About car finance
If you are planning to buy a car, it is essential to understand car finance. This is because you are very likely going to need finance to get the car you want. Most times, the car is very expensive, and you can’t just afford it outright, and even if you can, finance might be a better option. The high cost of Classic Packard cars means not everyone can afford it. But if you are an enthusiast or car collector, you can use car finance to get the Packard car model you want and repay the loan. Getting car finance at cheap interest rates to buy a Packard is an investment because a classic car only appreciates in value, unlike other regular cars that will depreciate in value.
We at Packard foundation can help you get the classic car loan you need to acquire a classic marque car-like Packard. Your dream of owning a Packard can easily become a reality with classic car finance; we can help you to process one. There are several finance options available depending on your financial position, and we make sure you get the best finance deal for you.
Due to our standing in the classic car world, we have established a solid reputation which has given us access to all kinds of lenders who offer classic car finance. We have lenders who offer all kinds of loans and finance for any purpose including buying classic cars, and more importantly, we have luxury lenders who understand what it means to own a classic car and will offer and will give you the finance for that purpose.
Car Finance Calculator
A car finance repayment calculator will help you to determine how much you can borrow and repay conveniently based on their financial position. The calculator is usually an online calculator where you will input terms of your proposed car finance and get results.
There are several car finances that you can use to get you a classic car;
Secured and Unsecured Car Finance
This is a classic example of car finance and is usually of two types. These are secured and unsecured car finance. A secured car loan is one that comes with collateral, which is a property of equal or similar value to the loan you need that is used as security for the loan. When you have collateral on your loan, a default in terms of the loan such as when you fail to repay on schedule might lead to loss of the collateral. The collateral can be anything, such as a car, house, or even the classic car you are buying. Where the collateral is the house, it is a mortgage loan, and it is advisable you avoid this kind of loan because it is highly risky. You can also do a chattel mortgage where you use the loan you are buying as collateral for the loan. The advantages of a secured car loan are that the chances of getting it is higher since the requirements are less strict, and the interest on the loan will be lower. The other option is an Unsecured car Loan. This is a loan without security which means the lender is not going to ask for collateral on loan. Given the substantial amount of money involved in getting a classic car, not many lenders will lend you that amount of money without collateral. Even the ones who will offer the loan will charge high interest due to the risks involved, that is why it is advisable that you should have saved part of the money you need to buy the car so that you will only be using a loan to complete the rest, thereby making it easier. A secured car loan is definitely a cheaper option for all things being equal.
It doesn’t matter what model of Packard or type of classic car you are looking for, the lenders are available for you, there are lenders ready to finance your hobby and passion, and we have access to them. Before giving you a loan, the lender will usually check your credit score. This is how they determine your ability to repay the loan based on previous financial dealings. A good credit score is good for you not only because it will increase your chances of getting the car loan but also because you will get better terms. The lower your credit score, the more careful the lender will be about the risk, and they will give terms that justify such a huge risk which might not be very good for you.
Why Get Your Car Finance through us
We deal with the lenders directly
We will be submitting your application and negotiating with the lenders on your behalf. You can go to a lender yourself to apply for a loan, but when you go through us, you have leverage. Our long years of working with many of the lenders have earned us their trust, and they are more likely to accept an application when it is coming from us. We also use our relationship as a bargaining chip to get you the most favourable deal.
Many people are used to the idea of a complicated loan process with protracted negotiations and stress. But when you are dealing with us, all that can be avoided totally. We handle the loan process on your behalf and handle all the hard work for you. All you have to do is submit certain documents, and we will do all the rest of the work, such as finding the lender that will give you the most suitable deal, negotiating with the lender, explaining the terms of the finance to you, etc. At the end of the day, all you have to do is sign the agreement, and you will get the finance.
DISCLAIMER. THIS INFORMATION IS ONLY AVAILABLE AS A GENERAL GUIDE ON THE GOVERNMENT POLICIES. IT IS DERIVED FROM THE OFFICIAL AUSTRALIAN GOVERNMENT SOURCES. WE DO NOT BEAR ANY RESPONSIBILITY FOR THE COMMENTARY AND ANALYSIS OF THIS PUBLIC DOMAIN INFORMATION NOR ANY LIABILITY FOR HOW THE FACTS ARE INTERPRETED. IT IS RECOMMENDED THAT YOU SPEAK WITH AN ACCOUNTANT OR FINANCIAL ADVISOR TO GET PRECISE INFORMATION AND ADVICE ON YOUR SITUATION.