Personal Car Loan

A Personal Car Loan is also known as a Unsecured Car Loan.  As the name suggest, this type of loan does not use the car as security against the loan.  Therefore, if the borrower defaults on the loan there is no car for the lender to sell to recoup the loan amount. Consequently this type of loan has a higher risk to the lender. Hence the interest rates are slightly higher than that of a consumer or secured car loan.

On the other hand, a secured or consumer car loan uses the car as security for the loan.  If the loan is not paid back then the lender can sell the car and use those funds to pay out the loan.

Why choose a personal car loan?

There are a number of reasons to use a personal car loan as opposed to a secured car loan.

The first reason is that some lenders will not use an older car as security.  Personal car finance may be the only option available to you when purchasing a vehicle over certain age limits.  Most lenders do not want the vehicle to be older than 15 to 20 years at the end of the life of the loan. The second instance is when the car you want is not just an ordinary car. For instance, a hot rod, imported vehicle or collectable car do not usually meet lender guidelines for a secured car loan. The final reason is that some people like having cash in hand when purchasing a vehicle. Cash can add to a persons negotiating power and helps when purchasing privately.

What are the terms of a personal car loan?

A Personal Car Loan is a simple agreement between you and the lender. Some of the loan terms are detailed below.

  • Interest rates are usually fixed.
  • Car loan terms range from 2 to 7 years.
  • Money is paid into your bank account for you to purchase the car of your dreams.
  • Additional repayments can be made at any time throughout the life of your loan.
  • You can pay out your car loan at any time.
  • Repayments can be made weekly, fortnightly or monthly depending on your lifestyle and pay cycle.

Personal Car Loan

How can I estimate my personal car loan repayments?

You can use our personal car loan calculator to estimate your repayments.  Simply determine the finance amount, loan term in years and an approximate interest rate.  Your interest rate is based on your credit history, personal circumstances and the type and age of the car being purchased.  The car loan calculator lets you gauge your fortnightly or monthly repayments. Knowing your new purchase will fit into your budget is very important for peace of mind.

Why use AAA Finance

AAA Finance has a team of professional finance brokers who work for you and not the banks! We will save you both time and money.

1. Quick loan approvals

In fact, most loans are approved within 24 to 48 hours of receiving all the requested information.

2. Easy application

An over the phone application takes only 5 to 10 minutes. So call today to drive away on (07) 5493 1222. Our experienced car finance experts are ready to discuss your new car loan.

Alternatively, get in touch using one of our online enquiry forms. One of our friendly finance specialists will call you at a time convenient to yourself.

3. Competitive Interest Rates

Our team has access to over 40 lenders. Consequently, we have a lender to suit your circumstances. We then select the lender who has the most competitive interest rates with terms to suit your individual needs.

4. AAA customer service

We aim to provide exceptional AAA customer service. Both our google and Facebook reviews are testament to our commitment to our clients and their finance needs.

5. Experience and professional finance brokerage

Our qualified team has over 100 years of finance experience behind them. Lenders are constantly changing their lending guidelines. Hence our brokers are constantly being updated on new policy and procedures. This depth and breathe of knowledge ensures we get the best outcome for you!

Compare and save money.  

 Useful personal car loan link

Drive has some great tips when buying a used vehicle.

John Shanahan
John Shanahan
3 May 2023
We worked with Jason to arrange finance for our Austrack van. Jason's service, knowledge and understanding was fantastic. Great outcome and can't wait to get into our van! Thanks Jase.
Robbie Amhaz
Robbie Amhaz
10 March 2023
I Have been with AAA for many years now and they have always been my go too broker for personal loans. Peter & Jason always go the extra mile for me as a client and their rates & fees are competitive. We recently purchased a brand-new car and AAA got us the loan we wanted and at the right interest rate. Excellent service and industry knowledge. Thanks Again Robbie Amhaz
Paul Mansell
Paul Mansell
18 August 2022
These guys go above and beyond. I would recommend them to anyone.
Wayne Jones
Wayne Jones
27 July 2022
Warwick provided a very simple platform to execute our business with him,nothing was a issue and he was very prompt getting back to us or returning calls,highly recommend AAA Finance
11 July 2022
The team at AAA made the finance application process incredibly smooth and stress-free, handling all of the otherwise difficult paperwork with the lender and seller. We have used them multiple times now and have never been disappointed!
Lyndon D
Lyndon D
9 December 2021
We had Jaime as our broker and wow! She did such a great job. 10/10 customer service! Answered every question, gave us all the advice we needed. Can’t fault anything at all. Thank you Jaime !
Bianca Bloomfield
Bianca Bloomfield
9 November 2021
These guys were fantastic ! - Jaime was prompt, professional and kept me in the loop while the finance boxs were ticked in the background. This was all done very quickly and they were super competitive in the market, which was awesome, when there was additional requirements she was straight on the phone-Highly recommend !!
Larna Kerswell
Larna Kerswell
14 October 2021
Warwick at AAA Finance was so easy and great to deal with. He was patient and helpful with us every step of the way. We would recommend them to anyone looking around for finance. Thank you so mauch Warwick and AAA Finance.
Donna Joy
Donna Joy
23 September 2021
I was very happy with the excellent service given by Sam Sharpe. He was helpful, polite and easy to understand. Thanks Sam 😃
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