Car loans
Avoid the speed bumps—let our brokers at The Mortgage Suite find the right car loan for you and your new ride.
Get in touch
The process
From saying hello to new seat covers, it only takes six steps to get you on the road.
Get in touch
Say hello
Contact us to discuss your current financial situation and goals, either in person or online.
Understanding loan types and features
Secured loans
You provide collateral (like the car or property) as security against the loan in case repayments can’t be met. Lenders usually offer lower interest rates on secured loans because they carry less risk.
Unsecured loans
No collateral is required. Instead, the lender assesses your credit score to decide whether to approve your loan. Interest rates tend to be higher than secured loans, and borrowing limits may be lower.
Fixed rate
Your interest rate and repayments stay the same throughout the fixed term of your car loan.
Other things to consider: Balloon payments
What?
You agree to pay a larger lump sum at the end of the loan term, usually a fixed percentage of the total loan amount.
Why?
It reduces your repayments early on, making monthly payments smaller.
Considerations
Think about how this impacts the total interest paid over the life of the loan and the lump sum due at the end. That remaining amount will need to be paid in full once your regular repayments finish.
Is this right for me?
We’ll help you weigh up if a balloon payment suits your needs and explain the pros and cons in detail. Get in touch.
The shortlist
We’ll compare a wide range of loan providers and create a shortlist tailored to you.
The greenlight
Once you pick a lender, we’ll get you pre-approved so you know your borrowing capacity.
Tinted window shopping
With pre-approval secured, you can start shopping for your new wheels. To make it easier, we can connect you with simple-to-use car buying services.
Secure the finance
After you’ve test-driven and chosen your new ride, we’ll finalise the finance with your lender.
Drive away
Make an offer, and if all goes well, grab your keys and drive off into the sunset.
