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Balloon Payment Loans
- Fast pre-approvals
- Flexible monthly repayments
- Loans from $10,000 - $25,000
Balloon payments can hang over your head for the entirety of your car loan. If you don't have the funds right now to pay off this lump sum, turn to Jacaranda Finance for an express balloon payment loan and access up to $25,000.
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2,820+ Reviews
Word of Mouth
890+ Reviews
Product Review
2,010+ Reviews
Trustpilot
1,060+ Reviews
Sometimes we offer customers incentives encouraging an honest review of our services, be it negative or positive based on their unique experience. It is possible that some reviews were written by customers who received a reward regardless of their review being positive or negative. Last updated: 24/04/24
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with no impact on your Credit Score!
2,820+ Reviews
Google Rating
2,820+ Reviews
Word of Mouth
890+ Reviews
Product Review
2,010+ Reviews
Trustpilot
1,060+ Reviews
Sometimes we offer customers incentives encouraging an honest review of our services, be it negative or positive based on their unique experience. It is possible that some reviews were written by customers who received a reward regardless of their review being positive or negative. Last updated: 24/04/24
Award-winning lender
What is a balloon payment?
If you don't have the funds to pay for a car outright, you may find yourself turning to a car loan. At the start of this loan, you can choose whether you want to use a balloon payment or not.
A balloon payment is a lump sum you pay at the end of the loan term. This can be anywhere from 15% - 50% of the total loan and sometimes even more. For example, if you're buying a $25,000 car and getting a car loan for the full amount, you could add a $10,000 balloon payment and reduce the amount you're borrowing to $15,000.
The benefit of choosing this option is that it reduces your monthly repayments. The downside, however, is that when your loan ends, the balloon payment comes due. Balloon payments can be big and can catch people by surprise when their loan expires, which is why Jacaranda Finance offers loans to help you refinance.
Loan Details
Loan amounts:
$10,000 - $25,000
Loan terms:
24 months - 48 months
Loan type:
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Secured
Rate type:
Fixed
Repayment options:
Weekly, fortnightly or monthly
Pre-approval available:
Most new applications are processed with a conditional approval on the same day during normal business hours once all supporting information required has been provided2.
Maximum car age:
Up to 12 years old
No early payout or exit fees:
Customers who pay their loan out early do not incur any additional fees or charges for doing so. Fixed fees that have already been incurred are due and payable.
Our balloon payment loans
Our express balloon payment loans are a fast finance solution for the everyday working Australian, allowing you to spread the cost out over a manageable period of time.
Our balloon payment loans
Is a balloon payment right for me?
Balloon payments have both benefits and drawbacks. They might benefit you if you know you won't need the car for more than a few years: you could get cheaper monthly repayments by getting a balloon payment, then sell the car at the end of your loan to pay it off since you don't need it anymore.
They can also benefit people who need some extra cash flow and want to free up some savings by reducing their repayments. However, balloon payments might not be suited to someone who isn't confident with their finances and would struggle to pay back several thousand dollars in one hit.
Is a balloon payment the same as a deposit?
No, a balloon payment is different to a deposit, and you can get a car loan with both. The deposit is an amount you pay upfront for the car to reduce the amount you borrow. The Balloon payment is a lump sum paid after the loan expires.
How to apply for a balloon payment loan
If you have a balloon payment to pay off, Jacaranda Finance is here to help. Instead of one nasty lump sum, we offer loans for balloon payments that let you pay it off in regular instalments for up to 48 months, just like you would for a car loan.
Applying with Jacaranda Finance is both simple and fast: Our unique modern technology makes it easy for you to begin your application online, send us documents, manage your loan and communicate with us at any point in your lending journey.
See below for how our application process works, or click here to get started.
Our express balloon payment loans are a fast finance solution for the everyday working Australian, allowing you to spread the cost out over a manageable period of time.
THE APPLICATION PROCESS
We Make Applying Easy
We know how important it is to receive your funds in a timely manner. As a hard-working Australian, you don’t have time to waste on needless paperwork.
That’s why our loan application process has been perfected over time to be as simple and quick as possible.
Why you'll love dealing with Jacaranda
At Jacaranda, we know that sometimes life can throw the unexpected at you. That's why we're on a mission to assist hard-working Australians with fast, reliable and responsible access to finance for life's expenses when you get caught short. We're 100% online, Australian-owned and operated, and we make applying for finance simple and fast.
Here are some other reasons our customers love us:
- We've been providing finance to hardworking Australians for nearly 10 years. We've already helped over 50,000 customers and we have thousands of positive reviews.
- Get started with an application and be done in as little as 5-12 minutes1 or once you've started an application come back and pick up where you left off in your own time. The application time varies per customer and it might take you longer.
- Our smart technology allows us to get back to you with a fast outcome. Most applicants get a same-day outcome once the application is completed2 during normal business hours.
- If you accept our loan offer by signing your digital contract the funds are usually in your bank account and ready to use within 60-seconds3 if you have a New Payments Platform (NPP) enabled bank account. If you don't, your funds are usually available overnight.
- Our friendly and respectful Australian-based customer service team are here to help you. Existing customers can log into the self-service customer portal, 24/7, 365 days per year.
