Car loans made easy
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SBS Lending has finance options for cars, SUVs, utes, trucks, motorbikes and more.
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FAQS
Frequently Asked Questions
Q: Should I get a secured or unsecured car loan?
A: Most car loans are secured, meaning the car itself is used as collateral. This usually leads to a lower interest rate. If you don’t make repayments, the lender could repossess the car. An unsecured loan has a higher interest rate but doesn’t put your car at risk if you default.
Q: Can I get a car loan for a second-hand vehicle?
A: Yes, you can. Lenders will often have different criteria for used vehicles, such as a maximum age limit or a requirement for a lower loan amount, but most offer loans for both new and used cars
Q: What documents do I need to apply for a car loan?
A: You will typically need to provide proof of identity, proof of income (such as recent payslips or tax returns), and details of your living expenses and existing debts. This allows the lender to assess your financial situation and ensure you can comfortably afford the repayments.
Q: What is a balloon payment?
A: A balloon payment is a lump sum payment made at the very end of your loan term. By having this larger final payment, you can reduce your regular repayments throughout the loan. However, it’s important to plan for this large payment as you’ll either need to save the money or refinance the amount.