All About Secured Car Loans

Unlock the Benefits of Secured Car Loans

Discover how secured car loans can help you drive away in your dream car with flexible terms and competitive rates.

Flexible Loan Terms

Choose from a variety of repayment options tailored to your financial situation.

Competitive Interest Rates

Benefit from lower interest rates by securing your loan with your vehicle.

Understanding Secured Car Loans

Secured car loans are a type of financing where the vehicle you purchase serves as collateral for the loan. This setup often allows borrowers to enjoy lower interest rates and more favorable terms compared to unsecured loans. At Auto Link Finance, we guide you through the process, ensuring you understand each step and feel confident in your financial decisions. Our team leverages over 35 years of industry experience to provide personalized solutions that align with your needs, offering a wide selection of options from our panel of accredited financial institutions. Whether you’re buying a new or used car, our secured car loans can help you achieve your goals efficiently and affordably.

Your Secured Car Loan Questions Answered

Get clarity on secured car loans with our comprehensive FAQ section.

What is a secured car loan?

A secured car loan is a type of loan where the vehicle you purchase is used as collateral. This typically results in lower interest rates and better loan terms.

How does a secured car loan work?

With a secured car loan, the lender holds the title of the vehicle as security until the loan is fully repaid. This reduces the lender’s risk, often leading to more favorable terms for the borrower.

Can I get a secured car loan with bad credit?

Yes, secured car loans can be an option for individuals with bad credit, as the collateral reduces the lender’s risk. However, terms may vary based on your credit history and financial situation.

Key Benefits of Secured Car Loans

Explore Our Secured Car Loan Features

Competitive Interest Rates

Enjoy lower interest rates compared to unsecured loans, making your repayments more manageable.

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Flexible Repayment Options

Choose from a variety of repayment plans tailored to fit your financial situation and lifestyle.

Quick Approval Process

Experience a streamlined application process with fast approval times, so you can drive away sooner.

Access to a Wide Range of Lenders

Benefit from our extensive network of financial institutions to find the best loan for your needs.

Loan Amounts to Suit Your Needs

Secure financing for both new and used vehicles with loan amounts that match your budget.

Expert Guidance and Support

Receive personalized advice and support from our experienced finance specialists throughout the loan process.

Ready to Drive Your Dream Car?

Contact us today to learn more about our secured car loan options or to start your application. Our team is here to help you every step of the way.

Uber Car Loans

Uber Car Loans

From bursting onto the transportation scene as an illegal ridesharing business to evolving and progressing into the highly successful and lucrative ridesharing business it is today, there is no denying that Uber has become exceedingly popular, and Uber has left its mark on the transportation industry as we know it. Uber has swept our nation giving people a cheaper economical alternative to the taxi industry, of which has caused outrage amongst the taxi drivers in the industry.

Uber is also extremely accessible, almost any person can be an Uber driver providing they meet the requirements set out by Uber which are simplistic and easy to meet. Another benefit of Uber opposed to taxi driving is the cost of a taxi driving license which are quite expensive. Uber drivers on the other hand do not require a taxi license, which further adds to Uber’s accessibility. With all that in mind, you are left with the question of what car should you choose to begin your Uber career. Perhaps you are an established Uber driver, then it may be time for an upgrade. Regardless of whether you are just starting or upgrading, choosing a vehicle can be quite difficult, after all as an Uber driver, your car is your office and you are going to be spending a lot of time in it, therefore making the correct choice is imperative.

Below is the list of requirements for an Uber X Vehicle.

Uber X Vehicle Requirements

  • Vehicle must be in excellent working condition
  • No older than 10 years old
  • Must be able to seat 4 passengers and the driver
  • Must be able to pass a Redbook Inspection
  • Vehicle must be registered relative to your state E.g. a Victorian Uber driver must have their registered in Victoria
  • Vehicle must be free from cosmetic damage and commercial branding
  • Vehicle cannot be a taxi, government, branded or rebuilt vehicle

As an Uber driver looking at purchasing a new vehicle there also some other factors you need to take into consideration that were not listed above.

