Do I need a deposit to get a car loan?
Unlike home loans, you don’t always need to have a deposit for a car loan. However, if you do put down a deposit it may help your approval process and lower your repayments.
How to buy a car online? Tips for for new or used cars
Buying a car typically means time in your diary to visit a dealership or two and have to deal with pushy salespeople. If this sounds like a nightmare, rest assured it’s a common fear.
Checklist: Buying your first car
So you finally got your driver's license and you’re ready to buy your own car. But before you start your journey of being a proud owner of your very own vehicle there are a few things you should tick off first.
How a pre-approved car loan could fund your post lockdown vehicle purchase
Been holding out to buy a car once post-lockdown? Well, it may be time to think about getting pre-approved for a car loan.Not only could this speed up the process of buying a new or used vehicle, it can give you the peace of mind that you have already been approved for lending from a car loan provider. Plus, it can give you a better idea of what car prices you can go for as well as how far you need to go if it comes to negotiating the price.
What is a good credit score for a low rate car loan?
It’s no secret that your credit score can affect the interest rate you might receive on a car loan. And in some cases it might impact your chances of getting a loan at all. But the question is, what exactly is a “good credit score” to get your hands on a low-rate car loan? Well, that’s up to the lender. You may have heard of tiered car loan interest rates. This is where a car loan lender advertises a loan with a range of rates attached to it, the lowest on offer being available to those with an excellent credit rating and the highest for those with a more unhealthy credit rating. Although, for those with bad credit rating this is still within reason, so remember that it’s up to the lender to decide whether or not to offer you a loan at all. When you apply for the loan, the lender will assess your credit history and rating, and may offer you a rate that depends on that assessment - this is also known as risk-based pricing. Generally speaking, your credit score will range between 0 to 1,000 or 1,200 and the higher it is the better. Essentially, if you have a high credit rating it means that your credit history shows you are less of a risk to potential lenders, which means you’re more likely to get a low interest car loan.
Used car prices remain high but many drivers not confident to haggle
There are over 20 million registered motor vehicles in Australia and according to online automotive marketplace Autotrader, 75% of Aussie drivers have purchased a used car at some point in time. However, that’s not to say that we are well-versed in haggling prices. In recent research commissioned by Autotrader and undertaken by YouGov, it was found that 64% of Aussie drivers between 22 and 54 feel very uncomfortable negotiating the price of a pre-loved set of wheels. Plus, 50% of Aussie drivers claim they aren’t very knowledgeable about cars at all.
Car loans: Your options to fund a top small vehicle in Australia right now
Is a small vehicle on the cards for your next car purchase? If so, you’ve come to the right place. According to Carsales’ Best Small Car 2021 list, Mazda3 was named the best small car option for Australian consumers right now. Based on a number of categories like safety, technology, comfort and convenience, driving performance and ownership costs, there were nine winners in total this year. The 2021 Carsales list is as follows:
How are car loan rates looking right now?
Itching to get your hands on a fresh set of wheels? Unless you are sitting on a whole bunch of savings, you may need a car loan to help you get there. There are two main types of car loans: a new car loan and a used car loan. Depending on whether you want a brand new or pre-loved ride, this will determine what sort of loan you take out. So where do car loan rates sit in August 2021? According to the Mozo database the average new car loan rate sits at 6.21%. Meanwhile the average used car loan rate sits at a slightly higher 6.71%. But who wants just average right? Check out some of these killer car loan deals and you could be hitting the road sooner!
Is paying off a car loan early a good idea? The pros and cons
Paying down your car loan early can be a great idea, but it also might not be. The truth is, in some cases clearing car loan debt can be a savvy option and can improve your financial situation. However, in others it can have the opposite effect and impact your ability to afford things or pay off other forms of debt. Essentially, it’s all about you and where you financially stand. So what’s the right choice for you? That’s where our pros and cons list comes in handy! Read on as we weigh up the advantages and disadvantages of paying off a car loan ahead of time…
Aussie classic car market booms
Dreamt of owning a 1963 Mercury Comet ever since you first saw Peyton Sawyer cruise around in one in One Tree Hill? Or maybe a Little Red Corvette’s more your style? Well, now might be the time to turn that dream into reality.