When it comes to financing your car, every dollar counts. mymoto finance offers some of the most competitive interest rates on the market, ensuring you keep more money in your pocket while you hit the open road.
Flexible financing options
We understand that one-size-fits-all doesn't work for everyone. mymoto finance customises your car finance to fit your unique financial situation. Whether you're looking for a traditional car loan, a motor vehicle lease, or a chattel mortgage, we've got you covered.
Streamlined application process
Say goodbye to stacks of paperwork and endless waiting. mymoto finance streamlines the entire online application process, making it quicker and easier than ever to get approved for your car loan. You'll be behind the wheel before you know it, with more time to enjoy your new ride.
Car finance FAQs
There are two main types of car finance available in Australia:
Secured car loans: These loans are secured against the car itself, which means that the lender can repossess the car if you default on your repayments. Secured car loans typically have lower interest rates than unsecured car loans, but they also come with more risk.
Unsecured car loans: These loans are not secured against any collateral, which means that the lender cannot repossess your car if you default on your repayments. However, unsecured car loans typically have higher interest rates than secured car loans.
In addition to these two main types, there are also a number of other car finance options available, such as:
Lease purchase: This option allows you to lease a car for a set period of time, with the option to purchase the car at the end of the lease term.
Novated lease: This option is similar to a lease purchase, but the lease payments are made by your employer through your salary.
Personal loan: You can also use a personal loan to finance a car. However, personal loans typically have higher interest rates than car loans.
The eligibility criteria for car finance will vary depending on the lender, but most lenders will require you to meet the following criteria:
Be an Australian citizen or permanent resident
Be over the age of 18
Have a regular income
Have a good credit history
Some lenders may also have additional requirements, such as a minimum deposit or a maximum loan amount.
The amount you can borrow for a car loan will depend on a number of factors, including your income, credit history, and the type of car you are buying. Most lenders will lend you up to 100% of the cost of the car, but you may be able to borrow more if you have a good credit history and a high income.
Car loan interest rates will vary depending on many factors, including your deposit, loan term, vehicle choice and credit history. Having a fixed interest rate can help you stay in control of your finances, and you can usually make additional repayments to reduce the loan faster. You can calculate your estimated repayments now using our online car loan repayments calculator.
You can absolutely finance a used car in Australia. Car finance is available for both new and used vehicles. In fact, many consumers opt for financing used cars because they tend to be more affordable than brand-new ones. The specific terms and interest rates for used car finance may differ from those for new cars, so it's essential to explore your options and compare offers from different lenders.
