Australian Car Loan Help Is A Call Away
If you are on the search for a new car, whether it is a new car or a used car, you can get a loan for either one. Taking on a car loan is a big financial commitment that you have to keep up with. It’s important to make sure the car you want and the loan you get approved for will work for you financially and won’t set you back. You’ll want to make sure you’re comfortable with things like the interest rate, monthly payment, and what you’ll end up paying for the car in total. Here are some helpful tips and advantages of both new and used car loans to help you figure out which is best for you.
It’s no secret that Australians absolutely love their cars and the average car loan in Australia is $30,780.40. In Australia, the lenders are traditional and online banks, digital money loan operators and credit unions. These lenders offer low interest rate car loans to suit the current market. The most popular car loan is an unsecured car loan with flexibility across a wide range of purposes. You’ll need proof of a regular income and a decent credit history. Thankfully this is an easy process and you will get a fast response.
A Broker Can Help You With Your Car Loan
Going through a broker to get help with a car loan is beneficial for you for a couple different reasons, and can help relieve some of the car shopping stress from you. Brokers are generally an independent business that have developed relationships with a variety of lenders and can help get the best rates and terms on a car loan. These relationships give the broker advantages for negotiating that most buyers wouldn’t have. Brokers have information on interest rates and qualification guidelines from banks and car loan lenders, with the information they have given them the tools to shop for best rates and terms for your loan.
Advantages Of Used Car Loans
There are a lot of advantages for having a Used Car Loan, a couple of them are being able to have smaller loan amounts which means lower average prices. With the average used car loan amount being $19,708 dollars and new car loans being $30,958, this will make financing more affordable for you. Used car loans have a slower depreciation. Did you know that new cars lose 20 percent value in the 1st year? The advantage of buying a used car means that someone else has already taken that loss, and that your chances of buying a used car reduces the chance of becoming upside down on a loan where you would owe more than what the car itself is worth.
Advantages Of New Car Loans
Purchasing a new car has some good benefits for you as well, a new car means lower rates. The interest rates and APRs are typically lower for new cars than they are for used cars and financing periods are usually longer. There are special rates that automakers sometimes offer incentives with none or low APRs on certain models of cars. Some rates aren’t negotiable and might be dependent on customers credit history and other requirements. A good thing to keep in mind is that when there is no special financing, the rates are then negotiable for both new and used cars.
Use Auto Loan Calculators To Help You Decide
Auto loan calculators are great and a very helpful tool for you to work out a budget and estimate what you can afford to pay for a car in total along with your monthly payment. This calculation will help you decide if you should go for a new car loan or a used car loan.