Safety – Safety is by far and away the most important feature to a car to both you and your customers. Whilst you are a safe driver, other drivers may not be, so having a car that can be prepared for the unexpected will be a wise choice.

Comfortability – As previously stated, your car is going to be your new office, so you want something that you are comfortable sitting behind the wheel of the whole day. You are also going to want your customers to have enough space at the back and possibly some space for any potential luggage they take.

Operating costs – Fuel efficiency, insurance costs and servicing are some important costs to keep in mind, a fuel-efficient vehicle is ideal, so fuel costs don’t take a chunk out of your wallet. Servicing and insurance costs tend to be higher for the “luxury” brands such as your BMW’s and Mercedes so it may be best to avoid these if you are tighter on budget

Vehicle Price – A common misconception is that you must spend a fortune on getting a brand spanker to keep up to date however that is not the case. See below for some affordable 2018 options that we recommend you look at.

Toyota Camry Ascent Hybrid 2018 – $29,990

Toyota is a Japanese powerhouse in the Australian Car Market, bringing us reliable cars like the Corolla which is well known for being practical and easy to drive, the Camry Ascent Hybrid is no different. It is currently a popular choice across taxi companies and the Australian public alike, this is not without good reason. The Camry feels just as nice and easy to drive as the Corolla, if not better, however unlike the corolla, the Camry is more spacious allowing for more leg room for both the driver and the customers. The Camry is also nice and quiet at lower speeds thanks to its hybrid drivetrain allowing your customers to have a conversation without competing with the noise of an engine. When you are buying a hybrid, fuel efficiency will be at the forefront of your mind, and the Camry is the most efficient out of the cars on this list. The Camry also features a five-star ANCAP Safety Rating which will give you and your passengers peace of mind.

Mitsubishi Outlander 2018 ES 7-Seater – Starting from $30,990

If you have a larger family and planning to only do Uber on the side, the Mitsubishi Outlander might be the car for you. The Outlander is a relatively flexible car as although it is five-seater SUV, it can transform into a 7-seater, perfect for when the unexpected happens. The back 2 seats are not the spacious under the sun however it is more than serviceable for children, adults will still fit in the back but not as comfortably. The Outlander has Apple CarPlay and Android Auto which are standard across the range, which is a nice touch, so you can use your favorite music streaming app such as Spotify or use your own maps app over the cars sat nav. The Outlander and the Camry share one major benefit, the safety rating. The entire series of Outlanders were awarded a five-star ANCAP Safety Rating when they were tested in 2014. 

Ford Mondeo Titanium Wagon 2018 – starting from $33,190

The Ford Mondeo is a car that not a lot of people have heard of, when was the last time you remember this car show up on a Ford Ad on TV? The Mondeo is a little bit more expensive then the previous models listed in this article, but this is affordable luxury that you and your clients will love. The rear seats are both comfortable and have plenty of legroom. The rear seats are also quite spacious so having 3 adults in the back is not a problem. Safety is also not a problem as the Mondeo shares the same five-star ANCAP safety rating that the aforementioned Outlander and Camry have. The Australian public might still be feeling a sting of sadness and disappointment after the end of the Ford Falcon dynasty, the Ford Mondeo may just be the replacement that not only we are looking for but also may be your next uber car.

You will notice some things in common with the above cars, they are all roomy and spacious. They are all fuel efficient and most importantly they are all safe. All of which are extremely important when it comes to selecting not only a car in general, but even more so when it comes to getting an car for Uber.

So, you now know what the requirements are for an Uber X vehicle, you know what to look out for in a car and you have some examples above of what to purchase there is only one thing left to do, buy the car. That is where Auto Link Finance comes in, we can help you achieve a commercial car loan that is best suited towards your own personal circumstances.  Don’t put off getting your car any longer, call us on 03 9368 3298 or apply now to get your application started today.

