Nissan Big 1% FAQs

  • What is the Nissan BIG 1%?Open or Close

    The BIG 1% is Nissan’s special low 1% comparison rate loan. On a standard car or bank loan, you make monthly repayments that include both interest and principal. But in this case, instead of paying 5.92% interest rate (like you could from a bank or other lender), you pay 1% interest on a brand new Nissan.

  • How long is Nissan’s 1% comparison rate loan for? Open or Close

    The Nissan 1% comparison rate loan can be fixed for a maximum of 3 years. Discuss with your Dealer if you would prefer a shorter period.

  • So, what is a comparison rate? What does it mean? Open or Close

    A comparison rate helps consumers identify the true cost of a loan. It factors in the interest rate, all fees and charges, and displays it all as single percentage rate.

    The comparison rate is required to be disclosed by law for any consumer loan and must be prominently displayed.

    For example: A $30,000 car is financed over 36 months:

    Nissan 1% Other finance offer
    Interest Rate 1% 5.92%
    Establishment fee $0 $300
    Monthly account keeping fee $0 $5
    Comparison rate 1% 6.75%

    Nissan’s 1% comparison rate is a 1% interest rate with no establishment fees and no monthly account keeping fees.

    When you are comparing consumer loans, always seek out the comparison rate to ensure you are comparing apples with apples.

  • How can Nissan do this when the banks or other lenders can’t? Open or Close

    Nissan Financial Services is wholly owned by Nissan. In other words, it’s our in-house Finance company. Nissan Finance’s main goal is to support the sales of Nissan cars, so we do the best Finance rate on a new Nissan.

  • Is the Nissan 1% similar to some retail ‘interest free’ loans with a high rate credit card attached? Open or Close

    Absolutely not. The Nissan 1% Finance Comparison Rate loan is a fixed rate loan, just like a normal car loan or a bank loan, just at a 1% comparison rate. It’s as simple as that.

    Obviously if you start missing your payment obligations or terminate your loan early there will be fees, just like any fixed bank loan, however there are no hidden traps or surprises. You will know all your obligations up-front, just like with a bank loan.

  • What about fees? Open or Close

    There are no establishment fees or monthly account keeping fees with a Nissan 1% Consumer Finance loan. This means more money in your pocket.

    However, like all finance or bank products, if you miss or start falling behind on payments, or pay out your loan early, this may attract penalties. This will be explained to you clearly at the time of purchase, and all fees are shown on the loan contract, so there will be no surprises.

  • What if I want a longer fixed term loan?Open or Close

    That’s perfectly ok. If you prefer a longer fixed term, you have the option of choosing a longer term at a fixed rate. You choose what works best for you!

  • Is it really no deposit? Open or Close

    Subject to lending approval, yes. Of course, if you prefer to place a deposit to lower your monthly payments, no problem. Whatever works best for you!

  • What is a balloon payment? Open or Close

    A balloon payment is simply the final instalment on the loan. This is sometimes expressed as a percentage of the value of the car. For example, if you buy a $30,000 car and choose to have a 25% balloon payment, your Final instalment will be $7,500.

    However, some customers prefer to have a 0% balloon resulting in larger equal monthly re-payments. This ensures that their car is fully paid off at the end of the loan period, just like with a normal bank loan.

    With Nissan, you can choose the level of balloon payment (up to 50% for a 36 month term). It’s whatever suits you best.