Car loan is one of personal loans. It can be used in new car purchase or second-hand car purchase. Least loan amount is $7500. Repayment period ranges from 12 months to 7 years. Repayment method: Principal and interest. Fixed rate or variable rate.
Generally, interest rate for private car loan varies a lot from banks to banks depending on different conditions. It can be as low as 5%, or it may be as high as 21%. Some of the interest in car loan can be tax deductible in some cases.
The car can be used as a public car or a private car. You may deduct interest on a loan for a car you use in your business. You can deduct only the business use percentage of interest and taxes on a car you use for business and personal reasons.
Generally, Australian citizen, permanent resident and some working visa holders (eg. 457, 188) are eligible to apply for a car loan. Student visa or any bridging visa holders are not allowed to apply for a car loan.
Unlike home loans, car loans do not require a pre-approval. Car loans could be approved within one business day.