Top 5 car loans for tradies in Australia
- Written by News Company
We know how important your vehicle is if you’re a tradie. You use it everyday and it’s not only something that helps you get from A to B on time, it’s also often the storage for the tools and equipment you need to do your job.
Finding the right car loan for you as a tradie can be overwhelming but don’t panic. Once you’ve figured out whether to take out a personal or a business loan, truck and equipment financing or short term financing, you can start to look at some of the top car loans for tradies in Australia.
1. Latitude Motor Vehicle Loan
Offering a 6.99% fixed interest rate, Latitude’s Motor Vehicle Loan offers a minimum loan amount of $5000. The loan term can be between 1-7 years so choose the best option to ensure you can pay off the loan in full.
This loan requires a $295 application fee.
2. IMB New Car Loan
This loan requires you to be buying either a new car or one that is under 2 years old. It has a fairly low fixed interest rate of 5.89% and the application fee is a relatively affordable $250.
The IMB New Car Loan requires a minimum loan amount of $2000 and a loan term of between 1-7 years.
3. Stratton Finance New Car loan
A slightly higher fixed rate of interest at 6.56%, this new car loan does offer a minimum loan amount of $18,000. The application fee is also slightly higher at $459.20 but the lender is a reputable and well established company who will provide excellent customer service.
4. Loans.com.au
Going with an online loan provider can often be a good option for cheaper car loans. Loans.com.au offer a 5.4% fixed interest rate with a $5000 minimum loan amount. The loan term can be between 3-5 years and there’s a $400 application fee to pay.
Many people like to use one of the big 4 banks when looking for a car loan rather than a smaller lender. Whereas big banks can often be slightly more expensive, Westpac are reliable and have a good reputation with car loans.
This loan offers 8.49% fixed interest rate with a lower application fee of $250. The minimum loan amount is $10,000 so it’ll suit tradies looking to invest in a more expensive vehicle.
Article Provided by Positive Lending Solutions