Is the car new or used? Dealer or Private purchase? What is the car year, make and model? How much is the car purchase price?

You should have a good idea on what your needs are before seeking out the best car loan deal. You’ll be asked a lot of questions, but it’s easy to prepare in advance so you can make sure you get the best product to suit your individual circumstances. Think about your loan term and if you have repaid your loan early in the past – could this be a consideration in how you select your next car loan.

Sure it would be easier if all car loan products were the same – but different people have different needs and require loan features that might not be so important to others. Consider that most funders would rather lend money to a well heeled client profile wishing to purchase a new car than a younger type person, living at home with Mum and Dad, working casually looking to finance their first car. So this is why funders choose to risk profile every application based upon its merits. – a higher risk almost always results in higher cost of funding etc.

Choosing the right car finance structure for your new car can be a difficult and confusing decision. With just a few questions, we can help you discover which finance option best suits your needs.

It’s also very important to make the right choice, as the wrong option can cost you thousands in fees, extra interest, exit penalties and missed tax deductions. 

Whether you have advanced knowledge of car finance products or you’re a beginner seeking help with finding a suitable car loan, Madison Finance can assist with jargon-free advice in a useful, easily digested format.

With Madison Finance you can:

• Save money, with no ongoing fees and great interest rates
• Save time, with your dedicated account manager
• Be protected, rely on objective advice from our experience brokers
• Drive away sooner, with fast, same-day approvals
• Enjoy flexibility, with a huge range of lenders and preferential payout options 

Our experienced brokers make car finance simple – we save you time and money by finding the best finance solution and doing all the leg-work required to make it happen.

An Early Termination Fee or Early Exit Fee, is a fixed dollar fee applied by some lenders if you payout your car loan contract early and should not be confused with a Retained Interest payout penalty.

What is Retained Interest?

Retained Interest is an early payout penalty based upon the unpaid interest that would have been otherwise payable over the remainder of the loan term. The amount of retained interest charges can increase your early payout figure by $1,000′s, limiting your options to terminate your loan agreement early.

This results in a considerable increase to the cost of your loan that can significantly outweigh any perceived benefits represented by a marginal saving in monthly repayments or a lower advertised interest rate.