Home > Blog Posts > Car Finance Made Easy With Jacaranda
Car Finance Made Easy With Jacaranda
April 1, 2020● 11 minute read●
Readily available car loans
Wanting to buy your dream car but think you might need a loan? Not sure where to apply for a loan? Not sure how much you need to borrow? If you’re asking yourself any or all of these questions, then you’ve come to the right place! Car finance with Jacaranda Finance!
Jacaranda understands that car finance is a tricky subject. Not only is it difficult to choose the right car for your lifestyle, but choosing the right loan so that you can buy that car can be even harder. There are many lenders – both traditional and online – that will lend you the money to purchase a car, so doing some research as to the loan amounts, terms and repayments can go a long way.
Why should I choose Jacaranda Finance?
Jacaranda Finance is an online lender committed to giving all Aussies a fair go. We love helping people in need of some extra cash to help them realise their dream or make ends meet. We provide fast and reliable loans with no hidden fees or charges.
When it comes to buying a car, Jacaranda strives to make car finance as simple, accessible and affordable for you as possible. We do away with all the complicated and unnecessary paperwork, phone calls and calculations. When it comes to applying, our application is 100% online, meaning you can apply from the comfort of our own living room or on the go. If you have questions, our helpful team is just a phone call away.
The basics of car finance
Let’s lay it out. Car loans are a line of credit to be used for the purchase of a car. The loan is secured, meaning that the crear you purchase will be used as security for the loan.
Because the loan is secured, this will allow you to borrow more for a longer period of time as opposed to if the loan was unsecured. However, we have a responsibility to let you know that secured loans allow for the secured asset (i.e. your car) to be repossessed in circumstances in which you fail to make your repayments. This, however, will only be done as a last resort.
The money comes directly from us and straight into your bank account, after our quick and easy application process. Paying the money back is even easier, once we help you set up repayment instalments with your bank account.
We understand that not everyone’s the same – not everyone has the same financial situation, and therefore your car finance will not be the same as everyone else’s. At Jacaranda, we offer flexible loan amounts, terms and repayments so that we can suit you and your financial situation. Feel free to read below and tailor your loan to your needs!
How much should I borrow?
Before you start applying, there are a few things you should consider. For example, how much does the car you wish to buy cost? This will give you an estimate on how much you will have to borrow. Jacaranda offers car loans between $5,000 and $35,000, which we hope will suit most budgets when it comes to car finance.
You should also consider your current financial situation. This will give you an indication on the loan term that you can afford. For example, can you afford larger repayments more regularly to pay off the loan faster? This way, you may be able to save money on interest rates. Or would you prefer to pay it off slower? This may result in higher interest rates over time, but you will repay less money less often, which may be an easier and less stressful option.
Jacaranda offers loan terms between one and five years, so there is a lot of flexibility in organising and deciding what period of time you want to make repayments for.
Be careful that you don’t overestimate your situation. Make sure you allocate a suitable amount for you for your loan repayments each month. Read more about how to get your debt under control on MoneySmart.
Just to note, as with all loans, car loans will accrue interest. Interest is a small percentage of the loan that is paid as a fee and is included in your repayments. Basically, it is a small cost for us to provide the money upfront to you. Don’t worry – Jacaranda are always upfront and transparent about our interest rates, as this may be affected by things like your loan amount, credit score and obviously the interest rates on offer.
Car loan calculators can help
As you might be able to see, some of these considerations and calculations can sometimes be overwhelming! We also offer a car loan calculator guide that will give you a rundown on calculating all your car finance needs – such as approximate loan amounts and repayments (including interest) over different terms. You can research the figures and work out what you can afford to loan.
As a responsible lender, Jacaranda can’t just lend to anyone. We will never lend to anyone who can’t comfortably afford the loan repayments. Our goal is to help you out financially, not make you worse off!
We aim to make this lending process as easy for you as possible. If you have read all the above information and think you’ve decided on a car loan amount and term, then great! However, if you have any questions or concerns, we’re here to help. We can help you navigate the tricky world of car loans and work together to figure out what you can afford, and what is suitable for your lifestyle.
Let’s talk numbers
As we mentioned before, Jacaranda Finance offers car loans from $5,000 up to $35,000, for terms between one and five years. So, once you’ve done the maths and find that this works for you, the next step is to just apply!
Can anyone get a car loan with Jacaranda?
We work hard to make sure car finance is available to everyone who needs it. However, please make sure you comply with these few basic requirements before you apply. You must:
- Be 18-years of age or older;
- Be an Australian citizen or a permanent resident;
- Have a valid driver’s license;
- Be receiving a regular work income into your personal bank account for at least the last three months.
