About Car Loan
An auto loan, also a type of personal loan, can be used to purchase a new or used car.
Minimum loan amount: $7500
Repayment term: minimum 12 months, maximum 7 years
Repayment method: with interest, either fixed rate or floating rate. The normal interest rate for a private car loan varies greatly depending on the terms of the heat and different banking institutions and can be as low as about 5% and as high as 21% or more.
The interest generated by the car loan is tax refundable in some cases, and the car is accepted for both public and private use, i.e. the car itself can be used partly for work purposes, and the percentage of this generated is deductible against personal income tax.
Car Loan Application Requirements
In general, only Citizen, PR, specific work visa, and temporary visa (e.g. 457, 188 visas) holders can apply for a car loan.
Student visas and any Bridging Visa are not eligible to apply for a loan in any form.
Typically, auto loans are not pre-approved like home loans, and the overall process for auto loans is quick and can be approved in as little as one business day.
