Some of the features of car loans in Melbourne offered by Electric Loans are:

• Diverse lenders that provide a range of loan conditions & options.
• Individual credit profiles determine which competitive interest rates are available to you. Available choices for vehicle loans: secured and unsecured
• Funding for both new and pre-owned vehicles
• Pre-approvals are a great way to see how much you can borrow so you can shop in confidence.
• Options such as residual or balloon payments are often possible with car loans to help reduce repayment amounts.
• Certain lenders have the potential to provide exclusive promotions or reduced rates for certain cars or monthly promos. Contact your broker at Electric Loans to find out more.
• Many lenders offer flexible loan terms. The most common car loan terms are 5 or 7 years.

An interest rate is what the lender charges the borrower for the car loan. It is represented by a percentage of the amount that has been borrowed. The interest rate on a car loan is normally represented by an Annual percentage rate also known as APR.

Simply put, a car loan repayment is the amount that you are required to pay each month until the loan is repaid. It is critical that your car loan repayments are made on time. Most lenders that we use offer flexible repayment terms. For more information on repayment schedules please contact on of our expert car loan brokers by visiting our website.

If you have opted for a balloon payment, before the end of your loan, a  balloon payment or lump sum is needed to be paid to finalise the loan. In contrast with a standard repayment loan that requires you to pay every month both for principal and interest, the balloon payment lets you make smaller payments for your loan.

This can be a good option for people wanting to lower their regular repayments, however you need to make sure you have enough funds to cover the final balance at the end.

The lenders we use each have different criteria when it comes to offering people car loans. You should get in touch with an expert auto loan broker from our team so that we can assess your current situation and pair you up with the best possible lender for a bad credit car loan.

You don't need to supply any paperwork to just get a quote for car finance in Melbourne. However, you need to provide some documents such as your driver’s licence, Medicare card, proof of income i.e. paycheck slips, and bank statements in case you already indicated your lender of preference and would like to apply. We guarantee the safety of your data through our unique and safe web platform. Our team of brokers are dedicated to helping in any way that we can.

An unsecured car loan simply means that there is no security interest required against the loan. This generally means that the lender is taking more risk therefore you can expect a higher interest rate when compared to a secured car loan which uses the vehicle you are purchasing as collateral against the car loan.

There is no need for you to buy the car from a dealership to get a car loan. Some people purchase cars from a dealership because of its convenience, and experience. However, you can also buy from private buyers or other sources. However, you must make sure that the seller can provide clear documents and that the car meets your and the lenders requirements.