Petrol adding to household cost burden
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Whether you’d like to take a trip to Fremantle, the coast or embark on a tour of some of Perth’s finest museums, this is a city that’s easy to get around. Swan Valley Tourist Drive (203) is just one of several routes favoured by visitors keen to take in as many of the popular sights as possible. If your jalopy isn't up to doing many more clicks, maybe it's time to consider a car loan for a new set of wheels.
Fortunately, the personal loans market in Perth is highly competitive, which is beneficial to customers as it keeps interest rates low. Companies that specialise in online loans have a particularly fast turnaround time and are able to respond promptly to applications. Whether you want a car, a caravan or motorcycle, you should be able to find a loan deal that suits.
When comparing loan offers, note whether lenders require loans to be secured, for example on your car, home or other property, or whether they are happy to offer unsecured loans. If you don't yet know what type of vehicle you want, you can apply for a pre-approved loan so you’ll know the finance will be available when you need it. Be prepared for a check to be made on your credit history.
Lenders advertise their fees and charges, depending on the type of loan you want and the amount you wish to borrow. Loans may be offered at fixed or variable rates of interest.
You may want to consider features such as flexible repayments, balloon payments and low interest loan options. If you are a pensioner, single parent or student, some companies will tailor their loan arrangements to suit your level of income.
A flexible payment system allows you to repay your loan early by occasionally paying more than the minimum amount. Sometimes lenders place a restriction on how often you can do this, or charge additional fees.
To get the best deal available for your finances, use the comparison rate rather than the lender’s advertised rate, as this gives a more accurate picture of the true cost of each loan. You’ll also find that a loan calculator will help you to work out accurate repayment levels for Perth car loans.
Getting a car loan can help you afford the vehicle of your choice, whether you’re shopping for a new or used car, and whether you’re seeking a roomy, reliable family sedan or a sleek, fuel-efficient vehicle. Loan approval is normally a fairly speedy process, so you should know how much you can afford to spend promptly.
Always take the time to read your car loan agreement carefully, and make sure you know exactly how much the loan will cost you before making a commitment. If you don’t, you run the risk of being unable to maintain payments, which could cause you to default on the loan and damage your credit history.
Nick Bendel is RateCity’s property and personal finance editor, and an experienced journalist with numerous writing credits to his name. To date. He covers property, home loans, credit cards, superannuation and other bank products, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Poor credit doesn’t necessarily mean you won’t be able to get finance for your car purchase, though your options aren’t likely to be the same as someone with good credit.
In fact, a number of specialist lenders exist offering car finance for customers with poor credit, able to provide access to bad credit car loans.
However having a history of poor credit will likely mark you as a potential risk to lenders, so your car financing needs could see higher fees and interest rates. Alternatively, consider a secured car loan, which is a type of loan that uses the car you purchase as collateral, reducing the risk.
Other options include getting someone close to act as a guarantor for your car loan, or to talk to a broker about a personalised rate specific to your circumstances.
A guarantor on a car loan is a third party, usually a relative or friend, who guarantees to meet the repayments of a loan for the purchase of a car, if the borrower/owner of the car defaults on the loan.
Guarantor car loans can be useful for people who would otherwise struggle in being accepted for credit to purchase a vehicle. These may include people with bad credit, students and young people who may have no credit history, as well as some pensioners.
Many lenders offer guarantor car loans, guarantor personal loans and guarantor home loans, because of the significantly reduced risk to the lender.
Lenders that provide bad credit car loans tend to be smaller challenger lenders rather than the bigger banks.
Bad credit car loans are a niche product. The bigger banks tend to focus on mainstream car loan finance for borrowers with better credit histories. That’s why smaller lenders tend to be the ones that provide bad credit car loans.
Bad credit car loans can have high interest rates and fees, so it’s important to compare options before submitting an application.
You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.
Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.
That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.
Being a student is tough enough, and while you might find the odd student discount on movies and technology, the same can’t be said about car loans, as you can’t really get a discounted student car loan.
Lenders make money on the interest and fees that they charge with loans, and the lowest interest and fees are given to the most reliable credit holders: people with excellent credit history.
As a student, you are unlikely to have enough on your credit report to warrant an excellent history. There are however, ways of getting a lower interest car loan if you can’t get an interest-free loan from the bank of mum and dad. One way of doing this may be through getting a guarantor car loan, which can get you a secured car loan by setting your parents up as guarantors.
A bad credit car loan is a car loan for borrowers who have ‘bad credit’ or a bad credit history.
Some lenders refuse to offer bad credit car loans, because they believe there is an excessive risk that bad credit borrowers will not repay their loans. However, other lenders are willing to provide bad credit car loans.
Generally, these lenders charge higher interest rates for bad credit car loans than ‘prime’ car loans, reflecting the higher level of risk. Bad credit car loans may also have higher fees than prime car loans.
However, the big advantage of a bad credit car loan is that it allows borrowers with bad credit to access finance. Another advantage is that it could help bad credit borrowers improve their credit rating, assuming they make all their repayments on time.
Yes, you can get a car loan with bad credit, although you’ll probably find the process trickier and dearer than that experienced by people who have good credit histories.
You can find a number of lenders that specialise in bad credit car loans. However, make sure you compare bad credit car loans before you sign on the dotted line, because not all car loans are alike and having bad credit may mean you are more likely to be hit with higher fees and interest rates.
If you have bad credit, it’s important not to take out a car loan unless you can afford the repayments because a default could further damage your credit rating. Conversely, if you make all the repayments and repay the loan successfully, your credit rating might improve.
Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.
A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.
Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.
To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.