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It reduces what you pay each month, but you’ll pay more interest overall, and you need a clear plan for how you’ll handle the lump sum when it falls due. Common options are paying it out in cash, trading in the car, or refinancing it into a new loan.
The options available to you come down mainly to how long your ABN has been active and what income evidence you can provide.
For many buyers, a broker will find a lower rate and a more suitable structure. There are situations where dealer finance is competitive, but the only way to know which is better…
Loanset is a Melbourne-based mortgage broking business. I work with 30+ lenders to find the right loan for your situation and I’m with you from first conversation through to settlement.
Disclaimer: The information on this site is general in nature and doesn’t take your personal situation into account. Before acting on anything here, consider whether it’s right for you or speak to a professional. Client names and locations have been changed to protect privacy.