If you’re reading this and you tick all the boxes, then don’t hesitate to apply for a car loan with Jacaranda Finance!
We offer car loans for pensioners, bad credit car loans and car loans for people on Centrelink – as long you can safely show that you comply with all the dot points above, we’re happy to lend you helping hand.
Tell me how to apply!
So you know you want to buy a car, you have some handy tips for buying it under your belt – now, how do you get the loan?
We don’t like to beat around the bush – applying for cheap car finance at Jacaranda is simple and hassle-free. All our forms are online, meaning that there’s no unnecessary paperwork or pointless phone calls. All you need to do is provide us with a few basic details so we can assess your application.
Firstly, we’ll need to know some personal details, such as your full name, date of birth, address, etc.
Once we have these, we’ll require your contact details (i.e. your mobile number and email address) in order to contact you to ask any further questions or let you know that your loan is approved.
What’s the next step?
Once you’ve completed the online application, you can sit back, relax and leave the rest to us. Our experienced team will assess your application to make sure that a car loan is a suitable choice for you, and that your proposed loan amount and term is affordable. If we have any questions in the meantime, we will contact you directly to clarify these.
After this, we will contact you with the outcome of your application. If you apply during business hours, you may hear back from us in as little as 60-minutes. If you are successful, congratulations! We will contact you to organise further arrangements in order to get the funds to you as soon as possible.
Tips for buying a car
You didn’t think we’d give you all this information without also providing some tips for actually buying the car, did you? If you’ve been thinking about purchasing a car for a while now (and you’re obviously an expert in car finance and car loans by now), then chances are that you already know what type of car you want to buy. However, having a read through our tips is always helpful given that this is a big financial decision.
Buying a brand new car
Buying a brand new car can be the easiest and safest way to purchase a car – you can guarantee no one else has owned it, and you may receive many benefits such as warranties and servicing.
However, buying a car brand new can also prove to be the most expensive option. The car will also most likely depreciate in value – this means that when you eventually sell it, you will be selling it for less than you bought it. Experts say that the moment you drive out of the dealership, the value of your car has already depreciated by up to 20%. This shouldn’t be too much of a worry if you’re going to get good use out of your car, however.
Buying a second-hand car
Second-hand cars often provide more for affordable motoring than brand new cars. However, unlike brand new cars that are all the same as each car within that particular production, second-hand cars are all different. Also, the history of the car, its ownership and some of its features cannot be guaranteed. When looking at second-hand cars, you should consider:
- Whether the car has been serviced regularly by its past owner/s;
- Whether the car has any damage (e.g. sun damage to the roof if it has sat outside for a long time, or damage to the exterior from a motor vehicle accident);
- How many kilometres the car has done (you can factor this into the purchase price);
- Whether all the features work (e.g. is the odometer reading correct? Are the
brakes squeaky? Are the tires flat? Is the spare tire intact and in the correct space in the boot?); and
- Whether the interior is clean and in good condition.
At the end of the day, it’s up to you! We just like to make sure you’re aware of the advantages and disadvantages that come with purchasing certain cars. To learn more about vehicle inspections, head over to RACQ!
Also, be wary of maintenance costs – the cost to purchase the car is not the only cost you’ll have to pay! Remember that there is also registration, insurance, petrol and parking to pay for. These may seem like small amounts to pay here and there, but they are an added responsibility that can add up to quite a fair amount of money. While we usually wouldn’t account for this in your car loan, Jacaranda also offers small personal loans to ease the financial pressures that can come with owning a car.
What are you waiting for?
Of course, your particular financial situation will always impact the decision you make. To help you make the right choice for you, let’s recap Jacaranda’s car finance offers:
|Loans||Between $5,000 and $35,000 depending on the car you are wanting to buy.|
|Term||Between 1 and 5 years depending on how much you would like to repay at a time and how regularly you would like to make the repayments.|
|Eligibility ||You must be 18-years or older; be an Australian citizen or a permanent resident; have a valid driver’s license; be receiving a regular work income into a personal bank account for the last three months.|
|Documentation||You must provide us with some personal details (such as your name, date of birth, address etc), and contact details (such as your email address and mobile number). |
It’s really that simple!
We’re looking forward to making your car dreams come true and getting you behind the wheel in no time! Whether it be financing your dream car so just providing that extra bit of cash for a car that gets you from A to B, Jacaranda Finance is here to help.
What are you waiting for? Get started on your application today!