Question 1

How much can I borrow for a car loan?

Accepted Answer

NOW Finance covers both unsecured and secured car loans. Our unsecured loans allow you to borrow from $5,000 up to $50,000. Our secured loans range from $15,000 to $100,000. A secured loan means you provide an asset (usually the car) as security

Question 2

How do car loans work?

Accepted Answer

With a car loan, you borrow an agreed amount of money to purchase a car. You pay back the loan plus interest to the lender within a specified period of time. This is called the term of the car loan. At NOW Finance, the term is from 18 months to 7 years. For more details, please read how it works.

Question 3

What is a comparison rate car loan?

Accepted Answer

A comparison rate lets a borrower easily compare car finance deals from different lenders. It includes the interest rate along with all fees and charges. NOW Finance has no fees, making comparisons with other car finance options very easy.

Question 4

Can you refinance a car loan?

Accepted Answer

Car loans in Australia can be refinanced. Refinancing involves switching from an old loan to a new one, usually with a different loan provider. This can help you save money by reducing the interest rate on the loan. It can also enable you to consolidate debt.

Question 5

Can I get two cars on one car loan?

Accepted Answer

It is very unusual to get two cars on one loan. Most car loans are for a specific vehicle, and that vehicle serves as security on the loan. In the rare cases where two cars are financed on a single loan, the credit score of the borrower would need to be excellent. Another scenario is debt consolidation. It is possible to consolidate two separate car loans into one loan.

Question 6

Can I transfer a car loan to someone else?

Accepted Answer

In most cases, you cannot transfer a car loan to another person. All lenders must comply with ASIC’s responsible lending conduct obligations, under which all credit contracts with a consumer must be suitable for that individual consumer’s personal financial situation. If a lender allowed you to transfer your car loan to someone else, the lender would not be meeting their obligation to assess the suitability of the loan for that other person.

Question 7

Can you cancel a car loan?

Accepted Answer

If you can’t meet the repayments on your car, it may be possible to cancel the contract and give the car back to the lender.

Before you cancel the contract, always speak to your lender. Be honest about your situation. A lender such as NOW Finance may be able to find solutions that let you keep the car.

Question 8

How long is the average car loan?

Accepted Answer

In Australia, the average car loan is between 3 and 5 years. (Source: news.com.au)

Question 9

Can I get a loan for a second-hand car?

Accepted Answer

Car finance in Australia is not limited to new cars. You can get used car finance and loans for second-hand cars.

Question 10

Is a car loan a liability or an asset?

Accepted Answer

A car is an asset. A car loan is a debt and therefore a liability.

Loan Category: Vehicle Loans

Car Loans SEO Draft

Student Loans

Caravan Personal Loans

Jet Ski Personal Loans

Boat Personal Loans

Motorcycle Personal Loans

Car Personal Loans

1300 275 669