A consumer loan is a contract between a financier and an individual whereby the financier finances a vehicle for the individual’s personal use. .
How does a Consumer Loan work?
The client takes ownership of the vehicle at the time of purchase and the vehicle is used as collateral against the loan. Once the contract is completed, the finance company will remove their security on the asset to give the customer clear title. .
Benefits of a Consumer Loan:
- Flexible contract terms ranging from 12 to 84 months.
- A balloon payment can be applied to the contract.
- Fixed interest rate.
- Client takes ownership at the start of the contract
- A deposit (either cash or trade-in) may be used.
- Interest is calculated daily on the balance outstanding.
Translease Pty Ltd strongly recommends that before entering into any facility that you obtain specific taxation, accounting and legal advice as to the implications and effect of entering into that transaction having regard to your own individual circumstances. You acknowledge that we are not providing you with any such advice.