Car & Personal Loans

Need some financial help to achieve your personal goals?

Whether you’re looking for motor finance or you’re considering taking out a personal loan for a wedding, a holiday, a renovation or to consolidate your debts, Mates Rates Mortgage Brokers can help you to get the right lender for your personal loan needs.

Our motor finance and personal loans do not cost you any more than if you applied for the loan directly to the bank or other lender.

We’ll find you the same great loan, from the same lender, at the same interest rate and with all the same package features.The only difference is, we take away the time, hassle and stress involved in comparing different types of car and personal loans from a wide variety of banks and other lenders!

What’s the difference between a car loan and a personal loan?

A car loan is specifically designed for the purchase or refinancing of a car, however a personal loan can be used for a variety of purchases, such as a wedding, a holiday, a renovation, consolidation of debt or even to purchase a car.

Car loans are a type of secured personal loan, which means if you default on the loan repayment, the bank or lender can seize your car.

If you want to purchase an older or used car, you will probably have to take out an unsecured personal loan instead, as most lenders will only let you purchase a new car with a car loan.

What’s the right type of personal loan for you?

Personal loans can be secured or unsecured and you can also choose between fixed or variable interest rates, so how do you know which personal loan is the right one for you?

With a fixed interest rate personal loan, your repayments won’t change and it’s easy to budget as you’ll know exactly how much will come out of your bank account each month, however you’ll be charged an exit fee if you leave the loan early.

Variable interest rate personal loans don’t have an early exit fee, however it’s harder to budget for the repayments as they will change according to interest rate fluctuations.

And while unsecured personal loans have higher interest rates than secured loans, both secured personal loans and unsecured personal loans – as well as car loans – all have lower interest rates than credit cards.

What to look for in a car loan or a personal loan?

With so many different types of car loans and personal loans from a multitude of lenders, these are some of the factors to look at when you’re comparing car loans or personal loans.

• Type of loan – is this the best type of loan for your needs?
• Comparison rate – this is the total cost of the loan, including the interest and fees
• Interest rate – is it fixed or varied? What will be the rate of interest you’ll pay?
• Loan term – is it a shorter term with higher interest rates or a longer term with lower interest rates?
• Secured or unsecured – do you have the security the lender required for a secured loan with lower interest rates?
• Application fees – what is the cost of the fee you pay when you apply for the loan?
• Exit fees – will you be charged a fee if you exit the loan early?
• Other fees – read the fine print to see if you will be charged a monthly service fee, a missed payment fee or any other fees
• Additional repayments – are you allowed to make extra repayments without being charged a fee?
• Loan use – is the loan fit for purpose? Are you sure you can use the loan for what you need?

Don’t have the time or the know-how to check and compare car loans or personal loans?

Instead of you applying directly to a single lender or wasting hours online trying to compare different rates from different types of loans and lenders, why not let Mates Rates Mortgage Brokers do all the heavy lifting for you!

How can Mates Rates Mortgage Brokers help you get a car loan or a personal loan?

By assessing your financial needs and situation, our expert brokers at Mates Rates Mortgage Brokers can help you get a better deal on your car loan or personal loan, using our expertise to help match you with a loan that suits your financial needs and help you to achieve your personal goals.

We review multiple options to find the best deal for you, choosing from our extensive portfolio of lenders to save you thousands in interest and fees, so you can get on with making your dreams a reality.

Ready to find the best car or personal loan to achieve your personal goals?

Give us a call on 1300 558 161, email our team at info@matesratesmortgages.com.au or enquire online.