These days most people purchase a new car with the help of finance. However, there are some cars that lenders might not deem suitable to lend against with a traditional secured car loan.
Here are some factors to consider:
Age of the vehicle – most lenders require vehicles to be no older than 12 years of age at the end of the proposed finance term.
Type of vehicle – not all lenders are prepared to lend on all types of cars such as older exotic cars or prestige vehicles.
Imported vehicles – if a vehicle doesn’t have a history of being registered in Australia, some lenders might refuse to lend against it.
Repairable write-offs – any vehicle that has been declared a repairable write-off in most cases would not be able to be used as security for car loans.
