Car loans are easy enough to overlook in the rush to buy a car. But if you spend a tenth of the time shopping around on your auto financing as you do looking for your ride, you could save years off your loan - and thousands of dollars.
Don't fatten up the car finance cats when that money could be going towards leather upholstery and premium air fresheners.
It’s the end of the financial year and with car dealerships in mega sales mode it can be a great time to snap up a new car bargain. But before you step foot onto the car lot, it’s important to spend some time wising up on dealer finance tactics. Mozo asked car finance expert Rob Chaloner of stratton to highlight some of the most frequent car finance mistakes and how you can avoid them, here’s his advice:
Whether you’re looking for a family car, something to zip around the city or you need a ute for your next adventure, Mitsubishi has a lot of options on offer. And when it comes to financing the vehicle you fancy, there’s plenty of choice there too. It’s all about finding the right loan option for you. Let’s start with the three main options:
So you’ve decided to buy a Toyota. Oh what a feeling! For years after the first Land Cruiser arrived in Australia in 1958, Toyota has been a popular choice for many drivers. From a reliable Yaris, to a hybrid Prius, to a heavy duty Hilux, there are plenty of options out there. But what choice do you have when it comes to financing your new vehicle? Read on and find out…
Vehicle finance, or car finance, refers to money you borrow in order to purchase a car. Whether you choose to take out a car loan from a bank or from the car dealership, you’ll have to pay what was lent to you over a certain period of time with the addition of interest.
Did you know that there’s such a thing as ‘dealer delivery’? Are you aware that ‘on-road’ costs are sometimes added as a cost on top of what you pay for your car? Among other things, these are just some of the costs you need to be aware of when buying your next car.
You’re buying a car? Well break out the champers! Ok, maybe not yet, because we have a lot of work to do yet. You’re going to have to have a little think about how you’re going to finance your new set of wheels and for how long. It’s all about budget and wishlist. If you can make a compromise somewhere in between then you’ll be cracking out the bubbly in no time. Let’s have a closer look at your options:
When considering purchasing a car, the matter of what you can afford is a huge question. First off, you need to determine whether or not you plan to buy the car outright. And if you plan to get a loan, how much money you are willing to sacrifice towards repayments.
If you can’t afford to upgrade or trade in, repairing your car for any major dings or mechanical problems may be the way to go. But this can come with quite a price tag... So what's an option? A car repair loan!
So you're thinking of selling your car. Whether you're upgrading, giving yourself a little cash injection or just feel like going car-free, if your current vehicle has an outstanding loan, there are a few things you need to know.
Cars are a necessary part of everyday life that let you get to work, the shops or weekend destinations conveniently. But they can also be expensive and sometimes shelling out a large lump of cash up front isn’t a viable option. That’s where car loans come into play. A car loan can help you get the finance you need, for the car you want.
A car loan could be your saviour when it comes to turning your auto dreams into reality. Whether you choose to take out a car loan from a bank, credit union, peer to peer or online lender there are many terms and phrases or fees and features you may not be aware of.
In this current low-rate environment, refinancing has become common practice for many home loan holders to shave thousands off their mortgage. But is refinancing your car loan a good idea? Let’s take a look at the numbers: Since 2016, there have been eight cuts made to the Reserve Bank of Australia’s (RBA) official cash rate. It now sits at an historic low of 0.10% from 2.00%. The current average variable car loan rate for new and used vehicles sits at 6.68%. When you compare that to the average rate at the same time five years ago, 7.82% - that’s a 1.14% difference. In the case of home loan interest rates, the current average variable rate is 3.30% from 4.72% five years ago. While that is a 1.42% difference, the small margin can make a significant difference because home loans are generally around 25 to 30 years. So the question is, should you refinance your current car loan? We’ve weighed it up.
There are a bunch of new car models set to hit Aussie shores this year. Whether you’re after an eco-friendly Volvo XC40, a fresh BMW iX, a new model VW Golf, Subaru Outback or are even considering the latest Tesla Model Y - there’s plenty to get excited about. So, if a fresh set of wheels is on your 2021 to-dos, and you’re needing a car loan to get there, it’s important you find the right loan to suit you and your price range. While something like the new model Skoda Octavia might set you back around $30,000, cars like Audi E-Tron GT could cost around $180,000 - not to mention the price tag a new-model luxury vehicle might come with. Ultimately, it’s important to give yourself the wiggle room to borrow what you need to cover the cost of your new car. Also keep in mind, that when borrowing for a car only borrow within your means. While a fancy whip might seem fun at the time if you are unable to pay down your loan over time you’ll risk spiralling into more debt and facing hefty late payment fees and interest repayments. With that in mind, here’s a rundown of where you might find a loan to match the car you have your eye on in 2021 …
For a lot of us, purchasing a used car is the simple way to avoid forking out a fortune for a new set of wheels. But according to new figures from data aggregation firm Datium Insights, Aussie drivers are now paying more than 40% more for second hand cars compared to pre-Covid in 2019.Two common reasons car sales have surged over the last few months is due to the fear of public transport as well as a desire to explore the country on road trips.