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Car loan comparison rate calculator
Working out the best deal you can get for a car loan could be easier than you may think. You can spend time going from dealer to dealer and be offered a range of car loan options, but how do you know you're getting the very best deal? When you go online and start inputting your details into a car loan comparison rate calculator you'll find a wide range of options so you can decide what works best for you and your financial circumstances. A calculator helps you remove the guesswork around the amount you will have to repay in interest over and above the principal sum. It's a smart way to get on top of the financial commitment you're planning to make.
How does a car loan comparison rate calculator work?
When you input a range of details into the calculator, you will get a picture of what you will have to repay on your car loan. You should search a number of lenders so you can make clear comparisons of what is on offer.
You will usually input the following information:
- Loan amount: How much you want to borrow.
- Interest rate: The annual interest rate for each loan you want to compare, and whether it is a fixed or variable rate.
- Loan terms: How long you want to take the loan out for.
- Frequency of repayments: Repayments are usually made monthly but some lenders may offer fortnightly or even weekly terms to repay. This is your own choice and will reflect your budget and circumstances.
- Fees: These refer to any upfront fees you may have to pay, such as application and establishment fees. Some loans may have maintenance fees, and these should be included as part of the comparison process.
Why do people use a car loan comparison rate calculator?
For many people, the details of loans and their costs can be hard to fathom. A calculator removes the need for you to guess what deal is best for you and places hard financial facts at your fingertips so you can make a more informed decision.
What are the main features?
A car loan comparison rate calculator will provide you with all the options you need to make comparisons between any loans that you are considering. It does your calculations for you, but you must ensure you enter all the information accurately.
What are the pros and cons of a car loan comparison rate calculator?
A calculator will enable you to focus on the financial implications of taking one loan out against another, or several others. As long as you input all the data correctly, it puts you in control by helping you decide what works for your budget and circumstances.
Mark Bristow is a senior financial writer for RateCity and an experienced analyst, researcher, and producer. Working for over ten years, Mark previously wrote and researched commercial real estate at CoreLogic, and has seen articles published at Lifehacker and Business Insider, among others. Most recently, Mark has joined RateCity working across finance as a whole. Whatever the topic, Mark’s goal is always to provide simple solutions to complex problems.
One thing to bear in mind is that lenders who offer no credit check car loans are likely to charge higher interest rates and higher fees than on car loans that include a credit check. Also, lenders who no credit check car loans might expect you to pay a higher deposit. You might also be expected to provide security.
Lenders regard no credit check car loans as riskier than other car loans, which is why it’s a niche product that often features special conditions.
There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.
Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.
The comparison rate is known as the ‘real’ interest rate you have to pay – unlike the advertised interest rate, which is often an artificially low number. That’s because the comparison rate includes both the advertised rate and the associated fees. According to the industry standard, comparison rate calculations are made on the assumption that the car loan will be for $30,000 over five years.
A refinance is when you swap one car loan with another. For example, you might take out a car loan with Lender X because it is the best on the market at the time – but two years later, you might switch to Lender Y because you discover that it now has the best loan. Conditions and fees often apply when you refinance.
The residual value of a car is how much it will be worth at the end of a lease period. Finance companies need to calculate a car’s residual value before they can know how much to charge during the lease period. For example, if a financier calculates that a $30,000 car will have a residual value of $16,000 at the end of a five-year lease, the financier will know that it must charge $14,000 to break even on the lease – and more to make a profit.
Historically, finding a great car loan would require excess research ranging from visiting an excess of websites or making phone calls, but technology has moved on. Using RateCity, Australia’s leading financial comparison service, you can check out great deals from a range of lenders on the one site.
To start, select the amount you want to borrow and the length of the loan, narrowing your search to show just fixed or variable interest rate results.
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, helping you to know what you can afford.
Up to six products can be compared side-by-side, complete with more information about each car loan, giving you more information about your options.
When comparing your car loan options, it’s ideal to keep in mind some points find a great car loan for your needs. Consider the following:
- Choosing a low interest car loan can reduce costs
- Selecting an option with low fees and charges is ideal, because these can really add up
- Be aware of penalties, such as early exit penalties if you pay off the loan sooner than expected
- Consider the features that best suit your situation
There are many ways to ensure that you get a great car loan. Ultimately, you’ll end up with the best deal by doing your research and selecting the most suitable product for you.
A secured car loan is a loan that is connected to a form of security, or collateral. Generally, the security for a car loan is the car itself. If you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.
Vehicle finance, also known as a car loan, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Vehicle finance can be used for both new and used vehicles.
There’s no set number. That’s because borrowing capacity differs from person to person, as well as lender to lender.
Lenders don’t give out car loans unless they’re confident they’ll be repaid. Each person is different, so the amount of money one person can successfully borrow will differ from another person’s number. Also, each lender uses its own formulas to calculate borrowing capacity – so Mr & Mrs Smith might find that while Lender X will give them a car loan for $20,000, Lender Y will offer only $18,000.
The trade-in value is the price you could realistically charge if you were to sell your car to a dealer while buying a replacement vehicle. Generally, a car’s trade-in value is less than its market value. That’s because the dealer has no interest in buying your car unless it can make a profit – which can only be done if the dealer has room to increase the price.