Is it a fixed or variable interest rate?
A variable interest rate will change according the interest rate changes and a fixed rate will have consistent payments which remain the same.
What is the term of the loan?
The term of your loan is the time you have to pay out your loan. You should always check to make sure the interest rates are consistent with the loan term that you want.
Are there balloon payments?
A loan with a balloon means that you will have to pay a lump sum at the end of the loan. Loans with a big balloon will mean your your monthly repayments will be lower however you have to ensure you are ready to pay the balloon at the end of the term.
How much is the establishment fee?
Please contact us to find more about our establishment fees
Are there monthly account keeping fees?
Many loans will have monthly fees which you should check because these can add up to be quite expensive over time.
Can I make extra payments?
There may be penalties for making additional payments so you should check how flexible your loan is in terms of being able to do this. Some banks will also charge penalties if you wish to pay out your loan early.
Is there credit protection or gap cover?
You should consider what insurance you will need should you get into a situation where you cannot work or where your car is written off.