Arranging Car Finance
Posted on 08. Mar, 2010 by admin in Loans
Read the information available on websites and speak with a specialist car finance broker or talk to your accountant. The important points at this stage are to find out what is being offered, and figure out which finance structure is right for you. There are a number of different ways of financing a car – including Hire Purchase, Chattel Mortgage, Novated Leasing, Secured Car Loans, Car Leasing and Personal Loans. Each of these is structured differently from a legal perspective, and each suit different situations.
The wrong finance structure can cost you thousands of dollars, so make sure you get the right advice from people that you trust. Think about the loan term, if you require a balloon / residual value to help align the repayments to suit your budget and which other things are of importance to you (timing, service, being able to pay out your loan early without penalty, etc). You don’t need to make a final decision about these factors at this point, but having a general idea of what you want will be helpful when talking seriously to financiers and comparing all the offers.
