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Fixed Rate Car Loans
Congratulations, you are one step closer to finding a great fixed rate car loan and driving off in your new car. Before you take the plunge make sure you use the RateCity car loan comparison page to search and compare some of Australia’s most competitive fixed rates.
Fixed rate car loans are an appealing option for the budget conscience borrower who wants the stability of knowing their repayments will not change over the course of the loan.
Unlike a variable rate, which follows the Reserve Bank cash rate and can be changed at any time by the lender, a fixed rate car loan allows you to set the interest rate with your lender at the beginning of the loan term and will not change.
The downside to fixing your loan is in the case of an interest rate fall, as the lower interest rates will not be passed onto you. But this would be a plus in the case of an interest rate rise which, likewise, won’t affect your agreed fixed rate.
But you will most likely pay a little extra for the stability of a fixed rate car loan as fixed interest rates are generally higher than variable rates.
Rev up your research before you decide on a fixed rate by comparing Australian car loans, side-by-side, in the table below.