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Variable Rate Car Loans
If you’ve landed on our variable rates car loans page then you’ll be glad you did. Here you can search and compare a vast range of Australian car loans by comparing variable interest rates, calculating your car loans repayments and review fees and features.
Variable rate car loans are an attractive option to borrowers for two significant reasons – interest rates and flexibility.
But before you rush off and sign up for a variable rate car loan you do need to be mindful of the variable aspect, because unlike a locked in fixed rate, variable rates are governed by the Reserve Bank cash rate and your lender so if there is a rate rise, it’s more than likely your lender will pass this onto you, increasing your interest rate and repayments.
On the flip side, if interest rates fall you may benefit from lower rates and repayments, which fixed rate borrowers won’t benefit from.
Another thing to consider is that variable rates are, in general, lower than fixed rates and will usually offer you more flexibility in terms of making extra repayments or paying off your loan sooner, usually without incurring hefty early payout penalties. As paying off your loan sooner could mean shaving thousands off your loan, it’s worth looking into this.
The question you need to ask yourself is, how flexible can you afford to be? If you are happy and able to follow the rise and fall of interest rates in exchange for cheaper overall interest rates then perhaps this is an option for you. Alternatively, if you want the stability of knowing what your repayments will be for the entire length of your loan, then perhaps a fixed rate is a better match.
Pick up those wheels sooner by comparing a great range of Australian variable rate car loans below.