Western Australia is the biggest state Down Under, covering the entire western third of the Australian continent. With 85% of WA's population living in it's southwest corner, it's also an Australian state that is made for the ‘road trip', with vast distances, endless open roads and magnificent natural scenery. Add in the beautiful weather, and we're sure you're planning your driving adventure already! With all those open roads and space, however, a car or vehicle to get you from A to B - whether as a tourist or a resident - is essential.
If you need a car but are worried about how to finance it, there are a number of car finance options available. These include car loans, car leases, chattel mortgage and commercial hire purchase. For those looking for car loans, Perth and other Western Australian finance institutions offer a range of car finance options and deals to choose from. Here's a run-down of different car finance options available to Perth and Western Australia customers.
The two most popular personal car finance options are:
Car loans: When it comes to car loans, Australia gives lenders two main options. Personal loans involve borrowing a lump sum of money for an unspecified use - meaning you don't have to specify exactly what that money will be used for. Car loans are different in that the loan is specifically for the car, with the vehicle acting as security and collateral.
Car lease: Leasing a car works much like renting, but for an extended period of time, often with the agreement that the car will be bought at the end of the leasing term. With car leases, the monthly payments are often lower because full payment is deferred.
The most popular business car finance options are:
Chattel Mortgage - Under a chattel mortgage, a business borrows money from the lender to buy a new vehicle, and the lender then secures the loan with a mortgage on that vehicle. The business still owns the vehicle, but there is no capital outlay. Rather, they pay the mortgage repayments to the lender.
Commercial Hire Purchase - If you purchase a vehicle under a commercial hire agreement, a financier buys a car on behalf of a customer (usually a business), and then hires it back to the business over a set time. The business will only own the vehicle at the end of the contract term when the price of the vehicle, plus interest, has been paid in full.
If you live in Western Australia and would like to own a car to explore the sunburnt country, then there is a range of car finance options to help you purchase a vehicle and hit the open road in no time.
Businesses have different car financing options available to them and can find out more by visiting the GetApproved website at getapproved.com.au.
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