A personal loan is something you might consider if you need money to pay for a big-ticket item like a car, a wedding or even an around-the-world holiday.
Personal loans may also be used to consolidate multiple debits (e.g. credit cards) into one loan that’s easier to manage.
What types of personal loans are there?
The two main types of personal loans are:
Secured loans – where you nominate an asset you own (e.g. your car) that the bank may take possession of if you can’t pay back your loan, and
Unsecured loans – where the lender agrees to loan you the money without any security (usually results in a higher interest rate).
What is a vehicle loan?
A vehicle loan is a specific type of personal loan designed to get you into a new or used car, caravan, scooter, motorcycle or boat.
How much can you borrow?
The amount you can borrow depends on a number of factors, including your level of income and whether your loan is secured on secured. Contact a Choice Home Loans broker to discuss your situation today.
How long do you have to pay it back?
Loan terms of between 1 and 7 years are typically available on personal loans.
The shorter the loan, the higher the regular repayments will be. The benefit of a shorter loan is that it will reduce the total amount of interest you pay.
Fixed or variable interest rates?
You can generally choose whether you want your personal or car loan to have a fixed or variable interest rate.
Fixed rate loans offer greater certainty with your repayments, but they’re generally less flexible than variable rate loans when it comes to paying your loan off early.
What do you need to apply?
To apply for a personal or car loan you will generally need to provide:
Your driver’s licence or passport
Recent pay slips and/or tax returns
Recent bank statements
How can Choice Home Loans help?
Choice Home Loans brokers can access competitive interest rates on personal and car loans, with the flexibility to meet a wide range of lending needs.
Find a broker
Use our broker search tool to find brokers available in your area