Welcome to ELITE Estate
Car loans are classified as personal loans and can be used to purchase new or second-hand cars. The minimum loan amount is $7,500, with repayment periods ranging from 12 months to 7 years. Repayments consist of both principal and interest and can be on a fixed or variable rate basis.
Interest rates for private car loans vary significantly among banks, ranging from as low as 5% to as high as 21%, depending on various conditions. In some cases, car loan interest may be tax-deductible. The car can be for either public or private use. For business use, you can deduct the interest proportionate to the business use percentage of the car.
Application Conditions:
Generally, Australian citizens, permanent residents, and some working visa holders (e.g., 457, 188) are eligible to apply for a car loan. However, student visa holders or those on bridging visas are not eligible. Unlike home loans, car loans do not require pre-approval and can often be approved within one business day.
ELITE Estate has grown over the past decade with a strong team, rich experience and professional services. We have several loan brokers certified by the Authoritative Australian Association MFAA.
