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Car Loan Financing with Jacaranda
March 4, 2020●
9 minute read●
Finance your new vehicle
With Jacaranda, applying for car loan financing can be a pleasant experience. You have finally chosen the car of your dreams and now it’s time to get moving? A car is the biggest purchase apart from a house that most Australians make in their lifetime. Exciting, right? However, most people hate the idea of all the paperwork that comes with getting a car loan. We do too! We can offer car loan financing from $5,000 to $35,000. Our fast online application cuts out the annoying paperwork and may bring you an outcome in just 60 minutes if you apply during our business hours. If you want to know how to apply, keep on reading.
What is car loan financing?
Having a vehicle is crucial for many Australians to get to work, to go to places and to get on with their life. Sometimes you need a car but you don’t have the necessary cash handy.
A car loan is a type of personal loan given for the purpose of purchasing a car. It can support you to finance your mobility by paying either the full price of your car or by contributing parts of the payment. You then repay your lender with a percentage of interest on top. In an ideal world, you would have the money to buy your dream car straight away but getting a car loan may even provide some benefits: If you repay your loan consistently over time it may have a positive effect on your credit rating. And ultimately, life is too short to walk until you can afford the car you deserve.
Jacaranda has the lowdown on everything you need to know about car finance!
Who is Jacaranda Finance?
Let’s get to know each other! We are Jacaranda Finance, your friendly online lender for personal loans and car loan financing. We offer loans of various sizes to any Australian that meets our requirements. Every financial situation is different, we know that. That’s why we go a step further and look at your financial situation from all angles. We want to make sure we thoroughly understand where you’re at to offer you the best possible loan for your needs.
Our service is 100% online. You can submit the online application in three easy steps from the comfort of your own home or from anywhere on the go. But of course, we are here to help. If a question comes up at any time during the application process, we have a well-curated FAQ section and a friendly customer service team just one click away.
How much money can I borrow?
We offer car loan financing from $5,000 to $35,000 with repayment terms between 1 and 5 years. However, how much money you can borrow will depend on your financial situation. If you want to work out repayment terms and what fits best for your budget, head over to our car loan calculator. Different repayment terms may affect your interest rate.
Use our car loans repayment calculator to work out your repayments!
Financial advisors recommend as a rule of thumb, you shouldn’t pay more than 10% of your take-home income for car loan repayments. And in the best case, you should be able to pay 40% of the price out of your own pocket and use the loan for the rest of it. However, life isn’t always a best-case scenario and we’ve got your back when it’s not!
Who is eligible for car loan financing?
We offer cheap car loans for a wide range of people. So even if you think you may not be eligible it’s worth checking. In many cases, we can offer car loans for people on Centrelink, car loans for pensioners, car loans for students, and car loans for people with bad credit history. If you can answer the following questions with “Yes”, you are eligible to apply for car loan financing with Jacaranda.
- Are you 18 years or older?
- Do you have a driver’s license?
- Can you provide an online banking account with at least 3 months of income history?
- Do you have an active mobile number and email address?
And that’s it. If you are still unsure if you meet the requirements to apply for a loan, feel free to send us a message. Our friendly customer service team is happy to answer all your questions.
How much does it cost to get a loan?
Every loan is different and the costs may depend on the interest rate and loan term we can offer you. But generally speaking, you repay the amount you borrow plus a percentage of that as interest on top. If you want to work out repayment costs, the car loan calculator on top of this page may help.
We believe in transparency. You can find all the costs and fees on our costs page and they will be stated in your car loan contract. It’s your responsibility to read them thoroughly before you sign.
How to apply for a car loan?
Our application process is completely online-based. You won’t have to go anywhere and stand in a queue for hours. All you need is a laptop or smartphone and the required information. We will ask you for your personal details such as name, DOB, email etc. You may want to search for your online banking login and your driver’s license upfront, too.
Step one: Apply online.
