How do You Get a Car Loan for an Imported Car?
The idea of buying an imported car is really appealing to many people. Great quality cars at cheaper prices are popular with people across Australia who want to buy specific cars from countries such as Japan.
However, it’s worth understanding that getting car loans for imported cars isn’t as simple as for cars which are sold here in Australia. It’s worth speaking to us before you make any big decisions in order to find out what the best car loan option may be for you.
Is it possible to get a car loan for an imported car?
Yes, it is certainly possible to get a car loan for an imported car and there are many lenders who specialise in this type of loan. It’s important to realise though that you’ll have to be prepared for the process being lengthier and more difficult than with normal car loans.
Imported cars are generally deemed as higher risk so payments are likely to be higher and this could mean much larger costs for you in the long-term. Speak to us about how you can get the best car loan for an imported car – we have access to a range of lenders and can help you navigate high fees and rates.
What are the risks of car loans for an imported car?
There are a number of risks that an imported car brings with it when it comes to getting a car loan approved. Any lender will look at the risks involved and if they do decide to offer a loan, it will be with these risks in mind.
Some of the risks include:
- An imported car can’t be used as security for the loan, car loans for imported cars will be unsecured.
- Since imported cars are often quite specific, quick resale isn’t guaranteed, so lenders will consider this when approving a car loan.
- There are variations between important factors such as technical regulations and crash safety levels with imported cars. This does depend on the country from which the car has been imported but it all adds to uncertainty on behalf of the lender.
- There are likely to be shorter warranty periods on imported cars than those bought directly from within Australia
Other factors to consider
Our team of experts want to give you the full story and ensure that you know exactly what you’re doing when buying an imported car. If you’re unsure about getting a car loan for an imported car, speak to us today for expert advice.
Some of the factors we may make you aware of include:
- Considering whether your imported car will have be a left or right-hand drive – this does have often unforeseen substantial implications when driving in Australia.
- Understanding that insurance costs for an imported car will be more expensive.
- Being aware that repairs, parts or servicing can be difficult as not all dealerships or garages will be able to help with your imported car.
- Being prepared for material such as the car handbook to be in a foreign language.
Will getting an imported car save you money?
Many people believe that getting an imported car is a foolproof way to save money – getting a better vehicle at a lower price.
However, it’s important to realise that although it’s certainly possible to get car loans for imported cars, it’s likely to have both short and long-term costs that may negate your initial saving.
Even once you’ve had your car loan for an imported car approved, you need to be cautious of the future costs such as higher rates of insurance, converting features to fit Australian regulations and ongoing repairs and servicing.
Ask for expert advice
We love talking to our clients about car loans and we want to help you find the very best option for you.
If you’re considering getting car finance for an imported car, speak to us to find out if this is something that will work for you. We’ll be able to talk you through different options with our wide range of lenders so you can make an informed decision based on the whole picture.
Whether you choose an imported or local car, we can help you find the best car loans. For more advice, talk to us on 1300 722 210.