Yes – if you’re in a situation where you don’t have all the required documents traditionally required for a car loan (such as if your business has been in operation for less than two years), you can take out a low doc or ABN car loan instead. These utilise alternative documentation, such as ABN registration, BAS, profit and loss statements and income declarations. However, they’re a more specialised product offered by fewer lenders and come with higher interest rates. You can also only use these products to purchase a vehicle for business use, ruling out a private-use car purchase with this loan.

Yes – again, Perth car leases are available for business operators looking to gain access to a vehicle for business purposes. This follows a different ownership model whereby you don’t own your vehicle throughout your term (which can be one to five years) and are required to deal with a mandatory residual payment at its conclusion, which you can either:

• Pay out of pocket and keep the car
• Refinance and continue to lease the car
• Cover the cost of by selling your car
• Cover the cost of by trading in your car and starting a new lease with a different car

Fortunately, it’s not too difficult to work out your car loan repayments. You can use Savvy’s car loan repayment calculator to crunch the numbers based on varying loan amounts, interest rates and term lengths, as well as deposits.

Probably not – in almost all circumstances, it’s better to choose a secured car loan over an unsecured car loan. Rates and fees are lower, while borrowing ranges are higher. However, if you’re borrowing a particularly old vehicle which doesn’t meet your lender’s requirements (such as RAC), an unsecured car loan may be your only option in terms of accessing finance. At Savvy, we can help you get approved for secured car financing for vehicles up to 20 years old at the time of purchasing.

Yes – RAC car finance is only open to members. However, if you aren’t a member, you’ll automatically become one once your car loan is settled, so being a member before your application isn’t a prerequisite.