Whether your old car is on its last legs, time to upsize to a family wagon or maybe you’re ready to buy that dream car, car loan broker Mint Equity can take the stress, time and effort out of sourcing the right car loan.
We’re able to source a loan for most vehicles and recreational products such as;
- Motorbikes and scooters
- Caravans, campervans and motorhomes
- Jet Skis
A car loan can be suitable when you don’t have sufficient savings to purchase the vehicle out right, but you can afford to repay a loan in monthly instalments.
Our lending panel offer some of the lowest rates in the market.
Our car loan brokers can provide fast approvals so you can get on the road faster.
Finance is our business and we deal direct with the lender so you don’t pay more than you need to.
No commitment required, just let us know if you’re happy to proceed.
Types of car loans
There are a variety of different car loans, all with unique features. The most common arrangements are;
Secured car loan
Taking out a secured car loan means you’re able to provide an asset, such as your car, to secure your loan against. This is the most cost-effective type of car loan as you’ll be eligible for a lower interest rate and can set fixed repayments.
Unsecured car loan
Unsecured car loans don’t require you to provide any of your assets as security for the loan. This means that if you are unable to repay your loan, there are no assets to repossess. The down side to an unsecured car loan is you’ll pay a higher interest rate.
If you’re unable to get an unsecured or secured car loan, a personal loan may be an option for you. A personal loan can give you greater flexibility in terms of the purpose for the loan, however interest rates are more expensive than both a secured or unsecured car loan. Click here to learn more about a personal loan.
How to compare car loans
Whenever you are comparing car loans, you need to make sure the product has the same features, then you’ll be able to accurately determine whether one option is more superior than the other.
Rather than searching online through multiple comparison site that may provide you with confusing or inaccurate comparisons, give the team at Mint Equity a call, tell us what you need and we’ll do the rest.
We’ll liaise with our lender panel and compare rates and terms for you, then provide you with a shortlist for you to select from. We ensure you have full disclosure of the product details so there are no surprises later.
How to apply for a car loan
Applying for a car loan is a straight forward process when utilising the services of a car loan broker, like Mint Equity. Depending on the type of loan sought, secured or unsecured car loan, the application process is slightly different, but essentially, we’ll need the following information from you;
- Employment status and income
- Type of vehicle; make, model and year
From there we’ll get a few more details and request a car loan approval for you. Depending on the lender, we can receive notification of the outcome within 2 hours (for 80% of cases).
Get a quick car loan quote
Just fill in some basic details below and one of our car loan brokers will be in touch to discuss the quote.
Our services and lenders
Mint Equity provides the full spectrum of finance from car loans and personal loans to residential, commercial, business, personal and SMSF lending. Our role as a finance broker is to work with clients to identify the most suitable finance options from a portfolio of products from the big-four banks and multiple second-tier lenders.
Unlike the mortgage lending industry, the supply of car loans to consumers is not regulated which is why there is an inconsistency of service across the market. We approach the car loan approval process with the same vigour and professional practices as our other lending services, that way our clients can be sure they receive a high standard of service and product recommendation.
We're accredited with the major banks and multiple 2nd tier lenders to provide a variety of options to suit your immediate and future needs.
Frequently Asked Questions
Are Car Loan interest rates variable or fixed?
There are a few options with car loans and depending on the lender, fixed or variable interest rates may be available. Fixed interest rates give you control over your budget, knowing the repayments remain the same throughout the loan. Variable interest rates provide additional flexibility over the loan enabling extra repayments and in some cases a redraw facility, however your repayments may increase or decrease depending on the interest rate.
What happens if I can’t pay my car loan?
If you miss or are unable to make a repayment, there may be additional fees and charges to your car loan. If this continues, the lender will register a default on your credit report. In addition to the lender chasing you for the what you owe via internal and external debt collectors, a default on your credit report will impact your credit history and credit ranking and may hinder or stop you from borrowing money in the future. This can impact you in various ways from applying for a post-paid mobile phone contract to securing a home loan. Applying for any type of credit facility is best done using an authorised credit representative like Mint Equity. An authorised credit representative will review the product and make sure it is suitable for your purpose.
What is a balloon payment?
A balloon payment is a one-off lump sum payment that you can choose to make at the end of the car loan term. Balloon payments can help reduce the regular repayment amounts during your loan term. A balloon payment is set in an agreement by the borrower and the lender during the application process and cannot be requested after the loan has commenced. You’ll need to ensure you budgeted to have the payment available at the end of the loan term to avoid any nasty surprises.
What locations does Mint Equity service?
Our head office is based on the Central Coast, however we’re able to service all parts of Australia and for clients living overseas.
How quickly can I get my car loan approved?
Depending on the lender you choose and the loan amount, in some cases we can get pre-approval within 24 hours.