Looking for a car loan?
At Spotter Loans we specialise in providing car loans for new or used cars. In fact, car loans are the number 1 requested reason for a loan from those that visit our site.
For loans up to $10,000 we will consider providing funding directly to you based on your individual circumstance. For loans over $10,000, the finance broking division of our parent company Rate Detective Pty Ltd will hunt around and find the best deal on the market from their panel of lenders . They have a panel of 14 lenders that can assist with car loans.
Secured or unsecured loan?
When you take out a car loan you have an option of securing the loan against the purchase, which is common, or you can go for an unsecured loan.
If you decide to use your car as security, this could increase the likelihood of obtaining a loan or improve interest rate you end up receiving. Lenders prefer secured loans as it reduces the risk involved in lending.
What if I have an impaired credit rating?
You will not automatically be excluded from getting a car loan if you have a poor credit rating. We will look at your credit history in conjunction with a number of other factors to determine your eligibility for a car loan.
What rates can I get?
This will depend on your personal circumstances, and if you are offering the car as security, the age make and model can affect the interest rate offered.
Our company works with many lenders as a broker when it comes to a car loan, including:
- Macquarie Leasing
- Liberty Financial
- Now Finance
- Latitude Financial
- Money 3
- Pepper Money
These lenders have different fees and charges and will be discussed with you prior to lodgement of any application.
At Spotter Loans, the maximum interest/fees that could be charged is highlighted in the examples below, but the minimum rate varies from month to month. Make an inquiry and find out what’s available.
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Here's what a loan might look like
Here's what a small loan might look like...
You're after a loan for $1,000 for medical or dental bills. Your are looking to repay the loan back after 6 months and are happy to make fortnightly payments.
Here's what a medium loan might look like...
You're after a loan for car repairs for $2,500 and are looking to make payments back on a weekly basis over 2 years.
Small Loan Example
- $110.77=Per Fortnight
- $1,440.00Total Payments
Medium Loan Example
- $43.19=Per Week
- $4,490.88Total Payments
In the above example You'll pay:
- Loan Amount Financed:$1,000
- Establishment Fee:$200(set by NCCP at 20% of the loan amount)
- Monthly Permitted Fee:$40per month charged on the anniversary of the loan
- Amount of Credit of the Loan:$1,240
- Total Amount of Interest Payable:NIL
- Direct Debit Fees:$25.74($0.99 per transaction)
- Total amount of repayments:$1,440.00
- Nominal Percentage Rate (Interest) per annum:0% as defined by NCCP
- Comparison Rate: 160.0571% as defined by NCCP
In the above example You'll pay:
- Loan Amount Financed:$2,500
- Establishment fee:$400(Set by NCCP)
- Amount of Credit of the Loan:$2,900
- Total Amount of Interest Payable:1,590.86
- Repayments:103 x $43.19 + $42.31(a final payment)
- Total amount of repayments:$4,490.88
- Nominal Percentage Rate (Interest) per annum:48% as defined by NCCP
- Comparison Rate: 65.5138% as defined by NCCP
WARNING: This comparison rate is accurate and applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
See our full Fee Statement for fee details.
"These examples are provided for illustrative purposes only. They do not represent an offer from Rate Detective Pty Ltd. A Spotter Loan is subject to the completion of an application, which is subject to responsible lending checks that take your personal needs and financial circumstances into account."
Minimum repayment term 90 days, maximum repayment term 12 months.