Stratton Car Loans
As part of the Carsales network, Stratton Finance is a broker and can help you find secured car loans, personal loans (or unsecured car loans), caravan loans, boat loans and loans for commercial equipment. Founded in 1998, the broker connects Australians to a range of financial institutions, including large and smaller lenders.
Although Stratton Finance’s head office is in inner Melbourne, the broker has customers throughout Australia, with customer support offered over the phone, online and through the post.
The broker has car loans for personal and business customers.
Stratton car loan repayment calculator
Total interest paid
Total amount to pay
- Can apply online
- Balloon payment available
- Secured and unsecured car loans available
- Establishment fee charged
- Monthly fee charged
- Cannot apply in branch
Features of a Stratton Finance car loan
Stratton Finance can help you find secured and unsecured car loans suitable for buyers looking for new and used vehicles. This broker may not suit borrowers who dislike a predominantly online customer service experience and prefer face-to-face customer service.
You can borrow from $5,000 up to the full value of the car you are buying and pay it off over a maximum loan term of seven years.
Stratton Finance charges a one-off establishment fee on its car loans, as well as a monthly fee. But you may be able to pay off your loan early without being penalised, depending on the lender you are connected with. Borrowers can choose to reduce their regular repayments by paying a one-off lump sum at the end of the loan. This is known as a ‘balloon payment’.
Stratton Finance car loans – customer service
Customers can contact Stratton Finance by phone, online enquiry, live chat, email or post. Its phone line is in operation from 8.30am to 5.30pm (AEST) on weekdays.
Who is eligible for a Stratton Finance car loan?
- Must be over the age of 18
- Must be a permanent resident of Australia
- There may be other minimum requirements, depending on the lender
How to apply for a Stratton Finance car loan?
You can get an indicative quote from Stratton Finance and apply for a car loan with them through their website. Applications may be processed in as little as 24 hours.
- On the Stratton Finance website, select ‘Get a quote’.
- Select your loan amount, loan term, whether you want to buy a new or used vehicle for private or business use.
- Review your estimated quote and repayments.
- Submit an application.
- Speak with a Stratton Finance consultant.
Stratton Finance car loans review
Stratton Finance provides borrowers a range of car loans with different lenders. Customers can borrow upwards of $5,000, with a maximum term of seven years.
The broker may several fees, including an establishment fee and monthly fees. You may also be charged with other fees depending on the lender they find you.
Borrowers may find Stratton Finance appealing if they prefer to have a broker on their side for expert advice and to compare loan options. This may help a borrower save time and effort.
The interest rate you can get at Stratton Finance may vary and will depend on the lender and the customer’s financial situation. This means those with better credit histories may be eligible for a better interest rate, while borrowers with poorer credit histories may face a higher interest rate.
But its rates are relatively competitive on the market, especially if you have a strong application.
If you’re looking for the best car loan for you, it’s worthwhile to compare interest rates and features from several different lenders.
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Some lenders will make you pay a penalty, or early termination fee, if you pay off your loan ahead of schedule. This is to compensate them for the interest payments they don’t get to collect.
A commercial hire purchase, or CHP, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. Once the final payment is made, you take ownership of the car.
The trade-in value is the price you could realistically charge if you were to sell your car to a dealer while buying a replacement vehicle. Generally, a car’s trade-in value is less than its market value. That’s because the dealer has no interest in buying your car unless it can make a profit – which can only be done if the dealer has room to increase the price.
An upfront fee is a one-off fee that many lenders charge when you take out a car loan.
The loan-to-value ratio, or LVR, is a percentage that expresses the amount of money owed on the car compared to the value of the car. For example, if you take out a $15,000 loan to buy a $20,000 car, you have a loan-to-value ratio of 75 per cent. Loan-to-value ratios change over time as you pay off your loan and your car depreciates in value. For example, two years later you might now owe $10,000 on your car, which might now be worth $15,000. In that case, although there would still be a $5,000 difference between the size of the outstanding loan and the value of the car, the loan-to-value ratio would now be 67 per cent.
A CHP, or commercial hire purchase, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. Once the final payment is made, you take ownership of the car.
The equity is the share of the car that you own. For example, if you take out a $15,000 loan to buy a $20,000 car, you have $5,000 of equity in the vehicle, or 25 per cent. (The lender has the other 75 per cent.) Equity changes over time as you pay off your loan and your car depreciates in value. For example, two years later you might now owe $10,000 on your car, which might now be worth $15,000. In that case, you would still have $5,000 of equity in the vehicle, but your share would be 33 per cent.
Borrowing capacity is the amount of money that a consumer is able to borrow from a lender. Each consumer’s circumstances are unique, so different people will have different borrowing capacities. Lenders use their own in-house formulas to calculate borrowing capacity, so the same consumer might have different borrowing capacities at different lenders.
Comprehensive insurance protects you in the event you’re responsible for a car accident. Policies vary from provider to provider, but comprehensive insurance generally covers you for damage to your car and property, as well as the other parties’ cars and property. A comprehensive insurance policy may also protect you from theft, vandalism and natural disasters.