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Buying a car is one of the most significant purchases you’re ever likely to make, so shop around to make sure you’re getting a great deal with Finance Monster. Understanding your finance options is very important. The type of car you would like to purchase can determine what sort of car loan rates you will pay, and how to compare car loan options. The age of the vehicle will also determine car loan finance.
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The age of the vehicle is the most important determining factor for car loans in Australia. Obtaining some of the best car loan rates from low interest car loan financiers is easy with Finance Monster. We specialize in many varying car loan types & cheap car loans. Aside from factoring in the age of the car you want to buy, working out your car loan interest rate is important. Lenders will also have a variety of different types of car loans for you to choose from. There are new car loans & used car plus many more. You can refinance car loans, interest rates have dropped dramatically in Australia lately. So it pays to shop even if you have an existing car loan with a different finance lender.
New Car Loans VS Second Hand Car Loans
Car financiers and credit unions offer very competitive rates for new car purchases. These are often the cheapest car loans interest rates you can obtain. The reason being new car loans have a much lower risk for car loans not being paid back. A new car holds its value much longer than a second hand car. This doesn’t mean you can’t get a car loan for a second hand car, or even cheap finance on a second hand car. In most cases a car lender will consider a car that is 2-3 years old, not worthy of a car loan and a personal loan may need to be used. There are both personal loans for cars and straight personal loans that you can sue to buy a car.
A car loan to buy a used car is still a secured loan. So the lender still uses your vehicle as the collateral security for the loan, but there still may be restrictions on the age of the car. Most lenders who finance second hand cars will consider a car that’s between 2-5 years old.
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Not usually any older, to reduce their risk. The reason being the car will depreciate over the period you take the loan out for. Usually between 5 and 7 years to pay back. Car loan financers are not prepared to take the risk on a secured loan of a car that could be 10 years old at the end of the car loan. They would struggle to get back the value of the outstanding loan amount. Older or secondhand car loans usually come with higher interest rates than new car loans. Car finance rates vary depending on lots of factors, cheap car finance also may have hidden fees in the terms and conditions.
Finance Monster will ensure you are aware of all of these before you proceed. Car Loans for pensioners and low-income people can be difficult but we have lenders who may be prepared to lend to these customers.
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We have outlined the different car loan types below to help you understand and choose car finance rates and how different car loans work. Use our quick quote form to help you select.
Low Interest Rate Car Loans
A low interest rate car loan means you will pay less interest over the life of the loan. The lower the interest the better as you may pay your loan off quicker than with a higher interest rate.
Variable Rate Car Loans
A variable rate car loan will mean the interest rate you pay on your loan amount may fluctuate according to the interest rate in the market. If the rates go up, your variable interest car loan will go up too, forcing your monthly repayments to increase.
Fixed Rate Car Loans
A fixed rate car loan lets you lock in the interest rate for the length of the fixed rate car loan. Your repayments will also stay exactly the same for the life of the loan.
Secured Car Loans
Secured car loans are used to finance new or used cars that are less than five years old. A secured car loan allows you to purchase at a lower rate than an unsecured loan, because the car is held as an asset until the loan is paid off as a security.
Unsecured Car Loans
What is unsecured rate car loan? It’s a car loan that has no physical guarantee for the lender, such as a car or something else of value. Banks and car lenders usually require personal guarantees from you for an unsecured car loan.
Hire Purchase Car Loans
Hire Purchase Car Loans are often used by the self-employed, such as trades people. By using this type of finance you can claim the deductions for tax purposes. In doing so, you will own the car at the end of the hire purchase car loan period.
Chattel Mortgage Car Loans
Chattel mortgage car loans are essentially a personal loan for a car used solely for business purposes. Again, trades people use these loans frequently. They are a personal loan guaranteed by the owner of the business.
Lease Car Loans
Another financing option available that may be more suitable, depending on your situation, is a car lease. Employers can organize lease car loans for employees as part of their salary package. The employer takes payments from your package or wages. Essentially what they do is lower employees taxes, since they are not paying their car payments from taxed income.
Novated Lease Car Loans
A novated lease, or novated leasing solution, is a salary sacrificing solution that saves you money. It is like an all-inclusive car loan and maintenance plan. From everything from vehicles and finance, to fuel, maintenance and roadside assistance. It’s all paid from pre-taxed wages, and therefore lowers your tax.
Operating Lease Car Loans
An operating lease is a fully integrated, tax deductible, off-balance-sheet leasing option that is like a long-term car rental. The financing company owns the vehicle and provides you with exclusive use for one to five years.
Bad Credit History Car Loans
Our bad credit car loan Finance Monster consultants are experts at getting bad credit car loans approved. We can also advise you on steps to take to improve your credit rating. We’ll soon have you on your way to owning your new car. Bad credit doesn’t mean you cant get a car loan – it just means Finance Monster needs to try a little harder for you.
Calculator for Car Loans
Using our car loan comparison rate calculator takes the guesswork out of comparing car loan interest rates and terms. You can work out your monthly or weekly repayments with Finance Monster with our free car loan calculator.
Not sure which Car Loan?
As you have read, there are so many different options for car loans, from fixed rates to variable, to even chattel leases. It can all seem very confusing. That’s why, at Finance Monster, we encourage people to use our quick quote process or talk to one of our car finance brokers.
We wont just throw you any car loan, but will discuss your options and by doing this you will understand the pros and cons of each loan type. You can save money by using our comparison tool to check interest rates. This will help you to decide on a car finance product that will better suit your needs. It pays to speak to an experienced car finance broker, so give us a call today.
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