Personal Finance

A secured car loan is a type of loan that is secured by collateral and referred to as a “secured” car loan. The collateral for the loan when applying for a secured car loan can be the car itself, or any other property that the borrower owns outright. In contrast, an unsecured car loan does not have any collateral attached to it; however, it usually attracts a higher interest rate than a secured car loan.

The car loan application process can take anywhere from a few hours to a few days, depending on the lender, the type of car loan, and the borrower’s credit history, income, and the availability of supporting documents. At LNDR, we understand the importance of swift loan approval and take pride in offering one of the quickest online car loan applications, which takes only 7 minutes or less to complete. Furthermore, experience eliminates the guesswork involved in applying for a car loan, ensuring you are matched with the most suitable LNDR for your requirements.

Absolutely! At LNDR, getting a car loan pre-approval is a quick and straightforward process. We require some information about you and your finances, and we’ll provide you with an estimate of how much you can borrow. This means that when you find the car you want, you’ll know exactly how much you can afford. By obtaining pre-approval before negotiating with the seller, you may be able to secure a better deal and ensure that you don’t miss out on any specials that are time limited. If you’re considering purchasing a car on finance, it’s highly recommended that you obtain pre-approval before agreeing to purchase the vehicle.

A balloon payment is a type of loan structure where you make smaller payments throughout the loan term, with a larger final payment (or ‘balloon’) due at the end. Balloon payments can be a good option for car loans if you’re looking to keep your repayments low during the life of the loan. However, it’s important to be aware that once your loan term is complete, you will be required to make one final large payment to the finance company or refinance the final balloon amount.

The maximum car loan term may vary between lenders, but it generally falls within 5 to 7 years. It’s crucial to remember that the term you choose will affect your car loan repayments, with longer terms resulting in lower repayments but higher overall interest charges. At LNDR, we are readily available to assist you in exploring all of your car loan options. We want to make sure you have all of the necessary information to make an informed decision that aligns with your financial goals.

Yes, you can. At LNDR, we offer car financing for any car, regardless of where you want to purchase it from. Whether it’s from a car dealership or a private seller, we can help you get the funds you need. Keep in mind that the car loan process for buying a car from a private seller may differ from buying a car from a dealership. We will need to ensure the car is roadworthy and may arrange for an inspection to ensure the car’s condition. Our team at LNDR is always available to answer any questions you may have about buying a car from a private seller on finance.

That’s correct. It’s important to understand the terms and conditions of your car loan before deciding to sell the vehicle, as there may be penalties or fees associated with early termination. Some lenders may charge a prepayment fee or an early termination fee for paying off the loan before the end of the term. Some lenders don’t charge any fees for early termination. At LNDR, we can help you find the right car loan that suits your needs, taking into consideration your intentions to sell the car in the future. Our team can also help you understand any fees or charges associated with your car loan and answer any questions you may have.

The amount you can borrow for a car loan will depend on your individual financial circumstances. To get an idea of how much you can borrow, we speaking to us so we can consider your car loan repayments, car loan term and car loan interest rate. In theory, there is no “limit” and provided there is the capacity and serviceability to repay the loan and you meet the lending criteria, then LNDR should be able to help you secure your dream car. Alternatively, feel free to get in touch with us to find out more.

Once you’re approved for your car loan, the process is straightforward. We’ll send you a loan contract, which you can read and sign digitally on your smartphone or computer. Once you’re happy with the contract, you can send it back to us. In most cases, we’ll release the funds on the same day you sign the contract, and sometimes even immediately. It’s that easy!

Yes, you can. We understand that not everyone has a traditional 9-5 job. We have car loan products available for self-employed individuals, including “no-doc” and “low-doc” loans. Because we work with so many small business owners we understand that not every business owner has all of their tax returns and financials completely up to date and so it is important to us to make it as easy and as frictionless as possible to help you apply and get an approval. All we need to do is gather some basic information from you in order to assess your car loan application and be able to match you to the best suited lender and present all your options. We will find the right LNDR for you!