Import Car Loans Interest Rates
How Does Interest Work on Import Car Loans?
Imported car loan interest works the same way as the interest you would pay on any other loan such as a personal loan, new car loan or lifestyle asset such as a caravan or boat.
When you commence an import car loan, your repayments will be made up of a principal amount (borrowed amount) as well as the interest that is calculated by the lender. You repay the loan over a set period of time in either weekly, fortnightly, or monthly payments.
How Are Import Financing Rates Determined?
The interest rate you pay on your import car loan is determined on your overall loan application and circumstances.
Unfortunately not everyone receives the same interest rate as lenders offer better interest rates for those who have an excellent credit history, as these borrowers are seen as being a lower risk to the lender. For borrowers with a lower credit score or poor credit history, the lender / bank may offer a slightly higher interest rate due to the risk associated with the loan.
Factors that determine offered interest rates include:
- Age of the vehicle
- Whether the loan is using security of the vehicle or unsecured personal loan.
- Your current financial situation including credit rating / score
- Your income vs expenses
What else needs to be considered besides interest rate?
Most people tend to focus on the interest rate for the loan, but it’s not the only thing you should take into consideration when comparing loans. Choosing a loan based purely on interest rate is often not the best approach.
Having a loan that is offering the lowest interest rate with higher establishment and monthly fees may end up being more expensive overall than paying a slightly higher interest rate with lower fees.
Factors to consider when comparing loans include
- Early repayment fees
- Monthly administration fees
- Term of the loan
- Upfront fees and charges
Personal loans for import cars
Some of our customers choose personal loans to buy their import cars. Unlike car loans, where the vehicle is held as security against the loan, an unsecured personal loan does not need security to be held. A personal loan can be used for other purchases besides import cars.
How does iCREDIT help you find the best interest rate?
iCREDIT offer customers access to a wide range of banks and lenders throughout Australia. Our experienced finance consultants have in-depth knowledge of import vehicle finance and lenders criteria.
When applying through iCREDIT, you are assigned a personal broker who will work with you to find a lender who can offer the best interest rate based on your situation.
LOANS & SERVICES
Loan Products & Services Available.
Calculate Your Loan Repayments
Why Choose iCREDIT?
Find
We compare your loan first across our panel of lenders to find the lowest overall cost answer to your individual circumstances.
Choose
Our relationships with Australia's leading Banks and financial institutions allows us to negotiate to find the best outcome for you.
Save
With no out of pocket expenses, we can offer loans with no or low upfront establishment fees, no ongoing fees and bank-beating interest rates.
APPLY
Apply Online.
Car Loans for ABN Holders
Access a range of business car loan options from Chattel Mortgage, Leasing and Rent to Own tailored to suit your business needs and budget.
From 1 day ABN Sole Traders through to established Companies.
Your consultant will contact you
Compare Lenders & Loans
Strategy, experience and buying power can help you secure a business car loan to meet your expectations.
Personal Loans for Import Cars in
Compare a range of personal loans for any worthwhile purpose through our panel of banks and financiers to find a loan suitable to your budget and needs.
Your consultant will contact you.
Compare Lenders & Loans
Strategy, experience and buying power can help you secure a low cost personal loan to meet your expectations.
Car Loan help when you need it
If you have had bad credit or your bank has simply said ‘No’, We help you with second chance import car loans to help you get your credit back on track.
Your consultant will call you
Compare Lenders & Loans
Strategy, experience and buying power can help you secure suitable second chance car finance.
Extended Warranties for import vehicles
Choose from a range of extended mechanical breakdown covers to suit your vehicle age & kilometres with covers from $2000 per claim through to Extension of Manufacturers cover.
Our consultants will contact you
Compare extended warranties
Transparency and choice is important when deciding on a motor vehicle extended warranty
Import Vehicle Roadside Assistance
Choose from a range of vehicle roadside assistance covers for peace of mind with covers starting from $100 per year.
Your consultant will contact you
Compare vehicle roadside assistance
Transparency and choice of products is important when choosing a motor vehicle roadside assistance cover.
Customers Testimonials
What clients say about us.
Kim was great to deal with and kept in constant contact with me over the whole process of refinancing. She saved me 10% on my personal loan and helped me purchase my dream motorbike. I couldn’t recommend enough
We dealt with Kim and she was very fast and clear with requests and over all pleasant to deal with compared to others. We had our loan approved within days and we are over the moon with how easy it all was considering our work hrs and location. Highly recommend Kim!
Emily from iCREDIT was most helpful very easy to contact at all times for any help at any time couldn’t recommend her enough
Kim was very friendly, helpful and nothing was a bother she went out of her way to help fantastic. Would use Icredit again
Felicity 23/9/22
I got my car loan processed and approved super quick, without any issues.
AMAZING AND PROFESSIONAL
I dealt with Wayne during my loan application! I did not expect the service I received! I’m talking after hours I’m talking any time of day or night this man was the most amazing person I’ve ever dealt with we clicked not just on a professional level but person as well! I was really taken aback by the service this man provided me I’m not too computer smart and done the whole thing on the phone! Thanks to this man my special needs child has one thing in his life now that makes him smile more than I’ve seen this child smile in my life! It was a quad bike I applied for and Wayne was absolutely amazing throughout the whole process would ask if I wanted help with the forms during his OWN TIME AFTER HOURS I can not thank this man enough! He’s given my child a smile I’ve not seen before and if anybody out there is looking to finance anything! I strongly recommend you call icredit and ask for Wayne! I can’t thank this man enough for his efforts and commitment! Forever grateful to this man I wish I could buy him a beer or ten as a thank you! Remember the name Wayne!!! He’s your man people! 100% thank you so very much
Import Vehicle Finance FAQ's
Access frequently asked questions about Import Vehicle Finance
iCREDIT provide the following financing options available
You can purchase an import vehicle through a private sale and many customers choose iCREDIT for the flexibility that our car loan brokers can offer. When it comes to buying a used imported vehicle, the choice of loan product and lender is yours. Our transparent approach to financing vehicles provides customers with a detailed outline of what they’re loan will cost, helping you make a confident, informed decision.
The loan amount determined by the lender varies from person to person. Lenders take into consideration your employment, income, residence, expenses and overall credit history to determine how much you can borrow.
We do offer import vehicle finance starting from $5000 through to $130,000 however the approved answer will be based on your circumstances.
To find out how much you can borrow, Apply Online
Import vehicles interest rates vary depending on the age of the vehicle, the overall loan application and the amount borrowed. iCREDIT’s process of comparing loans means we can provide you with clear information on where you are qualifying.
Having a poor credit file, defaults or slow repayment history on your credit file can reduce your chances of gaining a secured 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 outcome for our customers.
If you have questions regarding import vehicle finance with bad credit, contact your finance consultant on 1300 350 118.
An Import car loan or grey import vehicle finance is where a financial institution such as a bank, credit union or car finance company lends you the money to purchase a vehicle. Depending on the lenders finance terms, the imported car loan may be secured (where the purchased vehicle is used as collateral) or unsecured (where there is no asset held as security)
Car Loans involve repaying the loan in fixed monthly instalments over a specified loan term. The terms of the loan include the loaned amount, the interest component, and any loan set up fees.
There are a number of benefits to financing a vehicle. A car loan allows you to reduce your overall cash outlay, rather than invest your hard earned savings in a depreciating item. If you’re purchasing for business use, there are a number of taxation benefits that are associated with financing vehicles.
At iCREDIT, we offer a wide range of loans for customers to choose from and compare the market to secure the best loan options available for import vehicles.
