While it may be more challenging these days to secure your next vehicle, finding the right financing option doesn’t have to be so hard.
New car sales figures from the Federal Chamber of Automotive Industries (FCAI) revealed that a total of 101,233 new vehicles were sold nationwide in March 2022 – a slight decrease of 0.5 per cent on March 2021.
FCAI chief executive Tony Weber said the relatively stable result reflected the challenges facing the global automotive industry.
“This is historically a unique time in which supply rather than demand is determining the size of the market. This is due to manufacturers recovering from the pandemic-related shutdowns and the ongoing global shortage of microprocessing units,” Mr Weber said.
“Consumer inquiries and demand for new cars remains strong. Manufacturers are working hard to match this demand with supply.”
This follows the prediction that global supply chain issues for microprocessor units will continue through to at least 2023, further delaying the arrival of new cars and continuing to drive up the prices of used vehicles.
Despite these challenges to the Australian car market, and while it may in some cases be more difficult to track down the car you’re after, it’s still possible to secure your next set of wheels.
While some of the most popular new car models may have a wait time of up to 12 months, other models may be available much sooner. Plus, if you spend some time doing your research, you could find a used car that ticks all the boxes.
Luckily, finding car finance for your next vehicle can be much simpler. RateCity’s car loan comparison tools can help you in your search for the right finance option.
Our car loan comparison tables allow you to filter down your results to help you find a new or used car loan that could best suit your needs.
To help get you started with your research, RateCity has put together some of the top-rated car loans for April 2022, based on our leaderboard rankings.
(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)