Car Financing | 1800 Approved Car Loans Australia from 4.99%

What is a Car Lease?

Simply put, a car lease is an agreement made between an individual and a finance company for an agreed amount of time — generally between 2 – 5 years. At the end of the car lease, the individual has the option to either pay off any residual payment against the vehicle or exchange the vehicle for another. A car lease is commonly offered by a car dealership as an alternative to buying the vehicle outright and is commonly used as a method of paying for a new vehicle by sole traders and businesses, for business.

Benefits of a car lease

A typical car lease agreement made between the individual and the car dealership generally means lower monthly payments during the term of the car lease. That’s because the payments are calculated on the depreciation of the vehicle over the time of the leasing period. By paying the depreciation value of the car over the leasing period the lessor will not be in the situation where they own more than the vehicle is worth.

In most cases, the warranty of a new vehicle covers the duration of the payment timeline meaning the owner is not up for major service bills. However, the responsibility still lays with the lessor to maintain normal servicing, insurance and general maintenance costs during the term of the car lease.

Always drive an up-to-date car — at the end of the car lease term, which could be anywhere between 2-5 years, the car can be returned to the car dealership and begin a new lease with another new car. There is always the option at the end of the car lease term to buy the car from the car dealership at the cost of the remaining residual payment.

Drawbacks of a car lease

Breaking a car lease contract, compared to a normal car loan, has its challenges. Owning a car through a personal car loan means that the vehicle can be sold at any time and the personal car loan paid back, which in turn ends the loan. A car lease agreement means the ownership of that vehicle remains the property of the finance company until such times the car lease is paid in full, or the vehicle is exchanged for another vehicle at the end of the car lease term. A car lease normally comes with a stated number of kilometres a lessor can travel in any given year of the lease — the kilometre limit is negotiable at the time of arrangement.

Although a lease has a lot of benefits, the lessor will often pay more in the long run for a comparable vehicle if leasing rather than buying it. Car leases can also come with many fees and penalties. Upfront fees may include down payment, security, and license fees. Penalties may include default charges for late payments, fees for ending the lease before the agreed-to period, and wear-and-tear charges.

FREQUENTLY ASKED QUESTIONS

ABOUT MY LOAN

Making an application is quick and easy – you just need to have the following documents ready to give your broker:

Current Australian Residency Identification
2 recent payslips
Or one current bank statement

In short the answer is No, you can source your own car. We offer a holistic solution to our customers, from financing to sourcing a vehicle at the most competitive rates and specs that suits you through our vehicle solutions partner – Drive.

We are a multi award winning independent finance group who believe in helping people achieve their dream or goal with our holistic solution we compare 40+ Lenders. Arranging everything from finding the right finance at the best low interest rate and a no deposit that suits you to sourcing the right vehicle – finding the right vehicle, that suits you, through our vehicle solutions partner – Drive

Interest rates can vary depending on the age of the vehicle you are buying, your credit file, credit score, assets and liabilities. Our rates start as low as 4.69%* for new vehicles for business use customers.
_{* based on a commercial contract for a new vehicle with specific criteria.}

A balloon payment allows you to reduce your repayments during the term of the car loan by making a once-off lump sum payment at the end of your loan. For example, if you were to take a $30,000 loan over five years with a 30% balloon, your regular repayments at a comparison rate of 8.10% would drop from $609.73 per month to $467.24 per month with the addition of a $9,000 lump sum payment due with your final payment.
Balloon payments are available for cars that are up to five years of age. We will contact you within the last six months of your loan term to discuss your payment options. Your payment options could include re-financing the balloon amount in a new car loan. Alternatively, you could pay this balloon payment from your own funds.

APPLICATION AND APPROVAL

Once we receive your online application, you will be contacted by one of our experienced brokers, within 2 business hours. The timeframe from our high approval rate to completion can be anything from 1 hour under ideal circumstances. Give us a call on an obligation free discussion with one of our experienced brokers. to walk you through our fast and easy approval process

If you apply for finance with 1800 Approved as an ABN customer you can:

Apply with less documentation,
Receive discounted interest rates between 0.4 - 3% less than a consumer loan.
Benefit from a tax write off with your finance– we recommend speaking to your financial advisor before you apply.

Not if you are currently in bankruptcy or a Part 9 or 10 debt agreement. However, if you are discharged we can be able to assist you. Click here for assessment that will not damage your credit score or call on 1800 2777 6899 and talk to one of our experienced brokers to find a solution. Alternatively

QUESTIONs ABOUT MY CREDIT

The short answer is yes, if your repayments are 14 days overdue or more then this will most likely be recorded on your credit score. At 1800 Approved we believe that everyone deserves an opportunity, so give us a call on 1800 2777 6899 an obligation free discussion with one of our experienced brokers. Alternatively, To learn more download our E-book

At 1800Approved we believe in assessing your circumstances today and finding a solution that best suits you. We do this with the help of our 40+ lender portfolio, so give us a call on 1800 2777 6899 and talk to one of our experienced brokers to find a solution. Alternatively click here for assessment that will not damage your credit score.

At 1800 Approved, unlike a bank, we will not show on your credit file as a “declined” if your application is unsuccessful. We do not leave an impressions on your file as part of our assessment. More than 6 enquiries in a 12-month period may affect your application for finance.

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