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Getting a Car Loan With Defaults

Getting a Car Loan With Defaults

Getting a Car Loan With Defaults

Getting a car loan with defaults/judgements
Getting finance once you have had defaults/judgements is very achievable and yes you can, but isn’t easy as most people think, why you might ask, because there are a lot of various scenarios that must be considered that can either get you approved or declined, its not as straight forward as having bad credit, applying for a loan and getting approved.
Everyone’s circumstances are different, there are various types of defaults and court judgments, some are accepted, and some are not accepted, in this article we are going to try and give you a better understanding of this and provide you with some important information on what will help/increase your chances of being more successful when applying for a car loan with a bad credit history.
When applying for a second chance car loan, there are a few things that a lender must consider when assessing an application which will make all the difference on a successful outcome or not, these are listed below.

Your check list for a successful outcome

1. Employment
You must be employed in your current job for at least 3 months, of course the longer you have been in your current job the better it is.

2. Current financial position
Your current financial position and the last 6 months, a lender is going to look at this to see that you are now and for the last 6 months in a good financial position and you are not currently and for the last 6 months going through any financial hardship, if you are then they won’t give you a loan, its common sense don’t you think.

3. Current debts
Current debts/loans you currently have must have a perfect payment history for the last 6 months only, if you are missing payments on any current commitments, then this will display that you are finding it hard to manage your current commitments and adding another loan to that list is not financially viable, and you will get declined.

4. Banking conduct/bank statements
Bank statements are a compulsory request from all second chance lenders, and they will need them for the last 3 months and in some cases the last 6 or 12 months, but in almost all cases they only require the last 3 months, the purpose of this is for a few reason listed below.
They will look to see that your pay goes into your bank account and calculate your average income over the last 3 months.
They will look to see that all liabilities have been disclosed on your application to ensure that they have all been allowed as part of their serviceability calculations and you can afford the loan you are applying for.
They will look to see that you are not over drawing your bank account on a regular basis, if you are then this will display that you are currently struggling with the financial commitments you currently have and providing you with a loan will not be viable and you will be declined.
They will also look to see that you are not dishonoring any payments with current debts you are paying off, if they see multiple dishonors here then you will also be declined, the odd exception to this maybe if you have had one or 2 dishonors with a very good reason and the payments were made up immediately then this maybe ok but will be looked at on a case by case basis only.
So, as you can see bank statements are not only compulsory, but they play a very, very important part of a lenders overall assessment when considering someone for a second chance car loan.

5. Pay slips/income
Pay slips are also required and are compulsory, a lender will always request your last 2 pay slips no more than 30 days old.
they must be proper pay slips and not hand-written pay slips, if you don’t get pay slips then they will require a letter from you employer on there letter head (proper business letter head) which will state your term of employment, gross income, net income, year to date earnings, your title and your position such as full time, casual or part time etc.
pay slips are also matched against the deposits going into your bank account for authenticity as well.
Your pay must go into your bank account, if it doesn’t and you get paid cash, then it is almost impossible for a second chance lender to consider your application for a loan, in some case they may want a recent tax return and ATO notice of assessment.
One of the most common questions a lot of people wonder about when considering to apply for a second chance car loan, is do defaults need to be paid, unpaid, on a payment arrangement, how many can I have before it’s to many, and how old do they need to be before I can apply, below we are to try to go over this, however these will be some examples and do not represent a guarantee nor does it suggest that you may me declined as they will all be looked at a case by case basis

