A car can be one of the biggest purchases you’ll make, so finding the best car financing options in advance will always pay off. Whether you’re in the market for your first vehicle or just looking for a much-needed upgrade, Rapid Finance has access to a huge range of car loan options that can be tailored to your specific situation, whoever you are.
Whether you’re after a vehicle for business or pleasure, what options do you have when it comes to financing your car?
Secured car loans
A secured car loan is where a lender provides a borrower with the funds they need to purchase a vehicle. The car is used as security on the loan, which generally lowers the rate of interest, because if you fail to make the repayments, the vehicle is used as collateral. In other words, the lender is taking less risk. A secured car loan term is also likely to be more flexible due to the extra security you’re providing the lender.
At Rapid Finance, we ensure your car loan application process is fast and hassle-free. Our expert team guides you through the whole process from start to finish — online or over the phone. Get in touch with us today to find the best car loan options for you.
Bad credit car loans
A bad credit car loan is a smart way to finance your car if you have difficulty obtaining finance due to a poor credit history, a low credit score or only have short term employment. Whether you’ve been previously declined a loan by a bank or have experienced credit defaults or bankruptcy, a bad credit loan could be the option for you.
If you’re employed and have salary packaging, novated leasing could be the perfect car financing option. Novated leasing is an agreement between an employee, their employers and a lender. Your employer purchases a car for you and then deducts the loan repayments from your pre-tax salary in the form of a salary sacrifice. As an employee, you have full choice and control over your vehicle and can take the vehicle with you if you change jobs.
If you're considering this type of car loan and you've gained consent from your employer, call Rapid Finance today and we'll be happy to answer any queries you have.
Another car financing option is to refinance. This just means transferring your car loan from one lender to another — typically for the purpose of lowering your interest rate, reducing monthly repayments or adding beneficial loan features. It can save you money and even give you the chance to be with a better loan provider.
Commercial hire purchase loans
Also known as a commercial hire purchase (CHP), a hire purchase (HP) or an offer to hire, this is the most common type of car finance for businesses. As part of a CHP, a lender purchases the vehicle and then ‘hires’ it to a business in exchange for payments.
Within CHPs, there are a variety of loan repayment structures and loan terms, making it an attractive, flexible option for business owners. If you’re self-employed, a tailored business loan could also be useful to match repayments with your cash flow and seasonality.
The best way to finance a car
If you’re looking for the smartest way to finance your next vehicle, the best way is always to compare loans from multiple lenders. At Rapid Finance, we have the experience of all our lenders and we can recommend the car loan that works best for you, based on your exact needs.
Our decades of experience and access to an extensive list of loan lenders make Rapid Finance a popular choice for those looking for low interest car loans on new, used, private or dealer vehicles.