Car/ Truck Loans FAQs
With us at Installment Loans you can find some of the best car/truck loan offers by different lenders. You can compare the loan deal and apply online within no time. We will give you every details of these loans right from the interest rates, fees, repayment option and features. You will be approached by a lender immediately.
Usually, lenders offer up to 90% of the total value of the vehicle. However, based on different factors such as cost of the vehicle, type and value, current financial status of the borrower, final value might vary with lenders. You may also find lenders offering 100% of the total car value.
Any Australian citizen who can submit their identity and income proofs can qualify.
Yes, it is possible to find lenders who offer loans to buy used vehicle as well.
Depending on your requirement you can choose either fixed or variable interest rates. Fixed interest rates will remain the same throughout the loan tenure, whereas, variable interest rates may keep fluctuating. You can choose the lender who offers the one you require.
As per your capability, you can repay back the loan weekly, fortnightly or monthly. The complete tenure of the loan may range from 1 to 5 years. If you are capable of paying higher EMI you can opt for a lower tenure and if you cannot afford to pay high EMI, you can choose a higher tenure.
Bad credit status usually doesn’t lead an application to rejection. But you may be charged with a comparatively higher rate of interest due to the risk involved in offering you a loan. However, lenders may consider other factors such as income and if you are first time applicant and offer you approval regardless of your bad credit score.
Repayment should be made regularly. But if for any reason you fail to pay back as per schedule, you will be treated as defaulter. Lenders may also have the authority to seize your vehicle if you miss your repayment repeatedly. Default on your payment will hit your credit score and lessen your chances of loan eligibility in the future.