WE KNOW CAR LOANS TOO!
Did you know that statistically, if you've just bought a house, you're likely to want a car next? And usually it's within 3 months of your home settling.
There are literally thousands of vehicle lending providers. It’s common for clients to stick with their usual bank, or to take the “easy” option of dealership finance. But these options can cost you a lot more than utilising a professional broker. We will ensure you get the right deal for you when financing a new car. More importantly, we can take this into account with your home loan/s and other debt and make sure it all works for you across the board.
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Want to read some more, first?
We've got plenty of helpful information to get you up to speed with car financing.
BUYING A NEW OR USED CAR
Whether you are buying a new or a used car, financing options can vary. Not surprising, but getting finance for a new car is usually more affordable as interest rates tend to be cheaper.
If your car is a fossil (15 - 25 years old), some lenders may not even give you the time of the day. If you do not have an expert loan marketplace, who provides you with a large and diverse panel of lenders you may be left with an unsecured loan which will attract higher rates, meaning you pay more.
TO SECURE, OR NOT TO SECURE YOUR LOAN?
Secured.
A secured loan uses the asset being purchased, in this case the car, as security for the loan. If you the borrower can't repay the loan, the lender can reclaim the asset to cover the costs. Although if the sale of the asset doesn't cover the full amount owing, the borrower must pay the difference.
The benefit of secured loans is that they usually result in achieving a lower interest rate, due to the lower risk factors from a lender's point of view.
Unsecured.
In an unsecured loan scenario, the lender does not use any assets as a security (no collateral). This comes with a higher interest rate when compared to secured rates, as the risk is more for the lender. These types of loans are not generally for cars because you can usually save money by using the vehicle as security. Some situations that an unsecured loan might be useful for a car is if the car being purchased is not an acceptable asset for that specific lender, if the asset is too old, or even if you wish to borrow more than the actual purchase price by a substantial amount to cover costs or customisations to the car.
CAR LOAN TERM/PERIOD
The length of your car loan can cost you money or save you money $$$. This makes it a very important consideration when you are thinking about getting car finance. As a rule of thumb, the longer your loan period, the smaller the repayment amounts but the more total interest you pay.
You should aim for a loan agreement that is affordable and allows you to comfortably make your repayments whilst minimising the interest. Be aware of any fees or charges for paying out your loan before the agreed period, as this can blow out your costs. LoanOptions reveals hidden fees and gives you confidence that you are getting the best deal.
INTEREST RATES
You hear it every day on your TV, news feeds, and radio. But what of it? The best thing to remember is to research, research, research!
Shop around to make sure you’re getting the best deal and tailor your loan agreement so that the repayment levels and interest rates suit your circumstances. You can do this with us, by comparing 60+ lenders instantly, so you know you are getting the best deal.
SOME THINGS TO THINK ABOUT...
SECRET FEES
The devil is in the details, and it can be more than a pain if you do not read the fine print properly or if not all associated fees are brought to your attention as a borrower.
ANDREA PALELLA (O'SHEA)
DAVID FRENCH
MATHEW CROSSLEY
MATTHEW GOODYEAR
