Car Loans
Your dream car is closer than you think. Whether for work or play, Inovayt offers tailored car loan solutions that fit your lifestyle and budget. We make the process simple, so you can hit the road with confidence.
- Personal
- Business
Financing your new car.
Looking for the best car finance to get you your new vehicle sooner? The Inovayt Asset financing team search through a variety of car loan options from an extensive range of providers to ensure we find the best possible outcome that matches your needs.
Secured Car Loan
A secured car loan is a great solution where a financier will secure the loan against the purchased vehicle until the loan has been paid out. A secured loan will come with better terms and lower interest rates then an unsercured loan, as the lender has your asset as collateral.
Unsecured Car Loan
An unsecured loan also commonly referred to as a personal loan means that there is no collateral against the loan, and the loan will be solely based off your credit worthiness. As the risk is higher for the lender, the interest rates and terms will be less favourable than a secured loan.
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Financing your new business assets.
Looking for new machinery or vehicles for your business? The Inovayt Asset financing team specialise in finding you a tailormade solutions, that allow you to capitalise on the benefits that new assets bring sooner.
How can Inovayt help me get a car loan for my business?
Our expert team of car loan specialists will work with you to understand each aspect of your business, including structure, cash flow requirements and financial goals. The Inovayt team will search through a range of products and lenders to find the best solution.
Chattel mortgage
With a chattel mortgage, the asset being purchased (in this scenario, your car) is used as collateral for the loan. Unlike a mortgage on a property, a chattel mortgage is for anything with a serial number, such as the one on a vehicle. Be wary with this type of loan that the lender can take the asset and liquidate it if the borrower is unable to make repayments.
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Low doc loan
A low doc or self-declaration car loan is, for all intents and purposes, functionally the same as a standard full doc commercial product. The only difference is the criteria businesses are required to meet to qualify for a low-doc loan.
These criteria typically revolve around the length of ABN and GST registration as well as property ownership. Not every business will qualify for a low doc loan, as lenders tend only to fast-track them to strong, established companies.
Novated Lease
Novated leases include a three-way agreement between an employer, employee, and a finance provider through which the employer leases a car for the employee. The lease is made under the employee’s name, and lease payments cover the lease amount and running costs such as insurance, fuel and servicing. The employee pays the lease with both pre-and post-tax salary, reducing taxable income and lowering income tax due.
Helpful resources
Car Loan Calculator
Our car loan calculator can help you get an understanding of your finance options before going ahead with your purchase.
Frequently Asked Questions
A balloon payment is a lump sum of money owed to the lender. It generally falls at the end of your loan period. While this may not sound like the best idea, it can aid the borrower in decreasing their monthly repayments throughout the loan. This can be negotiated with your lender.
A balloon payment differs from lender to lender. Generally, the maximum balloon payment lenders can cap at is 50 per cent of the total loan amount. This means if you have a 50 per cent balloon on a $30,000 car loan, you will pay a balloon payment of $15,000 at the end of your loan.
There are many factors to consider when deciding what loan term you should go for. Lenders will allow you to have a loan term between one and seven years for any asset finance. Keep in mind that the longer the loan, the more interest you’ll pay.
The main aspects of a car loan and novated lease are:
- Both have regular repayments.
- Both have the chance to include a balloon amount at the end of the loan.
- A novated lease is a three-way deal between you, the lender, and your employer.
- With a car loan, you own the vehicle from day one.
- With a novated lease, you own the vehicle when the term ends, and you pay the balloon.
· A car loan is paid with after-tax earnings and a novated lease from pre or post-tax pay.
