Loans, Home Loans, Loan
Understanding your finance options is very important. The type of car you would like to purchase can determine what sort of car loan rates you will pay, and how to compare car loan options. The age of the vehicle will also determine car loan finance.
Car Loans Available With Us:
The age of the vehicle is the most important determining factor for car loans in Australia. Obtaining some of the best car loan rates from low interest car loan financiers is easy with Finance Monster. We specialize in many varying car loan types & cheap car loans. Aside from factoring in the age of the car you want to buy, working out your car loan interest rate is important. Lenders will also have a variety of different types of car loans for you to choose from. There are new car loans & used car plus many more. You can refinance car loans, interest rates have dropped dramatically in Australia lately. So it pays to shop even if you have an existing car loan with a different finance lender.
New Car Loans VS Second Hand Car Loans:
Car financiers and credit unions offer very competitive rates for new car purchases. These are often the cheapest car loans interest rates you can obtain. The reason being new car loans have a much lower risk for car loans not being paid back. A new car holds its value much longer than a second hand car.
This doesn't mean you can’t get a car loan for a second hand car, or even cheap finance on a second hand car. In most cases a car lender will consider a car that is 2-3 years old, not worthy of a car loan and a personal loan may need to be used. There are both personal loans for cars and straight personal loans that you can sue to buy a car.
A car loan to buy a used car is still a secured loan. So the lender still uses your vehicle as the collateral security for the loan, but there still may be restrictions on the age of the car. Most lenders who finance second hand cars will consider a car that’s between 2-5 years old.
Not usually any older, to reduce their risk. The reason being the car will depreciate over the period you take the loan out for. Usually between 5 and 7 years to pay back. Car loan financiers are not prepared to take the risk on a secured loan of a car that could be 10 years old at the end of the car loan.
They would struggle to get back the value of the outstanding loan amount. Older or second hand car loans usually come with higher interest rates than new car loans. Car finance rates vary depending on lots of factors, cheap car finance also may have hidden fees in the terms and conditions.
Finance Monster will ensure you are aware of all of these before you proceed. Car Loans for pensioners and low-income people can be difficult but we have lenders who may be prepared to lend to these customers.
For more information visit our website: http://financemonster.com.au/
Or call us today on: 1300 829 666
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Level 5/ 99 Creek StreetAustralia
Brisbane,, QLD, 4000,Australia
Main: 1300 829666
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