A car loan is a type of loan offered by banks and lenders that is designed specifically for the purchase of a vehicle. It can be used for either new or used cars and comes with both fixed and variable rates.
This form of vehicle finance can be a great option as there are a tonne of features like extra repayments, redraw facilities and flexible repayment schedules.
Just remember, a car loan is a type of secured personal loan so the car you buy is put up as collateral if you default on your loan.
If you are not sure where to start, we can help.