Many car loan types exist to cater to different people with different needs, for an in depth guide visit out car loans section. Because there are many different types, how do you select the right loan type for you?
Here five things you’ll have to keep in mind in choosing the right loan amongst the hundreds available:
The most important factor in selecting a car loan is your budget. By knowing how much you can afford, you reduce the risk of getting into financial pressure. To help set a budget, factor in your monthly payments along with the costs to operate the car as well—fuel, maintenance, registration, and others alike. We’ve got a great car loan repayment calculator to help you determine what your monthly repayments will be!
Some loans are directed at different cars as well. Some are used for purchasing old cars, others new, while some others for both. Decide on what kind of car (old or new) you have in mind to help you determine which loan fits you best.
With a budget in mind, you can then select a loan that fits your pocket. If you don’t have much to spend, a fixed-rate loan will suit you best. However, if you have extra cash, a variable-rate loan can potentially be cheaper than a fixed-rate loan. Of course, this comes with its own risks, and no one knows for sure if rates are going to increase or decrease.
You’ll also have to decide if you’re going to select secured or unsecured loans. If you’re sure that you will not default on your loan, a secured loan will reward you with lower interests. If you do not want to risk losing your property or vehicle, an unsecured loan is a way to go, although you’ll have to work with a higher interest rate.
Do keep in mind as well that different loans have different features. Some may allow you to pay out your loan earlier, and some others may allow you to make extra payments. Some may even allow you to choose the payment period that suits you best, while others take longer to get your loan approved. In other words, no loans are the same. Your job is to decide precisely what you need and compare the different car loans to find one that will fit you. Alternatively, get in touch with us and we’ll guide you through the entire process start to finish and provide the most suitable lender based on your unique circumstances and lifestyle.
To make sure that the process goes by without hassle, prepare all the documents appropriate for your loan before going out to sign the contract. Different loans will have differing requirements, but general documentation will include your credit history and proof of income.
You never know what might happen to you in the future. You may face a disability or a disease that will cause you to retire from work. If that happens, you won’t have any income, putting you at risk of defaulting your loan if you cannot cover the total cost. This is where insurance comes into the picture. The insurance company will cover you and your car and will take care of your loans should you find difficulty paying it off due to unforeseen circumstances.
Before deciding on a loan, make sure that you do thorough research. Make sure that it fits your budget, offers most if not all, of what you’re looking for, and is the best deal you can get. You don’t want to select a loan only to find out a few days later about another better loan.
If you’re looking for a car loan in Australia, get in touch with Highline Lending to see how we can help!
If you have any questions or simply need more information, reach out and contact us today – we’re more than happy to help you!
Contact us on 02 8530 1107 or Submit your scenario online
Whether you’re a first home buyer looking at entering the market or an existing home owner looking at ways to save money on your home loan, we have you covered. We’ve put hundreds of hours of research into these guides to ensure you end up ahead, and it’s completely on the house.
We meet for a consultation, obtain your supporting documents and proceed to structure and package your application for approval knowing exactly what the banks want to see. We also monitor your home loan post approval ensuring you’re home loan suits you and your financial position
We get paid a commission from our lenders as a result of introducing your business to them. Subsequently, our service is at no cost to you. Our commission does not affect your interest rate whatsoever, if anything, we’re in a position to get you a lower interest rate than the general public due to our relationships with our banks
With our many years experience in the industry, we’ve been exposed to both easy and complex loan scenarios. Each loan we process gets presented to over sixty financial institutions, ensuring we have explored all options possible and are able to provide a solution
When you apply for a home loan, the lack of a pre-approval may make you miss out on securing a home. While you will be out there, securing your mortgage with your lender, someone else – with a pre-approved home loan – can basically snatch your dream house from you.
The odds are that you’ve stumbled across the term lender’s mortgage insurance and you’re wondering what it stands for. Well, you’ve come to the right place. This article will clarify this term, so that you can understand what it is, the concept behind it and the approximate costs. Let’s get started!
The odds are that you’ve stumbled across the term lender’s mortgage insurance and you’re wondering what it stands for. Well, you’ve come to the right place. This article will clarify this term, so that you can understand what it is, the concept behind it and the approximate costs. Let’s get started!
The odds are that you’ve stumbled across the term lender’s mortgage insurance and you’re wondering what it stands for. Well, you’ve come to the right place. This article will clarify this term, so that you can understand what it is, the concept behind it and the approximate costs. Let’s get started!
One in five Australians is self-employed. This means that there are quite some people here that are their own bosses and, in short, command over their very own businesses.
Of course, being your own boss sounds great and all, but there are a couple of things that may be uncertain for most self-employed people. For example, what do you have to go through in order to obtain a home loan?
When applying for a mortgage, we are often introduced to a lot of options that are currently available on the market. On top of that, we are also told about offset accounts and why they are such a major feature of the home loan that we are about to take.
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
What you need to know before you purchase your first property and how to fast track it. We have designed this guide to get you up to date with everything you need to know about being a first home buyer. Whether you have a short term goal of purchasing your first property or are thinking about it sometime later down the track, this guide will cover important essential aspects of this exciting journey.
What the banks won’t tell you and how to save serious money on your home loan. By Investing 10 minutes of your time to read through our guide, not only will you learn the tips and tricks the banks won’t always tell you to assist you with paying off your home loan sooner, but also gain an insight into some techniques that will allow you to minimise the interest you pay to the bank.
The best way to take control of your finances is to use a budget planner. This is a simple tool that helps you understand the money going in and out of your household. With our Highline Lending Budget Planner, we’ve got you covered. This handy tool allows you to log and track your goals, track your savings, track your debt and expenses and keep a monthly record for an end of year evaluation.
