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Secured Loan
With a Secured Loan customers can finance a vehicle, or any other approved asset, that will be used predominantly (more than 50%) for personal use. The customer owns the asset from the start of the agreement and the Finacier secures the loan by registering an interest over it.
Benefits to Customer
- Customer obtains the use of the goods with minimum cash outlay
- No deposit 100% finance is available to approved customers. Fees, Govt Charges, Insurance, Registration and On-road costs can also be financed into the loan to approved customers
- Customers can get a competitive fixed rate as the asset acts as security over the loan
- Customers own the asset from the start of the agreement
- Balloon payments (a lump sum payment at the end of a contract that settles the debt) can be arranged. This enables customers to pay a lower monthly instalment during the term of the contract, then pay a balloon payment at the end of the term.
At a glance
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Financing for individuals, joint individuals, strata corporations and individual trustees who need motor vehicles, caravans, motorcycles, boats or just about any major asset. |
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Term
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Minimum of 12 months to a maximum of 5 years.
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Minimum Borrow
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$8,000
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| Interest rate |
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The interest rate is fixed for the duration of the loan.
Monthly repayments - interest is calculated on the average daily balance during the month and charged on the loan repayment date.
Fortnightly repayments - interest is calculated on a daily balance outstanding and charged to the loan account fortnightly.
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Payment frequency
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Monthly, quarterly, semi-annually, annually, seasonally or irregularly
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Payment methods
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Direct debit from a bank account, BPAY or cash/cheque deposits via a cash booklet |
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Deposit
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Customers can make a deposit or a deposit may be an approval condition
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Can Insurance, Fees and Charges be financed
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Yes
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| Balloon |
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- Customers may refinance residual if it is greater than $5000
- Balloon payments are generally only available to customers who have some level of equity in property
- Balloons are not permissible on used vehicles older than 7 years
- Provided applicants have a proven credit history for a minimum of 12 months, either with Finacier or another financier, balloon payments are permitted for vehicles to 7 years old.
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