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Classic car loans

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Company
Product
Name
Advertised
Rate
Comparison
Rate
Monthly
Repayment
Featured car loans

NRMA Used Car Loan

NRMA
NRMA Used Car Loan
6.99% Advertised Rate (p.a)
7.55% Comparison Rate (p.a.)
$593.89 Monthly Repayment
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NRMA used car loans can help you get one step closer to owning your dream pre-loved car.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.99%

Car loan comparison rate7.55%

Monthly repayments (approx)$593

Total repayments (approx)$35,633

Total interest repayments (approx)$5,633

Rate typeFixed

Secured or unsecuredSecured

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Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of1/08/2018

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Used Car Finance

Now Finance
Used Car Finance
8.95% Advertised Rate (p.a)
10.56% Comparison Rate (p.a.)
$622.02 Monthly Repayment
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Get a new or used car loan from 8.95%* (Comparison rate 10.56%^ p.a) with a quick application process and no monthly fees.

Overview

Application / establishment fees4%, maximum $495

Minimum loan amount$4,000

Maximum loan amount$40,000

Minimum term1.5 years

Maximum term7 years

Car loan interest rates (base)8.95%

Car loan comparison rate10.56%

Monthly repayments (approx)$622

Total repayments (approx)$37,321

Total interest repayments (approx)$7,321

Rate typeFixed

Secured or unsecuredUnsecured

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Other Fees & Information

Monthly fee$13.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of15.07.2018

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Used Car Finance

Now Finance
Used Car Finance
8.95% Advertised Rate (p.a)
10.56% Comparison Rate (p.a.)
$622.02 Monthly Repayment
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View fees & additional info +

Get a new or used car loan from 8.95%* (Comparison rate 10.56%^ p.a) with a quick application process and no monthly fees.

Overview

Application / establishment fees4%, maximum $495

Minimum loan amount$4,000

Maximum loan amount$40,000

Minimum term1.5 years

Maximum term7 years

Car loan interest rates (base)8.95%

Car loan comparison rate10.56%

Monthly repayments (approx)$622

Total repayments (approx)$37,321

Total interest repayments (approx)$7,321

Rate typeFixed

Secured or unsecuredUnsecured

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Other Fees & Information

Monthly fee$13.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of15.07.2018

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Unsecured Personal Loan

Bank of Melbourne
Unsecured Personal Loan
12.99% Advertised Rate (p.a)
14.06% Comparison Rate (p.a.)
$682.44 Monthly Repayment
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Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)

Overview

Application / establishment fees$195

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.99%

Car loan comparison rate14.06%

Monthly repayments (approx)$682

Total repayments (approx)$40,946

Total interest repayments (approx)$10,946

Rate typeVariable

Secured or unsecuredUnsecured

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Other Fees & Information

Monthly fee$12.0

Other fees$0

Missed payment fee$9

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$100

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 100 266

Data accurate as of13.09.2017

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Variable Rate Personal Loan

NAB
Variable Rate Personal Loan
14.69% Advertised Rate (p.a)
15.55% Comparison Rate (p.a.)
$708.83 Monthly Repayment
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Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)14.69%

Car loan comparison rate15.55%

Monthly repayments (approx)$708

Total repayments (approx)$42,529

Total interest repayments (approx)$12,529

Rate typeVariable

Secured or unsecuredUnsecured

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Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

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Fixed Rate Personal Loan

NAB
Fixed Rate Personal Loan
14.99% Advertised Rate (p.a)
15.85% Comparison Rate (p.a.)
$713.54 Monthly Repayment
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Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)14.99%

Car loan comparison rate15.85%

Monthly repayments (approx)$713

Total repayments (approx)$42,812

Total interest repayments (approx)$12,812

Rate typeVariable

Secured or unsecuredUnsecured

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Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

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Tips for comparing classic car loans

Overview

A car loan is a specific type of 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 cannot afford to purchase the vehicle with cash, but can afford to pay off a loan in monthly instalments.

Types of classic car loans

New classic car loans are for buying brand new cars (lenders will offer new classic car loans for cars for up to five years old) 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.

Used classic car loans are available for cars that are five year old or more. A used car loan is usually a secured loan, with the car as the asset.

Unsecured classic car loans are available for older cars that banks do not see of value in securing. Unsecured loan interest rates are typically higher than secured classic car loans.

Pros of a car loan:

  • Car loan payment terms can be up to 10 years
  • Borrowers can borrow large amounts with most financial institutions
  • The debt is fixed, meaning that repayment made will lower the premium and no more debt can be added
  • The average interest rate for a car loan is usually lower than other loans such as personal loans or credit cards
  • A fixed interest rate loan makes it easy for the borrower to plan repayments and stick to a budget

Cons of a car loan:

  • Some financial institutions will place restrictions upon the makes and models of vehicles it will accept for a car loan
  • Borrowers can not increase the amount of debt to cover operating or maintenance costs
  • The car can be repossessed (in the case of a secured loan) or the borrower taken to court (in the case of an unsecured loan) if the repayments are not met

Who can apply for a loan?

Most permanent residents of Australia are eligible to apply for a car loan if they are 18 years or older and can verify their income. While many financial institutions will turn down the loan application of a prospective buyer with poor credit, there are some institutions willing to lend to someone with a poor credit history if the loan is secured against the value of the car.

What other types of classic car loans are available?

In addition to the secured new and used classic car loans and the unsecured car loan discussed above, you could compare classic car loans based on features such as early repayment fees, repayment schedules and up-front fees.

A car hire purchase is another option for the prospective borrowers. Each payment made towards a car hire purchase reduces the purchase price of the car.

A car lease is yet another option for the borrower to have a vehicle for business use. In this case, the financial institution purchases the car and the borrower makes payments on it for an agreed-upon term in exchange for the use of the car.

A novated lease is the when an employer makes an arrangement to pay a lease out of the borrower’s before-tax salary. At the end of the lease period, the borrower will have the option of purchasing the car or upgrading to a new model. This is a great option to reduce your taxable income at the end of the year.

What else should you consider when you compare classic car loans?

  • The interest rate. Ensure that the interest rate you are offered is competitive for your financial situation and the vehicle 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 classic 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.


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