- Anyone unsatisfied with their loan for any reason, and who still has the funds, can return the money within a 48-hour cooling-off period and cancel their loan. Simply contact our customer service team.
Don't just take our word for it
We strive to offer superior customer service - our Australian-based teams are friendly, personable and helpful and most of the time the first person you deal with can assist with your query. We're open on Saturdays too!
Don't believe us? Check out what scores of happy previous Jacaranda customers have had to say below!
Trusted by 1,000s
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It is easy to apply online, fast, reliable and they will try to help you as much as they can. I can recommend it to my friends and relatives. Thank you very much.
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Super easy and fast system, applying was seamless and money was instant!
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Fast, reliable service had money in acc same day
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Jacaranda is always helpful, wonderful customer service every time. Contact is easy and quick.
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Brilliant service and quick action during application process the best there can be when it comes to quick loans.
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Jacaranda finance is definitely one of the smoothest and easiest places to apply for a loan. They make the process comfortable and with no hassle. Would recommend Jacaranda to any one !
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I found jacaranda after a few other places wouldn't even look at my application, there process was pretty quick, got a response almost immediately and a good deal! Can't ask for much more, would use again and recommend.
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Good people to work with. Application was easy and straight forward. Could use different payment options, but still good options. Would use again.
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Excellent service once again from Jacaranda. Great improvements to the application process, very easy & efficient.
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Excellent 5 STAR customer service and always available with a quick response. Very happy with advice and the fantastic service provided. Quick, hassle free and easy. Thank you.
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Jacaranda finance were amazing they took into account all of my circumstances when other lenders wouldnt. They were easy to contact and keep me up to date at all stages of the easy process.
What else can a Jacaranda car loan be used for?
Besides balloon payments, you can use a Jacaranda Finance car loan for the following:
New and used cars
You can get pre-approval for both brand new cars as well as used ones with a Jacaranda Finance car loan, whichever suits you best. It doesn't matter what model it is: as long as it's 12 years old or less, is roadworthy, has under 150,000km (petrol cars) and fits within our maximum loan amount, you can get a car loan for it with Jacaranda.
Am I eligible for a Jacaranda balloon payment loan?
The basic eligibility criteria you must meet before submitting an application:- Be at least 19 years of age.
- Be employed on a permanent or casual basis.
- Have a consistent income going into your own bank account for the last 90 days.
- Be in control of your finances and be handling existing financial commitments comfortably.
- Be an Australian citizen or permanent resident with a fixed address.
- Have an active email address, phone number, and online banking account in your name that belongs to you.
We accept a wider range of credit history than a bank or a prime lender, but we do not recommend submitting an application if:
- You are currently or recently bankrupt (you must be three years discharged and in control of your finances)
- You are not comfortably repaying your existing financial obligations
In addition to qualifying, we have specific requirements for car loan applicants, which include:
- The vehicle cannot be older than 12 years at the time of your purchase
- The vehicle can be purchased from a licensed car dealer or a private seller
- The vehicle must be comprehensively insured and roadworthy
Get in touch with us if you need more information on our eligibility requirements.
Check out our other car loan FAQs
Balloon payment FAQs
Here are some of our most frequently asked questions about balloon payment loans.
Yes, balloon payment loans are generally secured, as you will use the car you’re buying as security for the loan. With your car as collateral, you will be considered a less risky borrower, meaning we can potentially offer you a larger amount of money.
Jacaranda Finance offers balloon payment loans up to $25,000. Our team will conduct an assessment of suitability on all applications to make sure you can comfortably afford a loan with us.
Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loan products, visit our rates and fees page.
If you're approved, all of the loan details, including the repayments, terms, interest rate and fees, will be in the loan contract for you to review before signing.
The interest rate, fees and charges applied to your loan will depend on your individual circumstances and the information verified during the loan assessment. It will also depend on our assessment criteria, loan amount, and loan term for which you qualify.
Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loan products, visit our rates and fees page.
We use the information you provide in the online application form as well as information on your bank statements to make sure that you qualify for a loan product during our credit assessment. If you don't qualify, your application will be declined without a credit check being conducted.
Once we have verified that you meet our non-credit report-related criteria, we do perform a credit check as part of our credit assessment, where an inquiry will be left on your credit file.
We will never perform a credit check without your express consent, which you provide to us when you apply for a loan with Jacaranda Finance. We store your acknowledgement and consent for seven years, and it can be supplied on demand.
There are four credit reporting bodies that we may use to conduct a credit check:
- Equifax
- Experian
- illion
- Talefin
Review our Privacy Policy for more information.
Yes, you can cancel your loan application at any point. Simply contact our application concierge team, and they will be able to assist you. Alternatively, reply to any SMS or email we have sent you to withdraw your application.
If you've already received your funds, we offer a 48-hour cooling-off period for all loan products. Anyone unsatisfied with their loan for any reason can return the total principal funds, including any payments made to third parties on your behalf, within a 48-hour cooling-off period and cancel their loan.4
we're here to help
Need a hand?
Our customer service team are here to help.
If you have any questions, whether you're a new customer or an existing one - our friendly customer service team will be happy to help you. Our customer service team is 100% Australian-based in Brisbane: at Jacaranda, you speak to a real human being every time.
