The Consumer Loan works as a secured loan, meaning that the car itself can be used in your favour when it comes to asking financial institutions for credit. In the event that there is a default on payment, the financial institution is able to recover the vehicle itself as restitution for the funds that they may lose.
Not only does the vehicle act as collateral in this way, but the fact that there is an asset that is in play means that the financial institution can afford to be more lenient with its interest rates and give you a better overall price for your consumer loan!
When the loan period is over and all payments are made, the financial institution signs over the title of the car to you and it is no longer liable since you have fully paid up for the value of it.
With other options added in such as adjusting the tenure of your loan between 12 to 84 months and adding in either a down payment at the beginning of the contract or a balloon payment at the end of it, you can truly adjust the consumer loan to match your budget!
In addition, a tax deduction is available when the vehicle is acquired for your business and additionally other waivers and claims can be made over other taxes imposed on the cost of the vehicle such as GST.