Types Of defaults/Judgements

1. Finance defaults/Judgements

  • Pay day lender loans: these types of defaults would need to be at least 6 months old and, in some cases, they would need to either be paid or under a payment arrangement for a period longer than 6 months depending on the size of the default & how many you have.
  • Personal loans: these types of defaults would need to be at least 6 months old and, in some cases, they would need to either be paid or under a payment arrangement for a period longer than 6 months depending on the size of the default & how many you have.
    Credit cards: these types of defaults would need to be at least 6 months old and, in some cases, they would need to either be paid or under a payment arrangement for a period longer than 6 months depending on the size of the default & how many you have.
  • Mortgage: mortgage defaults are very difficult to assist with, these would have to be paid in full, however if it is a small amount for example under $10,000 and has been under a payment arrangement for a period of 6 months or more, then we may still be able to help.
  • Car loans: car loan defaults are one of the worst type of defaults you can have, in most cases these type of defaults need to be paid or at least on a payment arrangement for a period of 12 months or more, and they would need to be more than 12 months old.
  • Rental contracts of any kind: these types of defaults would need to be at least 6 months old and, in some cases, they would need to either be paid or under a payment arrangement for a period longer than 6 months depending on the size of the default & how many you have.

As you can see financial type of defaults need to be at least 6 months or more old, the older they are the better it is and the smaller the amount is the better it is as well, it is always best to check with us or apply for our free credit assessment, this will help determine what we can do for you, and if we cant help, then we can help you sort out a plan that will give you a chance down the track in getting a car loan based on your individual circumstances.

2. Utility defaults/Judgements

  • Gas bill
  • Electricity bill
  • Council rates
  • Water rates

The above utility defaults/Judgements are fine regardless if they are paid or unpaid as long as they are more than 3 months old, however this is also not a guarantee as it would depend on your overall profile and best that you apply for our free credit assessment to see what we can do for you.

3. Telecommunication defaults/Judgements

  • Mobile phone bill/plan
  • Home phone account
  • Internet bill
  • Foxtel

The above telecommunication defaults/judgements are also fine regardless if they are paid or unpaid as long as they are more than 3 months old, however this is also not a guarantee as it would depend on your overall profile and best that you apply for our free credit assessment to see what we can do for you.
How many defaults/judgements can you have?
The amount of defaults/judgements you can have is really depended on the size, type and age of the default, generally more than 5 starts to become a problem, more than 10 is definitely going to be very hard to get a loan at all, however once again it is best to apply for our free credit assessment to find out as everyone’s personal circumstance/profile is different.

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About Bad Credit Car Loans

About Bad Credit Car Loans

Unfortunately adverse credit such as defaults or a multitude of inquiries can make getting a bad credit car loan quite challenging at times. However, the senior finance consultants here at Auto Link Finance aspire to make that process as effortless and simplistic as possible for our customers. That aspiration combined with the vast amount of experience our friendly staff possess, Auto Link Finance can assist almost anyone achieve a bad credit car loan.

The first step to achieving a car loan with bad credit is to have an understanding of what exactly bad credit is and how this creates a barrier between you and attaining a car loan. Bad credit describes a respective person’s credit history and suggests that you, the borrower has a higher than usual credit risk using your credit score to estimate that risk. Factors that lead to a lower credit score on your credit report include but are not limited to: Defaults (especially finance defaults), Payday loan enquiries, judgements, bankruptcies, Part 9 agreements & a large amount of enquiries in a short period of time and missing several payments to current loans / ongoing commitments. The greater the amount of negative factors on your credit report, the lower your credit score will drop increasing your anticipated risk of adverse credit. Unfortunately lenders, especially the traditional big banks can decline your application solely based on you having a lower then average credit score.

However a low credit score is not the end of your chances to attain a car loan with bad credit. The experienced and efficient staff here at Auto Link Finance are specialists when it comes to bad credit finance. The consultants here analyse everything from top to bottom, beginning with a free credit assessment to take a look at your credit report to accurately identify what your credit history and correct any potential errors which could cause problems either now or later down the track. The consultants also take the time to explain all the finance & credit technical jargon so you have a clear understanding. Our consultants also delve into all of your circumstances inclusive of your employment and residential history as well as current income to ensure that we correctly assess your application correctly.
As previously stated we are specialists with over 30 years’ experience in finance, when it comes to bad credit car loans, and part of that reason is our large and diverse panel of lenders.

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