Low Interest Rate Car Loans
The purchase of a car is both a huge commitment and expense, so you want to be sure that if you’re going to take out a car loan, you’re getting a low interest rate car loan.
You don’t want to be getting charged exorbitant interest rates that make it seem like you’re never going to get out of debt! Finance Monsters here to help you avoid that scenario and give you access to some of the most competitive low car loans out there provided by our lenders!
Use Finance Monster if you want a simple, easy and efficient way to compare low rate car loans from some of Australia’s top financial institutions.
What affects Low Car Loan Rates?
There are a number of different components that make up a car loan and low rate loans.
1) Loan for the principal sum – You want the bank to lend you $20,000 to buy a car. This is the principal sum being lent by the bank.
2) Interest Rate – Your monthly repayments will include the principal loan + interest. The interest rate is set by the lender. This is the most important thing to consider if you’re trying to find a low interest car loan.
3) Loan Term – Most car loans have 1 – 5 year terms, meaning your repayments will be calculated to reflect how long you have to pay the loan back! Longer loan terms may give rise to lower interest rates (but be sure to work out, or ask one of our Finance Monster brokers, if you’re actually getting a better deal overall).
4) Fees – Always look out for other fees that could be attached to the loan such as sign up fees or bank management fees.
To get a car loan low interest you’ll want to consider a number of interest rates provided by lenders, as well as their fees, to work out if you’re getting a good deal. With Finance Monsters FREE Comparison Service we do all the calculations for you, so you can easily see a number of low car loan rates and low interest rate car loans our lenders provide.
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Secured vs Unsecured: What type of loan should I use to get Low Interest Rate Car Loans?
SECURED! Borrowers will get to enjoy lower interest rates with car loans that are secured. This is because in the case that the borrower defaults on payments, the lender still has access to the collateral (the car, for instance) used as security for the loan. They could then sell the car to recover some/all of the car loan still outstanding.
On the contrary, if a car loan is unsecured and a borrower defaults lenders have less avenues of recourse available to them and that’s why they’ll hike up the interest rates. If you’re open to using your car as security against a loan then you can expect to get better low interest car loans!
How do I get those Low Interest Car Loans if I have a low income?
Trying to find one of those car loans low interest but worried that your income won’t allow it? Don’t worry any longer, Finance Monster can help. Every borrower has a different situation and here at Finance Monster we will go the extra yards to find you affordable and flexible loans to suit your budget. It’s important to be aware that there might be more paperwork involved with lenders as well as higher interest rates if you are trying to secure a car loan on a low income. Finance Monster will point out the drawbacks and advantages to any low income car loans you’ve been looking at – just give us a call today!
Low Doc Car Loans – what are they!?
Low doc car loans may also be an option for you if you’ve been searching low income car loans! Low doc car loans involve a lender approving a loan using less documentation than is normally required, for example payslips or financial statements. This can be good for those self-employed who may find it hard to prove a steady income like freelancers or contractors. However, these loans are considered risky for lenders because it’s harder for them to prove if you are in an unstable financial situation. This added risk means higher fees and the reduced likelihood of car loans low interest compared to other types of low rate car loans.
DEBT MONSTER REWARDS
Rewards!? Why would a broker give me a reward? That’s because Finance Monsters a different kind of broker that wants to thank customers for choosing them to find a low rate car loan. We pride ourselves on working hard for our customers, and we want to THANK YOU for appreciating our work!
So, if you take out any car loan (including a low interest car loan) through Finance Monster (that’s over $20K) we’ll give you a FREE tank of petrol!* That’s right, FREE!* Give one of our friendly Finance Monster brokers a call today to find out more! We’re here to help you!
What’s next with Low Interest Car Loans and Finance Monster ?
Give Finance Monster a call on 1300 668 222 to find out how you can get a car loan low rate today! When you think low car loans, think Finance Monster!
Free Finance Monster Tank of Fuel Reward Terms & Conditions
- Free Tank of Fuel is $75 dollars pre loaded onto a Fuel Card.
- Free Tank of Fuel is rewarded on Personal Loans or Car Loans over $20,000
- Fuel Card will be sent to customer after settlement of loan.