Most people manage to fill in the application within a few minutes, so it won’t take you long. Apply by scrolling to the top of this page. You can choose your desired loan amount and loan term easily on the slider. Then click “Apply now”.
Step two: Wait for your outcome.
You can relax while we assess your application. Our experienced team will access a read-only copy of your bank statements to get to know your financial situation. We use the newest and best safe banking technology to ensure your information is safe with us. We will get in touch if we need any additional documents. Otherwise, we will get back to you with the outcome as soon as possible. Most people receive their outcome within 60 minutes if they apply during our business hours (and we don’t require additional information).
Step three: We transfer the money.
Time to get moving! Congratulations if we can offer you the funds for your dream car. We will send you the loan contract to read and sign. Once we receive your signed copy, we are done with the formalities. Our team will transfer your loan amount and you’re not far off being a proud car owner!
Enabling access to personal finances
Providing car loan financing is important to us. Most Australians find themselves in a sticky financial situation at some point in their life. While that is stressful enough already, it shouldn’t cut into other aspects of your life. Being able to drive is vital for most people, especially in places with less public transport available. That’s why we tailor our Jacaranda car loans to a wide range of personal needs:
|Car loans for pensioners
||Receiving a pension can make it tricky to get approved for a car loan. However, mobility is one of your biggest assets and you shouldn’t have to compromise on that. We may be able to offer you a car loan if you meet your other criteria.
|Car loans for people on Centrelink
||Receiving Centrelink payments is not a statement about your relationship with money. We know every application comes with a personal story and we want to give everyone a fair go. That’s why we treat Centrelink payments just like any regular income.
|Car loans for bad credit
||One little mistake from 7 years ago shouldn’t necessarily affect your access to personal finance. While we perform a credit check, we can promise we look beyond its results and get a good understanding of your current relationship with money. So, if you have a bad credit score we may still be able to offer you car loan financing.
Why do you ask for my banking details?
We will ask you for your online banking login during the application process. We want to understand your financial situation and have a proper look from all angles. Technology enables us to shine a light on your financial transactions and spending habits while keeping your data safe. How? During the assessment, we access a read-only copy of your bank statements through the latest in safe banking software.
Some lenders may give you a loan without performing a credit check. At Jacaranda, we believe in responsible lending instead. While we want to make sure that as many Australians as possible get access to personal finance, we care about your financial situation. We assess your situation thoroughly to ensure that we won’t lend you money you can’t afford to repay.
We keep it transparent. All fees and costs are stated in your contract and at the costs page for you to read.
How do you set up repayments?
It’s important to us that you understand what you are signing up for. We highly encourage you to read your loan contract thoroughly before you put your signature underneath. All costs, fees, and payment deadlines will be stated in your loan contract. However, you won’t have to worry about it once it’s been set up. You choose your loan amount and how long to borrow the money for with your loan application. From there, we set up frequent payments based on your personal preference. You can choose between weekly, fortnightly, and monthly payments. We usually align your repayments with your payday. Once that is set, your repayment will be directly debited from your bank account and you can stop thinking about it.
What happens if you miss a payment?
Missing a payment is not a great feeling. It’s best not to get too stressed about it and to communicate openly what’s going on. We know it’s possible that your financial situation may change in the future and we do our best to help. If you know you will not be able to make the next payment, please get in touch as soon as possible. We may be able to find a solution that fits both sides. If we don’t hear anything from you, a penalty fee will be added to your payment as stated in the loan contract.
You can get in touch with our customer service team by sending them a message through our contact page or giving them a call on 1300 189 823 during our business hours.
Our business hours are:
Monday to Thursday: 8 am – 6 pm
Friday: 8 am – 4 pm
Saturday: 8 am-12 pm
All questions have been answered?
If you think you know everything you need to know about car loan financing, it’s time to apply! We highly encourage everyone who meets the eligibility criteria to give it a shot. It won’t take up much of your time and you will have your outcome very fast.
Can casual workers apply for car loans. Find out with Jacaranda Finance! Or get the lowdown on no deposit car loans.