Import Car Loan Interest Rates
Have you eye on a Nissan Skyline GTR or looking at a family Nissan Elgrand van? Your bank has said ‘No’ because they don’t offer loans on grey import vehicles.
iCREDIT helps Australian’s arrange finance for all types of grey import vehicles purchased privately or through retail car dealerships, all while providing you with great rates, transparency and personalised service.
iCREDIT is dedicated to offering a wide range of personal loans, secured car loans and business financing options throughout Australia and help customers with financing unique and imported vehicles.
We understand that everyone has different requirements, which is why we’re committed to provide an extensive range of loan options through our partnerships with leading banks and non bank loan lenders.
Your next import car purchase can be made possible with a flexible loan with easy to understand, clear options.
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Import Car Loan Rates FAQ's
Access frequently asked questions about import car loan interest rates
Import car finance interest generally works in the same way as a personal loan or home loan.
With loans, your repayments include a principal amount borrowed plus the interest component.
Repayments are paid back to the lender in either weekly, fortnightly or monthly repayments.
Interest rates are determined by a number of factors including the type of loan you are applying for (personal, secured, business) as well as your credit rating or Equifax credit score and overall loan application including assets, liabilities, income and expenses.
Each bank has different lending guidelines and scoring which results in offering different interest rates.
Whilst interest rate is important, you need to take into consideration other factors such as lender establishment fee, any ongoing monthly fees or early repayment fees.
Considering a lower interest rate loan with high fees does not provide any benefit as you may end up paying more for the loan than anticipated.
This is why we recommend using a financial broker to compare lenders and loans such as iCREDIT as we compare your loan correctly to offer a choice of loans through our panel of Australia’s top lenders, helping you decide with confidence.
Choosing a loan purely based on interest rate is not the best option. The loan may end up costing you more if there are higher fees.
If you take into consideration a few things when applying for an Import Car Loan, you could save yourself paying unnecessary costs
- Lender Application Fees
- The term of the loan (Longer loan terms will mean paying more interest)
- Repayment frequency (Paying weekly or fortnightly instead of monthly will reduce the overall interest you will pay back to the bank)
- Early payout fees (A payment that needs to be made should you repay the loan before the contracted date)
Each of these factors will impact the overall cost of your loan and shouldn’t be overlooked.
If you’re purchasing a private sale, you may choose an unsecured personal loan to buy an import car. These loans are different from secured loans as there is no security held against the loan. A personal loan can also to purchase dealership or private sale import cars as well for other expenses including modifications, accessories or packaging with other assets, such as a boat or motorbike.
iCREDIT provides our clients with a large panel of Australia’s leading banks and financiers with National buying power. Our finance consultants have in-depth knowledge of each lenders guidelines and criteria.
When applying through iCREDIT for your imported car loan, we work with you to compare over 40+ lenders and hundreds of loan products to find the lowest overall cost loan based on your personal circumstances.
In the dark about what interest rate you may qualify for?
The first step is for us to gather some information about you.
This can be done through our online application link
Once you have submitted your form, one of our finance consultants will contact you to discuss your needs and loan requirements.
We will profile your your application without affecting your credit rating to provide a clear results on where you are qualifying.
To qualify for an Import Car Loan, you need to meet some minimum requirements set by banks and financers.
These include:
Minimum age of 18 years
Be an Australian resident
Have sufficient income to support a car loan.
Have photo identity (Driver’s Licence or Passport)
Depending on your circumstances, there may be additional documentation such as payslips or bank statements required to support the loan application.
Having a poor credit file, defaults or slow repayment history on your credit file can reduce your chances of gaining a import car loan with ‘mainstream’ banks.
We understand there are always reasons behind credit issues and work with you to gain an understanding of what happened.
With the strong relationships we have built with our lenders, we work hard to achieve the best personal loan outcome for our customers.
This is a common hurdle most people encounter when applying for an import car loan with their bank or finance broker. You are provided an approval, but the car must be originally sold new in Australia.
Import cars do not fit ‘mainstream’ banks lending criteria, so many will try to push you through to an unsecured personal loan. This may result in you paying higher interest rates than they’re offered car loan rate.
iCREDIT has built strong relationships with unique vehicle lenders, and are continually working in the background with lenders to offer the best import car loan products available.