How To Get The Lowest Rate On Your Car Loan

You have found the car you’re after and now just need to get the finance sorted, so how can you ensure you get the best or lowest rate on the market?

With so many factor involved, as well as so many lenders all offering different rates and terms it can be a bit of a challenge. Here we have put together a short list of things to consider if you’re about to apply for car finance:

  • The type of loan you’re applying for will be a major factor in deciding the interest rate, for example personal loans and payday loans will typically have much higher interest rates than specific car loans, where the purchased car is the security of the loan.
  • Your credit score is a major factor in deciding which lender you might have a chance of getting approved with. Not sure what your credit score is? Don’t worry we can help you find out and it doesn’t cost anything.
  • Some lenders offer lower rates but will be much tougher with approvals or might have lower borrowing limits, so knowing which lender to apply through can make a big difference. Our brokers can definitely help with finding the right lender for you.
  • Multiple applications can have a negative impact on your credit score, thus another reason for knowing which lender to apply with to get the lowest rate.
  • Lenders will look for stability in their applicants when approving a car loan: full time job; property owner or long-term renter; asset backed.
  • The type of car, new or used can also be important as some lenders will only approve loans on new cars.
  • If applying through the business then GST registration and some business history would be required.

Our brokers are highly qualified and know all the best lenders specifically for car loans. They will help identify the lender and product with the lowest possible interest rate based on your financial situation, your credit history and the car you’re after. Just name the car you’re after and we’ll help you get the best deal on both the car and the finance!

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With our extensive network of car dealers, independent brokers and lenders we’ll help you find the best car deal for the car you’re after that combines both the car and the finance, so that you can save time and money.

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What is a Car Loan?

A car loan or car finance typically refers to a secured asset loan where the car itself is the security, making it less risky for the lender and a lower rate for the borrower. Thus a car loan is often a better way to go than an unsecured personal loan in terms of having much lower repayments.

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