Australian buyers can be spoilt for choice when it comes to buying new cars. The motor vehicle market is extensive with vehicles available in a wide range of types, prices and styles. Buying decisions can be practical and based on functionality and price, or emotional and based on style and appearance. But where the purchase is based primarily on affordability, the decision may be influenced significantly by the finance. To compare car loans, buyers need to delve into the details as differences can be found with different lenders, different loan products, interest rates, new and used car loans, and vehicle finance for private and business use.
These details can come into consideration for buyers who are undecided between say a ute, dual cab, SUV or large 4WD. All may cover off on many buyer requirements. Dual cabs can suit many SUV buyers, with functionality for family, recreational and work usage. Where tools, supplies and heavy gear need to be transported for work or play, then a ute may be the better choice.
Jade Car Loans assists buyers make purchase decisions based on finance with tools, resources and a quick guide to compare car loans.
Tools and Resources to Quickly Compare Car Loans
An important tool buyers need to compare car loans is our Car Loan Calculator. This is available online, is free to use, and can be used to compare many aspects of vehicle finance. Buyers simply enter the specifics of their loan, and the calculator displays the estimate monthly repayment based on those figures. Familiarising yourself with the calculator functions can assist as we work through this quick guide to comparing car loans.
While the calculator is a great place to start comparing car loans, having an experienced motor vehicle finance expert make those comparisons for you, and find you the cheapest car loan, can be a faster, easier and more accurate way to secure the best vehicle financing for your vehicle and for you. All buyers – private and business, can use the resources of our broker service to secure the financing that is right for them. Connecting with one of our brokers can be made online or by phone.
With these tools and resources in your buying kit, we now look at the specifics of comparing vehicle financing.
Compare Car Loans for Business & Private Use
Before using a calculator or applying for a car loan, buyers should know the type of finance they required. Different lending products are applicable for private and business use buyers. Private buyers of new vehicles and quality second-hand cars will typically suit our Secured Car Loan. Business buyers have the choice of Leasing, Chattel Mortgage and Hire Purchase.
Interest rates vary for different financing products. Buyers should know the product required to enter the applicable rate when using the calculator.
Compare Car Loans on Different Vehicles
Essentially, all types of vehicles – SUVs, utes, dual cabs, sedans, with all types of power units - electric, hybrid, diesel, petrol, are financed in the same way. The differences in the loan offer will be determined by the credit profile and financial position of the buyer, and of course, the price of the vehicle.
The price and how much is required for the loan will of course affect the repayments but can also affect the credit limit approved by the lender based on the buyer’s profile. A loan for a top of the range dual cab such as the Ford Raptor with a higher price tag than single cab basic Toyota HiLux ute, would result in higher monthly repayments.
Buyers can use the calculator to compare loan estimates using the vehicle purchase price as the loan amount required, or the price less the estimated trade-in value or deposit.
Differences in loan terms, interest rates, limits and other aspects can vary for new and used vehicles. Lenders will assess the condition of the vehicle as well as value compared with price and loan requested, when preparing offers. Requesting a quote can be the quickest and easiest way to get an accurate used car loan offer to assist with buying decisions.
Comparing Car Finance Lenders and Interest Rates
When comparing car loans based purely on the rates displayed by lenders, buyers should be aware of differences in car finance interest rates across the lending market, in the credit amounts offered by lenders, and in some of the terms and conditions offered by lenders. These differences can be based on individual lender guidelines and/or the credit profile of the buyer. Some aspects of the vehicle may also impact lender offers.
Check if the interest rate is fixed or variable and that the maximum and minimum loan limits meet their preferences. Be aware that the rate you are offered may be different, the loan amount you are approved for may not be what you are hoping for, and that your individual profile and application may not be the best match with a particular lender.
To make it extremely easy for buyers to compare car loans on all types of vehicles, we connect buyers with the right lender from our vast 80+ lender base, to ensure the most suitable finance offer is quickly secured.
If looking to compare car loans on different vehicles to make buying decisions, contact Jade Car Loans 1300 000 003 and allow our experts to find you the most suitable deal.
DISCLAIMER: IN REGARD TO MISREPRESENTATIONS AND ERRORS CONTAINED IN THE MATERIAL AS PRESENTED, LIABILITY IS NOT ACCEPTED. THE DETAILS AND CONTENT IS PROVIDED FOR CAR BUYERS AND INDIVIDUALS AND BUSINESS SEEKING FINANCE PURELY AS GENERAL INFORMATION. THIS IS NOT PROVIDED AS THE ONLY SOURCE OF FINANCIAL INFORMATION. ANYONE THAT CONSIDERS THAT NEED FINANCIAL ADVICE ABOUT THEIR SPECIFIC REQUIREMENTS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.
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