Consumer Finance

There are two types of loans available for personal use, secured or unsecured. For either loan AGM Williams & Co. will organise the amount you require which is repaid over a period of up to 5 years.

Scheduled fortnightly or monthly payments can be made by direct debit, cheque, BPAY, internet banking, direct payroll, and cash where applicable. Insurance, warranty and loan protection can also be added to the loan amount. A deposit is not required in most cases, but that will assist in your approval chances should you have a borderline application. Extra or additional payments will also shorten the term and reduce interest
charges.

Although it is a personal use loan, depreciation and interest charges could be tax effective claims if the car/ boat is for business or work related usage.

A variation known as the balloon payment or residual option is also slowly growing in popularity. By setting a larger balloon payment for the end of the term, which can vary according to circumstances, you can reduce your monthly payments to better balance your budget. At the end of the term, you can either pay out the full amount in one hit or re-finance the balloon amount and continue paying off the car over a new loan period.

Secured
Most personal use loans in Australia for cars, boats, bikes etc are secured.
As an individual you are borrowing money to purchase a tangible item like a vehicle or boat which will be used as security for the loan. When you trade-in or sell you must then payout your loan, and get Secured

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For further assistance, please don't hesitate to contact us.