FAQ: What are the features & benefits of a Personal Loan?

What are the features and benefits of a Personal Loan for buying a car?

The benefits of a Personal Loan can include:

  • Flexible contract terms (loan length) are available, ranging from 2-10 years
  • A residual can be applied to the loan, reducing the monthly instalments
  • There are less stringent approval guidelines for a Personal Loan
  • A deposit can be used (either cash or trade in) which reduces the size of the loan needed
  • A tax deduction may be applicable if the vehicle is to be used for business purposes
  • The loan is not secured against your car

If you are considering a Personal Loan, you may also want to consider a Car Loan or Novated Lease (Salary Packaging).