ANZ Car Loans
In operation since 1835, ANZ Car Loans’ first branch was in Sydney. Three years later, the Melbourne office opened. Since then, they have grown into a global giant with operations in New Zealand, the Pacific Region and of course, Australia as well as the United States, Middle East, Europe and Asia. One of Australia’s Big Four Banks, ANZ currently has 9 million customers across the world with 50,000 employees. In Australia alone, there are over 800 branches, 115 business centers and 2,700 ATMs servicing over six million different commercial and retail customers.
Types of Loans
ANZ Car Loans for both businesses and individuals come in three different varieties each with different benefits. For private buyers, there are variable interest rate personal loans, fixed rate personal loans and secured car loans. Business owners have hire purchase, finance lease and chattel mortgage options.
When it comes in choosing the proper car loan, your individual preferences and budget will play a part in your decision-making process. How quickly you’d like to repay, the age of the car, the price of the car and the interest rate you’re willing to pay will all influence your decision.
Secured Car Loan
The ANZ Secured Car Loan is the most popular choice amongst their offerings. It is the only loan product that is solely dedicated to those who wish to buy a car or a motorbike.
Some features of this loan include:
- Fixed rates so you make the same repayment amount each payment
- Balloon payment option for loan terms of up to 5 years
- Loan is secured against the vehicle making the interest rate lower
- Minimum loan amount of $7,500 with no maximum amount
- Car must be less than 7 years old
- Car can be demo, new or used
- Terms are typically from 1-7 years
Variable Rate Loan
For those looking for the flexibility of paying off a loan sooner with additional repayments, are not constricted by the age of a vehicle and would like to purchase a cheaper car, this is the right choice. Some features of this loan include:
- No need to use the vehicle as security
- The ability to increase the loan amount during the life of the loan
- Redraw additional payments you have made
- Loan amounts from $5,000 (minimum), up to $75,000
- Terms of 1-7 years
Fixed Rate Loan
This loan works great for vehicles that are older than seven years. This includes a fixed interest rate, no need to use the car as security and terms of 1-7 years as well. However, the actual interest rate offered will be determined by your past credit history.
Chattel Mortgage for Businesses
With this type of loan, you buy and own the car from the beginning of the loan and making payments until it is paid off. The vehicle is used as security against the loan to keep the interest rate lower.
Hire Purchase for Businesses
With this loan, ANZ owns the vehicle during the life of the loan and ownership is transferred after the final payment of the loan.
Finance Lease for Businesses
This loan type has ANZ buying the vehicle and renting it to the borrow for an agreed period of time. At the end of the lease time, you can buy the vehicle.
ANZ Loans does offer insurance for those taking out personal loans. If you stop working due to injury and/or illness, your repayments will be covered for an agreed period of time. Should you pass away, the outstanding debt will be repaid up to $100,000. ANZ offers a .25% deduction of the interest rate if the borrower has this insurance.
ANZ In The Community
ANZ offers a variety of programs for low-income individuals in order to build skills and knowledge in managing and saving their money. They also provide donations to worthy causes to help the community. They also have provided human resource and financial aid when natural disasters strike.
Ultimately, eligibility for each loan type varies. To learn if you’re eligible for one of their loans, contact ANZ directly here or contact ANZ bank by calling 1-800-801-485 today.
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