Car Finance
We Help You Find A Perfect Finance Option To Fund The Purchase Of Your New Vehicle
Financing your car could be a source of anxiety if you do not know how to go about it. First, getting loan options that are of comfortable interest rates, processing it and finally getting the money to purchase your new car. Without aid, this could turn out to be an unending vicious circle.
As car brokers, we help you buy your cars, acting as a middleman between the vendor and the buyer. We are professional negotiators and can secure bulk buy and fleet discounts, thereby saving you the hassle of walking into a dealership and do the whole negotiation process for you.
We have our inner circle of car financiers, insurers, whole dealers and many more connections in the automobile industry. There are different options for funding the purchase of your new car. Below are some of them
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Car Loan
A car loan is a personal loan for a new or used car. You are required to pay the loan and interest over a fixed term, usually between one to seven years. Shopping for a car loan isn’t exactly an easy process and we are here to do all the hard work for you.
We search for the best loans which can help save you thousands in interest and help you pay off your car faster.
While taking a car loan, it is imperative to know the different interest rates and which you would prefer to be applied to your loan. There are two types of interest rates namely; variable and fixed.
Variable interest rate
As the name implies, a variable interest rate is one whose rate varies comparatively with market forces. Variable car rate loans don’t usually have an early exit fee. This might be better if you plan to make extra repayments and pay the car loan back earlier.
Fixed interest rate
With a fixed interest rate, the interest rate and your car loan repayments are fixed and won’t change irrespective of the market outlook. You know exactly how much will be deducted from your bank account for your loan repayments each month.
Using your loan calculator, you could calculate your car loan repayments, how long it will take for you to repay your car loan and how much you will save by making extra payments.
Balloon Payments
Some car loans offer balloon payments also known as residual payments where you have the option of paying off part of your loan as regular repayments and then pay the final amount as a lump sum.
Novated Lease
There is also the option of Novated lease for car finance.
Novated lease is a salary packaging that helps you finance a new, used or even your existing car while offering a range of potential benefits and tax savings.
A Novated lease is an arrangement that allows your employer to take money directly from your pay to make payments for your vehicle and its running costs. Some of the money is taken before you are taxed on it i.e. pretax income and you do not have to pay tax on that portion of your income throughout the year. This helps reduce your taxable income while simultaneously increasing your disposable income.
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With a Novated lease, you are not limited to any particular car type, model or make unless stipulated by your employer which is rare in most circumstances. Some of the cost is also taken from your after-tax income to prevent the effects of FBT (Fringe Benefit Tax). Fringe Benefits Tax is a tax you applied to the benefits you receive from your employer that are not in the form of cash, salary or wages. Since a Novated lease is a benefit outside your cash salary or wages, it is subject to FBT.
The purpose of also deducting some of your car funds from your post-tax income is to offset any FBT. This is known as ECM which stands for Employee Contribution Method. By paying ECM, you successfully reduce the taxable value of the car which in turn reduces the FBT payable to zero.
One of the major advantages of Novated leasing is the budget convenience of having all your car’s running costs spread over a year. Depending on how you are paid, your payroll deductions cover car payments alongside costs such as registration, servicing, maintenance, insurance, fuel, tyres and carwashes. Before your lease starts, you estimate your annual running costs for your vehicle and this amount is deducted evenly from your pay over the life of your lease.
Another benefit of Novated lease is that it enables you to save GST on the purchase price of your new car. This saves you thousands in upfront costs you would otherwise have to pay.
Due to our longtime experience, we could help tap in to get you a great deal on the car of your dreams.
There is a different type of Novated leases, the two major types being the fully maintained Novated lease and self-managed Novated lease.
Fully maintained
When arranging with your Novated lease provider, we assist you in all steps of the process, from sourcing the vehicle, to negotiating on price, arranging the finance and establishing a budget for your running costs. The provider will set up your pay deductions and arrange these deductions with your employer.
You may also be provided with a fuel card so you do not need to worry about seeking reimbursement for fuel.
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Self-managed Novated lease
In a self-managed Novated lease, you take full control of the day-to-day management of your lease, from sourcing your vehicle and conducting any negotiations with dealers to arranging and paying for (and getting reimbursed) your finance and insurance. You will also need to draw up your budget for all the running costs of your vehicles.
At the end of your car lease, you have the option of trading in your car and using the money from your trade-in to pay the residual amount. Re-leasing your car, paying the residual amount from your savings and keep your car and selling your car and using the money from the sale to pay the residual amount.
There are other cover costs to consider when seeking car finance; these include stamp duty, registration, car insurance and running costs like petrol, maintenance and servicing.