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Understanding Personal Loans and Car Loans Australia
If you are looking for a new car or personal loan, you’re in the right place! The brokers at ZEP Finance can help you get the best auto financing or personal loan for your needs. We have a wide variety of lenders to choose from, so we can find the perfect finance solution for you.
With ZEP Finance, you’ll get great rates and terms on your next car or personal loan as we work hard to get you the best deal possible. Click the button below to get started on your new car or personal loan today!
How Car Loans Work
So how do loans work for a car? Most people will just walk straight into a car yard, get suckered into their deals, and just straightaway sign up for the car finance. However, car yards aren’t under the same compliance that a car loans broker is under — and you quite often get told misleading information. We’ve had many clients who have been told an interest rate and repayment, only to go pick up the car and find that that has changed.
Getting a car loan is relatively easy; and the first thing you need to do is give a car finance broker a call. When you do, you will be asked to provide certain details to be given a car quote.
What information is needed for us to give you a car quote
- Car price
- Model and age of the vehicle (New/Used/ Demo)
- Dealer or private sale (private sale can increase the interest rate)
- Are you buying for personal use or business use?
- Are you a home owner?
- What loan term are you looking for? If you are unsure have you got a monthly/weekly
- repayment in mind
Now quite often you can talk about a term. But it’s easy to talk about the repayments because we can then suit the term to match what you’re looking at paying.
Different types of car finance
- Lease. For commercial purposes, you can lease the vehicle, which means that the vehicle is actually owned by the leasing company and not yourself. The GST is claimed on each lease payments through the leasing term.
- Chattel mortgage. With a chattel mortgage, you get to claim that GST upfront in the first quarter when you buy that vehicle.
- Hire purchase.
- Novated lease.
- Personal loans for a car.
Watch out for balloon payments
When you’re going in and you’re comparing quotes, something that you have to watch out for is that you’re not just looking at the interest rate because interest rates are misleading. You need to compare the exact term of the loan, and then compare that you’ve got the same balloon.
What is a balloon payment? It is a one-off lump sum payment to your lender at the end of the term of car loans. It is called as such because a balloon payment can be large or inflated when compared to the rest of your car loan repayments. You won’t usually find this arrangement from banks for car loans as they are mostly offered by non-bank lenders. The size of the lump sum is something you can negotiate with your lender.
So if there’s a final balloon for the loan, you need to make sure that it’s the same as the second quote that you’ve got. Then compare the repayments and fees. That’s really what’s going to make sure that you’re getting the best deal.
How to get car loans with bad credit
Poor or bad credit car loans are not entirely impossible to get ahold of, but they do tend to have higher car finance rates tend to be higher for those with poor or no credit. Some lenders specialise in bad credit car refinancing or those without credit history.
Talk to your local car loans broker so they can liaise with these types of lenders on your behalf if you have poor or no credit history.
How Personal Loans Work
A personal loan is simply a loan taken out by an individual for any purpose they choose. It can either be secured (personal loan that requires you to provide an asset to secure the loan) or unsecured (personal loan that is not backed by any assets such as a house or car).
Basically, the borrower agrees to repay the loan over a set period of time (usually between one and seven years), and then interest is charged on the outstanding balance.

Reasons why people take out personal loans Australia
- Weddings
- Holidays
- Home Improvements
- Consolidate debt (e.g.,credit cards, store cards etc)
- Large equipment purchases (e.g.,lawn mowers, trailers etc)
- Other big personal expenditures (e.g., cosmetic surgery)
How do interest rates work with personal loans?
When you take out a personal loan, you pay the principal which is your payments going towards the amount owed, and the interest which is the extra amount that the lender charges you for lending you the money.
You can choose between fixed or variable interest rates. You also need to consider the comparison rate which includes the interest rate plus additional fees (e.g., establishment fee or monthly account keeping fee) and refers to the true cost of your loan.
How do personal loans for bad credit work?
Most lenders tend to be conservative, but there are some who specialise in lending to people with bad credit. Their loan specialists will qualify you for finance, after which your loan will be sent to your account within as little as 48 hours. You will be asked to fill out an enquiry form and talk to their specialists to see if you qualify for a bad credit personal loan.
Having bad credit doesn’t necessarily disqualify you from getting the right finance when you need it most. We recommend that you seek help form brokers for personal loans to get access to bad credit lenders.
How to Get Car Loans and Personal Loans: The Process

Contact ZEP Finance

We will briefly discuss on your objective and what you are looking for

We will provide you with quotes

Weigh in on your options and assess the quotes you were given

You will provide supporting documents upon our request and signatures on the application form

Lender approves the loan (usually within 24 hours)

You must sign the loan contracts

Lenders settles the loan and funds are provided

When comparing car loans DO NOT focus on the rate as this can be misleading. Compare the exact terms and monthly repayment.
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