What car loans options are available?

A car loan (also referred to as a secured car loan) involves a finance company lending you the money to purchase a vehicle for personal use. The loan is secured against the vehicle and, when the final repayment has been made, you will own the vehicle outright.

A chattel mortgage is the same product as a secured loan only for assets that are purchased primarily for business use. For example, if you're a tradie and need a ute for moving your equipment from site to site, you may qualify for a chattel mortgage. 

Much like a secured car loan, the lender will provide the funds for you to purchase the vehicle and you’ll take ownership at the time of purchase. The lender takes a ‘mortgage’ over the vehicle as security for the loan. Once the contract is completed you’ll own the vehicle outright.

Leasing a car gives you the flexibility to use the vehicle without owning it. There are several options for leasing a car, and the regular payments you make may be similar to a car loan. The big difference comes at the end of the lease – you could face a lump sum payment if you want to own the car, or you can hand in the old car and “rollover” the lease and continue leasing a new car.