Dealerships are everywhere, websites are loaded with used cars for sale. Just about every money lender in the country offers auto finance, and often at fantastic interest rates. They have to offer great rates on car loans or they will miss out on business. When one company lowers interest rates and attracts the business of dealers and car purchasers alike, then the other finance companies and banks are forced to do the same in order to compete. Car loan rates in Australia are at an all-time low due to the demand created by Oz car sales, and now is the perfect time to buy a new vehicle.
If you really want to be assured of securing the best deal on a car loan, then talk to a professional finance broker, someone who specialises in getting car loans. Brokers will do all the hard work for you, letting you know what interest rates are on offer and which is the best lenders(s) to approach depending on your circumstances. When an application is put forth through a broker with their recommendation, there is more chance of getting a loan approved and in quicker time.
In order to work out how much money you can afford to borrow for a new car and how much the repayments will be, use the calculators you find on every bank or finance company’s website to work it out. Usually there are three sliders. One for selecting the total loan amount, a second for inputting the interest rate and the third one to set the term of the loan. These are so handy for getting an idea of what you will be up for in repayments depending on how much you want to borrow and over how long a period. This way you will feel confident you can cover the loan before you even apply.
This will take some research on your part, but in this day and age of the internet, comparing car loan lenders is as easy as switching on the computer. Whether you go directly to the websites of the banks or make use of a comparison website to compare loans, everything is available from the comfort of your own home with a click of a mouse. Go for an actual auto loan rather than a personal loan to buy a car. The interest rates for car loans are about half of what you will pay for a personal loan.