One of the very first major purchases we make as an adult or a young adult is that of a car, and we go on to purchase many more of them throughout our lifetimes.
Unless it’s a really cheap old car, we usually need finance to make a purchase of this magnitude, as often we don’t have thousands in disposable income just laying about our bedrooms or hidden under the mattress. So that being the case, whether purchasing a new or used car, what Australian auto car finance options are available, and who is the best fit for lending us the money?
Which Lenders Are The Best?
For those of you who read my articles you will already know that I’m a fan of comparison websites for just about everything, but particularly when wanting to compare lenders. So I would suggest you start by hopping online and searching out some of these sites such as Canstar or Ratecity.
Generally the best lenders to approach for Australian auto car finance are companies that have loans tailor-made for cars and other vehicles. The reason for this is the interest rates are a lot lower for a car loan as opposed to getting a personal loan and buying a car with it. Personal loans tend to be about double the interest rate of a specialised car loan. And you don’t need to be a genius to work out which type of loan is going to cost more over the term. These lenders will also understand your need for a vehicle and help you get behind the wheel more quickly.
Auto Loans For Old Car
Purchasing an old car can mean the need for finance, even if on a smaller scale. You could be a uni student with a part-time job looking to purchase your first car. Sure, maybe it only costs a few grand, but that can seem like a lot of cash to come up with for a student.
Unless you are buying an exotic car or a collectable, it can prove harder to get secured finance for older cars as they don’t offer much in the way of collateral. Your best bet is to buy the car through a dealership as you are much more likely to get finance for an old car this way than if you purchase one privately. With a private sale generally the car will have to be a newer model than if you bought through a licenced car dealer.
If the car is a collectable or exotic car, then there are both dealers and finance companies that specialise in organising these types of loans. Just shop around for the best deal.
Cheap Auto Dealers – Are There Any?
Well, there are, but like any retail outlet there will always be a mark up for profit margin, which sometimes makes the prices of cars at dealerships a little higher than a private sale. Another option is if you have a friend (or know someone who has a friend) who is a licenced second-hand car dealer who you can take to one of the many car auctions and buy a cheap car that way.
As far as new cars go the marketplace in many areas of Australia is highly competitive. With so many cars for sale and only so many buyers, lots of dealerships are offering not only great prices on new cars, but fantastic finance terms if you purchase your new vehicle through them. So there are many options for Australian auto car finance.
Getting A Car Loan In Australia
Buying a car or some form of vehicle is probably one of the most common purchases in Australia today. In the modern world we travel around a lot, and having transport is a necessity more than it is a luxury. But unless we’re cashed up most of us won’t have the money on hand to just rock up to the local dealership and pay for a car, hop in and drive away. We will need to borrow the money.
How To Get A Cheap Boat Loan
When it comes to boat loans one of the major considerations is the interest rate on the loan and what the repayment amounts will be. After all, none of us want to pay more than we have to. Right? So in this article I’ll offer some tips on how to get a cheap boat loan.
