Found The Perfect car
but need finance to make it yours? Maybe you’re looking to refinance your current car loan?
Whether you’re looking to purchase a car, motorbike, caravan, or boat—or refinance your current loan LKFS can help get you behind the wheel faster. Our team handles the details so you can focus on planning your first adventure.
Choosing the best car loan depends on your individual circumstances: the type of vehicle you want, its purpose, and your financial situation. Even when you have these answers, navigating lender options, negotiations, and technical jargon can be overwhelming.
At LKFS, we get it. Your priority is to enjoy your new vehicle, and ours is to make that happen as quickly and smoothly as possible.
Our experienced brokers will work with you to identify your needs and advise on the best financing option. We know the tips, tricks, and shortcuts to cut through the noise and secure your loan efficiently, so you can get on the road without delay.
Pre-Approval for Peace of Mind
Haven’t found the perfect vehicle yet? No problem. LKFS can arrange a pre-approval, giving you a firm figure to guide your test drives and negotiations, so you can confidently shop for your next vehicle.
Contact LKFS today to secure the car loan that gets you moving faster.
what do
lenders look at?
At LKFS we’ve been sourcing car loans for our clients for decades. Along the way we’ve learnt some of the things that lenders consider when reviewing an applicant’s car loan approval:
Common questions
Debt-to-income ratio (DTI)
This is the measure of your overall debt compared to your income over a given period. Lenders use this to assess your capacity for repayment on a new debt. If you have a high income but high DTI, a lender may only offer a lower loan amount and less attractive terms than you would otherwise receive with a low DTI.
Size of down payment
The amount of money you provide as down payment for your loan can reduce your loan amount. A large down payment means less risk for the lender because it suggests that you’re likely to make repayments on time and complete your loan on its term to avoid losing the car and the money you put into it upfront. As a result, the lender will offer you a car loan with more favourable terms.
Length of loan
The total cost of your loan if influenced by the length of time that you will be making the repayments. The more years you’ll be repaying your loan, the longer the lender will have to wait to get their money back. This is why they often reward those who take out a shorter-term car loan with a reduced interest rate.
Age of vehicle
Taking out a car loan to buy a new car has a lower interest rate than purchasing a used vehicle. This is because a new car has a higher resale value. In the event of repossession, a lender can sell it for a much higher price to recoup their losses.
common questions about car finance
What are the benefits of a car loan?
By taking out a car loan to finance your next car you can reduce your overall cash outlay which you may want to use for other purposes (such as taking a holiday!). If you’re a business, a car loan may improve your cash flow, as well as potentially allowing you to claim a tax deduction for the car (check with your accountant for eligibility).
Who should choose a car loan?
A car loan is a good option for someone who uses their vehicle mainly for personal purposes, but who does not have the option of salary packaging a car through a novated lease.
What are the motor vehicle stamp duty rates in South Australia? How much will I have to pay?
Motor vehicle stamp duty in South Australia is calculated on the declared value of the car or motor vehicle.
The dutiable value of a new motor vehicle is the recommended retail price or manufacturers price list (inclusive of GST or Luxury Car Tax, where applicable). The value of a used vehicle is the calculated upon the greater of the vehicle market value or the purchase price.
$0-$1000 – $1 for every $100 value or part thereof, with a minimum of $5.00 payable
$1,000.01 – $2,000.00 – $10.00, plus $2 for every $100 value or part thereof over $1,000.00.
$2,000.01 – $3,000.00 – $30.00, plus $3 for every $100 value or part thereof over $2,000.00.
MORE THAN $3,000.00 – $60.00, plus $4 for every $100 value or part thereof over $3,000.00.