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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison
interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between
$4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan
of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the
examples given and may not include all fees and charges. Different terms, fees or other loan
amounts might result in a different comparison rate. These rates can change without further
notice. All rates quoted are per annum. For more information regarding fees click on "View
fees & additional info +" for each product or contact the provider.
What type of car loan are you looking for?
A car loan is a specific type of personal loan used for the purpose of purchasing a vehicle, such as a car, van, truck, motorcycle, or other motorized vehicles. A car loan is typically used when the borrower can not afford to purchase the vehicle with cash, but can afford to pay off a loan in monthly instalments.
Types of 457 visa car loans
A new car loan is for buying brand new cars (lenders will offer new car loans cars for up to five years) where the interest rate is likely to be lower. A new car loan will typically use the car as an asset to secure the loan.
A Used-car loan is available for cars Usually That are a five year old. A used car loan is usually a secured loan, like a new car loan, with the car as the asset.
Of An UNSECURED-car loan is available for Usually OldEr-car, That Banks do not see of value in securing. Unsecured loan interest rates are typically higher than secured car loans.
Who can apply for a 457 visa car loan?
If you’re a non-resident and hold a current 457 work sponsorship visa with a duration longer than the term of the car loan, you may be able to find a lender willing to consider your application..
What else should you consider when you compare a 457 car loans?
- The interest rate. Ensure that the interest rate you are offered is competitive for your financial history and the vehicle that you are purchasing.
- The loan term length. The shorter the loan, the less it will cost you in interest.
- Balloon payment. Some loans will require a larger sum payment at the end of the loan term. This is especially common with dealership lenders.
- Repayment frequency. Check to see how often you will need to make a payment and if you will be penalized for paying off the loan early.
- Fees or additional costs. Sometimes a loan with a higher interest rate with fewer hidden fees is more economical in the long run. Monthly account fees and establishment fees are common with car loans.
- It is likely your lender will insist upon valid car insurance during the life of the loan as additional protection for the car as the security of the loan.
Popular car loan searches
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