Automotive Finance

Automotive Finance

Automotive finance services are not just for people who don’t have enough cash on hand to pay for a car’s full price. Even if you have enough savings to pay for a brand new car upfront, you can still benefit greatly from auto finance. When you use your personal savings to purchase a car, your car options are limited, but with automobile finance, you can get more expensive cars as you can divide the purchase price into more affordable monthly payments.

There’s a multitude of options for auto car loans, but the challenge is choosing the right lender to loan from.

SocietyOne makes the process of automobile financing more accessible and convenient through our online loaning platform. You can apply for automotive finance within five minutes from anywhere you are in Australia and potentially get the funds in your account within one business day after getting approved. If you prefer a motorbike to a car, we also have a bike loan that you can use to finance it.

Aside from choosing the right Australian car finance company, there are other things you should know about automobile financing, such as when you should get one, whether it will help build your credit profile, and what the other benefits of automotive finance are. We’ve addressed the common auto car loan questions below.

When is it necessary to get automotive finance?

Knowing when you are ready to get automotive finance can increase your chances of getting the best out of your loan experience. Consider getting car finance when:

Your credit score is good

Don’t take out a loan if you have a bad credit history. Not only will you have limited options for auto finance lenders, but your interest rates are likely to be higher as well. Improve your credit first before getting a car loan. SocietyOne lets you check your credit score for free on our platform, and we offer comprehensive resources on improving your credit profile.

You can’t pay for your dream car in full cash

If you can’t wait to drive the car you’ve always wanted, but your savings still aren’t enough to cover the car’s full price, consider getting a loan instead. You can get more affordable monthly payments so you can get the car you want when you want it. At SocietyOne, you can use your automotive finance to buy a brand new car, used car, or even a collector’s car.

You have other financial priorities at the moment

Just had a baby, or still paying medical bills? Take out a loan to buy the car you want so you can use your savings to pay for your emergency expenses first. When you’ve settled your priorities and have enough cash already, you can then settle the loan. SocietyOne doesn’t charge early exit fees, so you can complete your loan any time you’re ready.

Will auto finance help me build credit?

When you buy a vehicle on finance, your credit score will initially drop. This is because your debt has increased, but don’t worry as it will start building your credit score eventually. As long as you satisfy the factors that affect your credit score – such as how responsibly you manage your repayments – your car loan can definitely improve your credit profile, allowing you to get better loan deals in the future.

SocietyOne follows risk-based pricing, where we will offer you a unique rate that is based on your credit history. Simply put, the better your credit score is, the better the deal we can offer you. This allows us to offer you rates that are much lower than the four big banks in Australia. There are no monthly fees or hidden charges, plus our interest rate is fixed, so you always know how much your repayments will be.

What are the benefits of auto car finance?

There are many advantages to automotive finance that you may not be aware of just yet. Getting a car loan is a good idea because:

You can get a car urgently

No need to wait until you’ve saved up enough money to pay for the car you want. Many lenders can offer you the full price of the car you want so you can get it right when you want it. SocietyOne’s streamlined lending process allows you to get the funds for your car fast.

You get more car options

You don’t need to settle for a car you don’t love because it’s only what your savings can cover. Because you can borrow big sums of money with automotive finance, you can get the car you’ve always dreamed of, even if it’s more expensive. At SocietyOne, you can borrow up to $50,000 for a term of up to five years with an unsecured car loan and up to $70,000 for a term of up to seven years with a secured car loan.

You can free up your cash flow

Paying for a brand new car in full can deplete your saving significantly, leaving you with little to no room for emergency expenses. With automotive finance, you don’t have to empty your savings account as the loan can cover the cost of your new car, and you can just pay for them in smaller repayments. SocietyOne gives you the option to choose your desired loan amount, loan term, and repayment frequency – monthly or fortnightly – to suit your situation better.

Go to SocietyOne and discover other personal loans we offer, such as a travel loan, a debt consolidation personal loan, a loan for renovation, a wedding loan, and many more. Get your personalised loan rate at SocietyOne now!