borrowed and your repayments.
- Every Car Loan done by McCarroll's is FIXED INTEREST!
- A Residual (Balloon) may be applied to keep your payments within budget.
- You can choose from a 3 year loan to up to 7 years. (depending on financier)
Will a Car Loan suit you?
Car Loans are commonly used by individuals or couples who do not use the vehicle for business use. If they can use the vehicle for business use, then this amount of usage is minimal. If you think that you will be using the vehicle more than 51% for business use, you should look at our other loans. (Chattel Mortgage, Commercial Hire Purchase and Lease)
Want to know what our customer say about Car Loans with McCarroll's Financial Services?
Click here Testimonials to see what our customers say.
Need to know more?
If you have any questions or concerns, please go to our "make an inquiry" tab just below and send us your details. Don't forget, when it comes to finance and your money, there is no such thing as a silly question.