New or used car loan

New Or Used Car Loan

If you’re in the market for a new car, you’ve probably searched online for the best deals and found yourself overwhelmed with choices. Which car loan is right for you? In this article, we’ll explore the different types of car loans available and help you choose the best one for your needs. We’ll also provide tips on how to get the best deal on a car loan, so you can enjoy a hassle-free shopping experience!

Before You Shop At Your Local Car Dealership

It’s important to look at loans before you go to a car dealership. You’ll be able to negotiate better, because you know what your budget is and how much your lender may be willing to lend you.

A few important tips when looking for a loan

1. Get the best car loans for your needs – we have a wide range of options to choose from.
2. Find the perfect car loan that fits your budget and meets your needs – our team can help you find the perfect loan for you.
3. Repayments that are manageable – know exactly how much you will repay each month, and keep track of your payments online.
4. A variety of interest rates to choose from: find the best rate for you, based on your credit score, income and tax returns.

Interest Rates For Car Loans

Interest rates for car loans are generally lower than personal loans but higher than home loans, this is because car loans are secured loans and are guaranteed by the car. Until the car loan is fully paid off, the car is still technically owned by the bank. Car loans similar to secured property loans, comes in variable and fixed rates as well.

Fixed Interest Rate

Fixed-rate loans are a great option if you’re looking to purchase or lease a car. The interest rate on these loans is fixed, meaning it doesn’t change over the life of the loan. This can be an advantage if you know exactly how long you plan to keep the car, as the interest rate won’t increase while you’re waiting for it to expire.

Another advantage of fixed-rate loans is that there’s no need to worry about inflation. This means that your monthly payments will always be the same, regardless of how much prices rise over time. If you switch to a variable-rate loan in the future, your payments will likely increase as rates rise over time.

Should you buy add ons?

If you’re thinking of buying car insurance, be warned: car dealerships are likely to try to sell you add-on products that you may not actually need. These products include loan protection, gap cover, and tyre and rim protection. While these products may sound like good value for money, use your own discretion when making an add on purchase.

Speak To Your Broker

If you’re interested in purchasing a car, it’s always a good idea to speak to your finance broker. They can help you understand the different types of loans available and provide advice on how best to use them. Contact us through [email protected] or call 0433 068 970 (Leo).