Car Loans in Townsville | Best Home Loans

Car Loans

This car loan is designed for individuals who want to use their car mainly for private purposes and for whom ownership is important. You can structure the monthly instalments to suit your budgetary requirements. By opting to place a large deposit or nominating to make a final lump sum payment at the end of the finance term.

Ownership of the vehicle is transferred to you as soon as the first payment is made in exchange for the security over the vehicle. This is discharged upon payment of the final instalment. You may also have the opportunity to re-finance your final lump sum payment at the end of the contract term if you wish.

A number of payment options are available for consumer sale by instalments, including direct debit; extra repayments can also be made during the contract term. Consumer loans can be used to purchase new or used passenger vehicles (up to eight years old) and gives you the opportunity to build equity and own your next car.

To find out more, contact the team at Best Home Loans today. You can reach us on (07) 4779 0555.

If you want to use your car predominantly for business purposes and wish to ultimately own your vehicle at the end of the agreement term, a commercial hire purchase may be the right solution for you. This agreement provides a flexible and tailored option, requiring little or no deposit.

Once you have decided on the vehicle of your choice, we can help you determine the most suitable term, taking into account the monthly sum you are planning to pay. Monthly payments are set for the entire contract term, giving you a reliable figure to plan your business spending and structure your budget for the agreement period.

To reduce your monthly commitment, you can either opt for a longer term or incorporate a balloon payment at the end of your contract. Upon completion of the commercial hire purchase agreement and following your final payment, full vehicle ownership is transferred to you.

Commercial Hire Purchases

Make an Enquiry

Can I get a pre-approval loan before I’ve found a vehicle?

Yes, you can get pre-approval for a car loan before you have found a vehicle. This can be helpful in several ways. For example, it can give you an idea of how much money you have to work with and can help narrow your search to vehicles that fit within your budget. It can also put you in a better negotiating position with a dealer since they will know that you have already been approved for financing.
What documents do I need to get a car loan?

Required documents may include proof of income, such as pay slips or tax returns, as well as proof of residency and identification. You may also need to provide information on any existing debts or assets you have.
What is a balloon payment?

A balloon payment is a lump sum payment that is made at the end of a loan's term and can also be refinanced. This payment is typically higher than the regular monthly payments and it is often used to pay off the remaining balance of the loan.
What is the difference between a chattel mortgage and a finance lease?

A chattel mortgage is a loan that is secured against the value of a physical asset - usually a vehicle. A finance lease, on the other hand, is a contract between a business and a lender in which the business leases an asset from the lender for an agreed period of time. At the end of the lease period, the business has the option to purchase the asset for a pre-agreed price. A chattel mortgage can include a balloon to reduce monthly payments with an option to pay an upfront deposit. With a finance lease, payments may be tax deductible and GST is charged monthly on the repayments and the residual.