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Fixed Rate Car Loans
Fixed Rate Car Loans are much the same as any fixed rate loan because the interest rate is set by the lender at the start of the loan and does not change over the entire loan term. This is different to a variable rate car loan where the interest rate is unstable and can move at any time by the lender’s discretion.
Even though variable rates are volatile, if you follow the interest rate cycle you may be able to estimate whether variable rates are likely to rise or fall and whether it’s a good idea to choose between variable and fixed rate car loans. If interest rates are on the rise, people are more concerned for their repayments to rise and this is the time that most people look to choosing a fixed rate. However, fixed rate car loans are generally more expensive than variable rates so make sure you do the math and check the difference in repayment costs before deciding which option is best for you.
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Monthly repayments are indicative and based on advertised rate, loan amount and selected payment frequency over nominated loan term. Rates shown are minimum available and may vary depending on your individual circumstances and loan amount.
The advertised and comparison rate is based on credit of $10,000 and a term of 3 years. The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.
Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
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