Let’s not beat around the bush: cars cost a lot of money. Buying one – whether used or brand new – sets you back thousands or tens of thousands of dollars.
Over the past few years, however, it’s become increasingly affordable to buy a car, with recent data showing cars were actually at their most affordable in 37 years in 2014.
A report from CommSec estimates that someone earning the average wage would have to work for around 26 weeks … Read more
With so many different providers and finance options to consider, choosing a car loan is often as hard as choosing the actual car. While it might seem straightforward at first glance – find a car loan with the best interest rate and apply for it – the process of getting the best car finance often means asking a lot more questions.
First, you have to consider what type of car loan to get. Do you need a used car loan, … Read more
Whether it’s a change in lifestyle, accident damage or a great sales deal, there are times when changing cars is a major priority. But what happens if you want to get a new car when you’re still paying off your old one?
When you first take our a car loan, you sign a legally-binding contract and agree to pay back the full amount, including interest and fees specified in the product disclosure statement. That means you will have to deal … Read more
Want to get a good interest rate on your car loan? It can be intimidating, especially if you have bad credit – but getting a good rate on your next car loan isn’t impossible with a little work and research done beforehand. Here are a few tips for getting the rate you want – whether you’re negotiating with a dealership or another lender.
Know exactly what car you want to buy, and how much it’s worthIf you go into … Read more
A bad credit rating can hold back your finances in many ways, particularly when it comes to applying for loans. Your credit history is one of the main elements used by loan providers to assess eligibility for a wide range of products, with negative listings indicating a greater risk to the lender.
Basically, credit history has a huge impact on whether or not your loan applications get approved. But to understand how to improve a bad credit rating, it’s important … Read more
If you’re a first-time car buyer, you might not know what to expect when talking to a lender for the first time. It can be intimidating, but there are a few things it helps to know ahead of time. Here are a few things you can expect from your lender if you’re a first-time car buyer—and how to prepare.
Expect a higher interest rate if you have no creditYou might think that if you don’t have much credit history, … Read more
There are a lot of good reasons to consider going with an online lender. Many online lenders offer fast quotes and lower interest rates than your average brick-and-mortar bank, making it easy to shop around and get a good deal. Online lenders give borrowers many more options than the bank where they have checking and savings accounts.
But online lending is still relatively new—and it’s especially important for customers to be able to trust the banks with which they do … Read more
If you start struggling with your car loan repayments, it’s better to deal with the problem sooner rather than later. Whether you’ve hit a temporary set-back, or a more permanent one, or even if you are completely in over your head – this is the time to deal with the problem.
A temporary problem
Everyone goes through temporary money problems. Whether you’ve just had to fork out for a big medical bill, or you’ve had to replace the boiler at … Read more
When you apply for credit in Australia, your credit history is incredibly important. When you apply for a loan or a credit card, the lender will look at your credit file to assess your credit worthiness. Whether you are approved for the loan or credit card – and what interest rate you receive – will depend on what your credit file says about you.
Luckily, there are numerous ways you can build your credit, so that when you do apply … Read more
If you’re finding it hard to cover your car loan repayments each month, it may be time to re-evaluate your situation. That could include speaking to your lender about refinancing, it could mean refinancing with another lender, or it could mean you simply have to budget better to free up enough cash to cover your repayments.
Evaluate your budgetBefore you think about refinancing your car loan, first look at your spending habits. Create a budget to see how you’re … Read more
If you’re not happy with the current deal you have on your car loan, you may want to think about refinancing. By checking out the competition and speaking to lenders, you may be able to negotiate a better deal on your car loan, saving you a heap of money in the long run.
Check your creditIt’s much easier to negotiate a refinancing deal when you have good credit. Good credit is like a bargaining chip. If you negotiate with … Read more