Momentum Motors Finance
Hit the road in your new car with up to 100% on-road financing.
9.0% p.a. onwards
7 years
Up to 1%
Key Features
- Provider: Momentum Motors Finance
- Financing: Up to 100% of on-road price
- Tenure: Up to 7 years
- Special Offer: 0 foreclosure charges after 12 months
Eligibility Summary
To be eligible for the Zoom Car Loan, applicants typically need to be between 21 and 65 years old, have a stable monthly income (minimum income requirements vary but often start around $2,500), possess a good credit score (ideally 680 or higher), and have a valid driver's license and vehicle registration. Some lenders may also require a minimum period of employment or business stability (e.g., at least 1 year).
Ideal Borrower Profile
The Zoom Car Loan is ideally suited for individuals or families seeking to purchase a new or used vehicle for personal or business use. This loan is particularly beneficial for borrowers with a stable income and a good to excellent credit score, as this will qualify them for more favorable interest rates and loan terms. It's also a good option for those who want the flexibility of various repayment options and loan amounts to fit their specific needs and budget. First-time car buyers with limited credit history, but a demonstrable ability to repay, might also find this loan accessible.
Repayment Tips
To effectively manage your Zoom Car Loan repayment, first, create a budget to ensure you can comfortably afford the monthly payments. Setting up automatic payments can help avoid late fees and potential damage to your credit score. Consider making extra payments whenever possible to reduce the principal amount and shorten the loan term, thereby saving on interest. Finally, explore refinancing options if interest rates drop or your credit score improves, as this could potentially lower your monthly payments or overall cost of the loan.
