What to buy the latest model? Port Finance can help!

Port Finance has helped hundreds of people in Australia purchase new cars via customized financing tailored to their specific needs. We offer an array of car finance and loan options thanks to leading Australian lenders.

Why chose Port Finance?

  • The best interest rates
  • We work with an array of car loan lenders
  • Almost no paperwork required
  • Variable loan terms available
  • Both unsecured and secured loans available
  • Quick and easy service
  • You can apply online and over the phone or even visit our nearby office

A Quick definition of common loan terminology

This quick guide is designed to help you make sense of all the car loan terms out there.

  • Secured car loans: These are ones that are secured against an existing asset such as the equity of your home or existing car. In most cases it is the car you are purchasing that will work as security for the car you are financing. Secured loans may require extensive paper work but have the advantage of a lower interest rate. If you want to sell your car prior to the loan term ending then you will need to repay the remaining balance to the lender.
  • Unsecured car loans: These are car loans which do not require security mainly because they are granted on the basis of your financial situation, income or the assessment of your credit. With unsecured car loans it is not locked down to the car you purchase. For instance, the money can be used to buy one car after you sell the other without having to impact the loan.
  • Deposit: While a deposit is optional in most car loans adding one will surely help to reduce the amount you borrow which in turn means that you pay less each month. It also helps to purchase a higher value car than you could otherwise afford.
  • Terms: This referrers to the number of years a car loan is repaid over. This can be anywhere from 3 to 7 years. Extending this time frame will help to reduce your monthly payments which helps to improve cash flow but the downside is that you end up paying more in the long term.
  • Balloon payment: this is a lump sum amount which you pay in order to reduce the overall monthly payment burden.
  • Comparison Rate: This is the interest rate which is displayed as a percentage sign ‘%’ like 8.5%. The comparison rate is the annual rate which takes into account things like additional costs of the loan like service fees.
  • Payment arrangements: This mainly means if the payments are due fortnightly, weekly or monthly.