How to Find a Cheap Car Loan
When it comes to buying a car most Australians will negotiate on price to ensure you're getting a great deal. So it makes sense that you would shop around for a cheap car loan to keep costs down.
Historically, finding the cheapest car loan on the market would require borrowers to visit a number of lenders' websites or even make telephone calls! But that's a thing of the past because using RateCity.com.au, Australia's leading financial comparison service, allows you to view all the best deals from a range of lenders at the one site.
All you have to do is select the amount you want to borrow and the length of the loan. You can also narrow your search to show just fixed or variable interest rate results. So finding the cheapest car loan online is really simple! You can also use our Australian car loan calculator to help understand how much you can afford to borrow.
Once you've indicated your search criteria, you'll see an immediate list of lenders, ranked by interest rate or application fees. You'll also be able to view the monthly repayment amount for each result, so you'll know immediately what you can afford.
The cheapest car loans in your search result can be compared in greater detail too. You can select up to six products to compare side-by-side with more information about each car loan. So if it's total repayments or star ratings that you're keen to weigh up, you'll be able to do so here.
How to find a cheap car loan?
While comparing car loans is often the best way to find a good deal, there are a number of tricks and tips to keep in mind to help reduce costs even further:
- Opt for a low interest car loan
- Choose an option with low fees and charges, because these can really add up
- Be aware of penalties - such as early exist penalties
- Choose features that best suit your situation - if you can pay an extra $50 each month, then make sure your loan accepts extra payments, because some don't
There are many ways to ensure that you get the cheapest car loan. Ultimately, you'll get the best deal by doing your research and selecting the most suitable product for you.
Feel free also to use our car loan guide where you can find out more information on how to find the best car loan for your own circumstances.