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Fixed Rate Car Loan for a new car* (Comparison Rate 8.22% pa^)
* Interest rate only applicable for new goods that have not been pre-owned and where the applicant has an established good credit history. Finance subject to approval, including the application of applicable lending criteria. Terms and Conditions apply. Fees and Charges are payable. Interest rates vary depending on the applicants credit score and associated risks. Credit provider is Automotive Financial Services – Australian credit licence 383762. ^Comparison rate for AFS Loan Contract and Mortgage is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Fixed Rate Loan
The following upfront credit fees and charges are payable to AFS on the settlement date of the loan. They are only payable if you proceed with the loan and are included in the amount of credit
|Establishment Fee||Represents the reasonable cost for AFS to peovide credit to you||$395|
|Credit Search Fee||Represents the reasonable cost for AFS to conduct the necessary credit bureau searches per applicant||$6.37|
|Security Registration Fee||Represents the reasonable cost for AFS to register our financial interest in the goods||$8|
The following credit fees and charges are payable to AFS during the term of the loan.
|Monthly Administration Fee||Represents the reasonable monthly cost for AFS to administer your loan whilst active||$10|
The following credit fees and charges may become payable to AFS during the term of the loan.
Termination Fee **
|Represents the fee that will be payable when you pay out your loan contract in full before the expiration of the term of the loan. The amount of the fee as at the disclosure date if $600 and thereafter the amount of the fee is $600 multiplied by the number of unexpired whole months in the term of the loan at the time this contract is paid out and divided by the number of whole months in the the term of the loan||$600 reducing monthly|
|Dishonour Fee||Represents the reasonable cost for AFS to process the dishonour of a loan repayment on each occasion||$12|
|Repayment Book Fee||Represents the reasonable cost for AFS to generate and issue a new repayment book on each occassion||$35|
Fees and Charges disclosed above are current as at 1st July 2016 but may change from time to time. Other fees and charges may be payable. Please review the credit fees and charges detailed in the pre-contractual statement for the specific loan that you have chosen.
* Finance subject to approval, including the application of applicable lending criteria. Terms and Conditions apply. Fees and Charges are payable. Credit provider is Automotive Financial Services – Australian credit licence 383762. ^Comparison rate for AFS Loan Contract and Mortgage is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
** Only applicable for the AFS Loan Contract & Mortgage product. Please read the relevant product Terms & Conditions and pre-contractual statement (if applicable) if you are considering another loan product or lease.
~ If you use a licensed finance broker to assist you apply for credit there may be other fees and charges payable, such as a Finance Broker Fee or Origination Fee. AFS enables you to finance an Origination Fee as part of the Amount of Credit up to a maximum value of $990 including GST. An Origination Fee represents the finance broker's fee to provide credit assistance to you. It is a one off fee that is only payable if you proceed with the suggested credit contract. Under the National Credit Code, a Finance Broker is required to give you their Credit Guide, a Credit Quote and, at the same time as providing credit assistance to you, give you a Credit Proposal Disclosure document which will detail all the fees and charges payable and if any commission will be received by the finance broker.
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Applying for a car loan online is fast and easy with AFS.
What's more there are no fees or charges payable to apply, even if you're approved!. Fees and charges are only payable if you decide to proceed with the loan and these can be financed.
Simply select any "Apply Now" button to get underway.
What to expect
We all want to maximise the value of our household or business income. Consider the following benefits below:
To refinance your existing car loan or lease, simply contact your existing lender and explore the available options.
At AFS, we will ask you questions about the purpose of refinancing and what you are trying to achieve. When considering a request to refinance, we are required to ensure that you are no worse off and our credit scoring model will adjust your interest rate to reflect the timely repayments made on the existing loan and your new circumstances.
In most circumstances, refinancing your car loan will result in reduced repayments and could save you valuable dollars which can be used to pay down your loan or spent elsewhere.
No. You can not be forced into refinancing with the same lender.
However, as your existing lender already has your details on file and your repayment history, the simplest solution is often to renew terms with your existing financial institution.
At AFS, we value each and every one of our customers and our friendly staff will gladly assist you to understand if refinancing your car loan can save you money and they will arrange the whole process for you. Alternatively you can also use your finance broker who can act as your agent.
Many borrowers focus solely on the interest rate to be charged on the new loan.
However, many could be caught unaware that, by refinancing, they may actually be paying more interest overall. This is due to the additional interest being added on top of the first loan,particularly if the new loan is for an extended period beyond the initial loan term, as well as also refinancing the early exit costs and new setup costs on the refinance.
Having said this, and despite the total interest payable potentially being higher, the monthly loan repayments are likely to be lower.
Including a Balloon Payment or Residual Value in your loan or lease can be a good idea to lower your monthly repayments and enable you to purchase a better car.
As your car loan approaches maturity you need to decide between the following options that are available to you:
Refinancing a Balloon Payment or Residual is available on the same terms as those for any new or used car and the interest rate will be based on your updated credit profile.
Your original Balloon Payment or Residual can be anywhere from 0%-55% of the purchase price, depending on the term, which you can refinance over another 1-5 years. You can also choose to structure the new loan or lease to incorporate a new Balloon Repayment if you wish.
At AFS, we are happy to assess any request to refinance your loan before the Balloon Payment is due. Ideally, we'd like to get things underway a few months prior to the Balloon falling due, giving you plenty of time to search for your new car.