Car loan news and advice

All the latest car loan news and top tips to help you manage your car loan.

Used car prices is 2022 the right year to buy pre loved

Used car prices: Is 2022 the right year to buy pre-loved?

Over the pandemic used car prices have skyrocketed across Australia. So what does that mean for 2022? According to new data from Allianz, 85% of Australians are looking to the used car market to save money because they can’t afford a new car. However, as per prices right now, the second hand vehicle market could be a hard egg to crack as well. In fact, analysis from vehicle comparison site Carsguide found that used car prices across websites like Gumtree, CarsGuide and Autotrader have gone up significantly over the past year. In December of last year, it found that:

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Petrol prices remain high 5 ways to save on fuel these holidays

Petrol prices remain high: 5 ways to save on fuel these holidays

If there’s one thing that we’re sure you’ve probably noticed lately, it’s that petrol prices are not dropping. In fact, fresh stats from the Australian Competition & Consumer Commission (ACCC) show that at the end of October 2021, daily petrol prices increased by 172.4 cents per litre (cpl),  on a seven-day rolling average basis. The numbers took into account fuel prices from major cities Sydney, Melbourne, Brisbane, Adelaide and Perth. And according to the ACCC, these are the highest prices in seven years (in inflation adjusted terms). The report also showed that drivers across the five major cities paid approximately 48.0 cpl more in November 2021 than they did the same time in 2020.

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Act households offered up to 15k interest free loans for electric vehicles

ACT households offered up to $15k interest-free loans for electric vehicles

Are you a Canberran with an electric vehicle on your Christmas or 2022 list? We’ve got news for you … This month, the ACT Government introduced the Sustainable Household Scheme to residents of the nation’s capital as part of its commitment to net zero emissions by 2045. Under the scheme, the government is offering interest-free loans between $2,000 and $15,000 to eligible homeowners to fund the cost of energy efficient products, including EVs.  The loans can be paid back over a period of up to 10 years and there are also no upfront or ongoing fees attached to it.  “As the impacts of climate change become increasingly evident, it is essential that governments work with the community to not only take meaningful action to limit our contributions to global warming, but to do so in a way that improves our quality of life,” said chief minister, minister for climate action, Andrew Barr in the Sustainable Household Scheme Guidelines for participants. “I am pleased to announce the introduction of the Sustainable Household Scheme (Scheme), to support Canberrans to reduce their energy use and costs and live more comfortably. This in turn will contribute to the ACT’s transition to net zero emissions by 2045. “The Scheme will provide $150 million in zero interest loans over five years to eligible households, individuals and not-for-profit community organisations, and be delivered through a contracted loans provider.” Partnering with home improvement loan provider Brighte, the ACT Government is set to offer the scheme up until 2026 (unless it’s extended). Apart from the scheme and loans, Brighte also offers a specialised interest-free Buy Now Pay Later service for home improvement purchases (including green ones) up to $30,000 and snapped up a 2021 Mozo Experts Choice Award for best specialised service.

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Average cost of owning a car continues to go up as aussies spend over 350 a week on their transportation

Average cost of owning a car continues to go up as Aussies spend over $350 a week on their transportation

It’s no secret that a car is something that will cost you the moment you drive out of the dealership (have you seen the price of petrol lately?). From regular costs like car loan repayments, fuel and tolls to you more-occasionals like tyres, rego and insurance and roadside assist - it all adds up. That’s where the latest stats from the Australian Automobile Association come in handy, as they break down the Australia-wide average of different car costs.  According to the report, the average total transport cost for Aussies over the third quarter (Q3) of 2021 was $367.63 per week. That’s $6.99 greater than in the second quarter (Q2) of this year and makes up on average 15% of Australians’ total income. And, if you look at it from an annual cost perspective, it adds up to be $19,117 per year. While public transport is considered in the national total transport cost, it only makes up 6% of yearly transport costs overall, meaning the rest goes towards personal transportation costs (those associated with owning a vehicle) such as car loan repayments, fuel and repairs.

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Motorbike loans the ins and outs of funding two wheels

Motorbike loans: the ins and outs of funding two wheels

Got an itch to hit the open road on two wheels this summer? Or maybe you’ve been dabbling with the idea of scooting to work? Whatever the reason, when it comes to financing the purchase of a motorcycle (or motorised scooter) it's best to know what options are out there - because the truth is it may not be as straightforward as getting a car loan.   According to recent stats from the Federal Chamber of Automotive Industries (FCAI), 86,239 new motorcycles, scooters and off highway vehicles were sold between January and September of this year, an increase of 6,616 year on year.   “This steady growth of 8.3 per cent over the same period in 2020 shows us that there is strong demand from buyers who want to use a motorcycle as their first choice for the daily commute and for recreation,” FCAI chief executive, Tony Weber said.Plus with the FCAI’s ‘Ride Your Motorcycle Week’ around the corner (29 November to 5 December), Weber is hoping that more Aussies will hit the road soon.  “When you’re on the bike, there’s nothing else like it,” Weber said. “But life gets in the way. Ride Your Motorcycle Week is just a little extra push to get your bike serviced ahead of riding season, take the bike to work or take the long way home, take the day off and reconnect or just go and have an adventure. This is the week to start doing it.”

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