Electric vehicles: what are my loan options?
Many Aussies are turning their attention to electric vehicles (EVs).
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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…
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Buying a used car: what NOT to forget
If buying a used car is on the cards this new financial year, it’s crucial you avoid making inspection mistakes and driving home a lemon.. because who wants that? Whether it’s your fifth or your first set of wheels, there are a bunch of things to remember when checking out a used vehicle.According to fresh numbers from Australia-wide car repairer, mycar Tyre & Auto, 64% of Aussies are planning on buying a car in the next year or two, with 53% opting for pre-loved. But while over half of car buyers are turning to used cars instead of new, 83% are worried that the car they want will have a mechanical fault. And it all comes down to the inspections. Mycar Tyre & Auto found that over a third of car buyers (38%) feel inexperienced when looking at a used vehicle, while 33% feel anxious and 20% feel stressed.
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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.
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The results are in, Aussies love Toyotas! What are your finance options when buying one?
It’s official, Aussie drivers are hitting the road Toyota style! Last week, market research company Roy Morgan announced that Toyota was Australia’s most popular car brand by volume of sales in 2020. “Australia’s largest car manufacturer Toyota has triumphed in the Major Car Manufacturer of the Year Award after winning 12 straight months during 2020,” Roy Morgan chief executive officer, Michele Levine said. “Toyota had an average customer satisfaction rating of 94% during 2020.” On top of that, car insurance provider Budget Direct painted a similar story for the beginning of this year. In fact, according to its latest Australian car sale statistics, Toyota maintained the lead in new car sales with 16,819 vehicles sold over January 2021. This is almost double the amount of the next most popular car brand Mazda, which recorded 8,508 new car sales for the month. Of the Toyota fleet, Budget Direct recorded that the Toyota Hilux was the most popular model with 45,176 new car sales over 2020. This is followed by the Toyota RAV4 (38,357), Toyota Corolla (25,882) and Toyota Prado (18,034). Plus, with the second hand car market currently booming, a bunch of second hand Toyotas have been sold around the country - which are not factored into the above statistics.
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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.
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Can I get a car loan rate that starts with a 3?
Yes you can! … if you’re the right type of borrower. According to the Mozo database, three car loan providers are offering fixed and variable rate options that start with a 3 right now. This is extremely competitive, as the current average variable car loan rate on our database is 6.68% across new and used vehicles. Here’s what’s on offer:
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2021 EOFY car sales: 5 car loans to help seal the deal
The new financial year right is around the corner (Yikes! Where’d the time go?), which means it's time for EOFY car sales!
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SUV sales up by over 30%: Can a personal loan get you into the market?
Ready for that new car smell? Thousands of Aussies are looking to hit the road and in a fresh set of wheels too! Recent stats from the Federal Chamber of Automotive Industries (FCAI) revealed that new car sales rose by 22.4% in March 2021 from the same time a year prior.A total of 100,005 brand new cars were sold last month compared to 81,690 vehicles in March 2020 when many Aussie entered lockdown. In particular, SUVs saw the greatest growth in sales of 32%, while light commercial vehicles, including vans and utes, also jumped up by 28%.
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5 refinance car loans to take a look at in 2021
From better interest rates to fewer fees, there are a number of different reasons why you might consider refinancing your current car loan - the common thread usually being to find a better deal.
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