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Car Loans

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Do you dream of having the wind sweeping through your hair as you drive along the freeway, windows down without a care in the world? There are so many benefits that come with owning your own car. You can enjoy the convenience of being able to get out and about as you please without being held down by public transport timetables.

You can travel far and see places of your country that would be impossible to explore otherwise. You have the freedom to come and go as you please. It all sounds amazing, right? But, naturally, cars costs money and they are quite a costly investment that won’t gain you much return. This is why car loans make sense. They make it easier for you to buy that car of your dreams, without needing to save for years beforehand.

The team at Australian Lending Centre can find you a car loan that suits your need, so you can drive off into the sunset in no time.

What Is A Car Loan?

car loans illustration

The concept is very simple. Car loans are a specific loan that is taken out for the purpose of purchasing a car. If you don’t have enough money in savings to buy a car outright, a car loan is the right option for you. What you do need to ensure is that you are able to make the monthly repayments to finance this new set of wheels.

When it comes to taking out a car loan, it is often grouped, depending on the lender, as a type of personal loan. This is a broad category of loans that cover everything from paying for your wedding to taking that big trip around the country you always planned.

There are two types of car loans for you to consider:

Why Do I Need A Car Loan?

Are you wondering whether or not you need a car loan?

It’s worth taking a look at the money in your bank account and how much you have access to right now. Would this money cover the cost of the vehicle? If the answer is yes, then it’s simple, you can forgo the car loans altogether and head out and choose your car. Of course, there is a lot more to think about than just that.

If you do have a decent chunk of money set aside for a car, it’s worth considering what you can purchase for that money. It’s a well-known fact that cars function worse with age. This can cost you more in repairs and services that you may not have factored into the original price.

This means that while you may have a good nest egg of money available to you, it can still be worthwhile taking out a loan to get a better car that will serve you better over time. Spending more money for a newer model usually means you will run into less problems over time and it can actually end up saving you money. This is just one of the ways car loans are so beneficial.

The Benefits Of Car Finance

Funds in your business loan account

Cost

In an ideal world, we would all be able to go out and buy a car with money we have saved up. Unfortunately, bills can get on top of us, as well as day-to-day living expenses, making this almost impossible. Car loans mean you just have to be able to meet the monthly repayments to pay if off over time.

short term loans for small business

Time

Car loans give you access to the money straight away. You don’t have to sit back and wait for years while you try to scrimp and save the money for a car. You can discover the benefits of owning your own car today by taking out a loan.

Purchase another business

Convenience

Car loans are a fast and convenient way to own your car. Rather than having to spend months or years to save for a car, you can get the car you want, when you want it and pay it off over a reasonable term at competitive interest rates.

Secured Car Loans

When it comes to car loans, there are two different types you can take out: secured loans and unsecured loans.

Secured loans are used more often than not. The idea is that the vehicle you buy with the loan is then used to secure the loan. This means if you are unable to make the repayments, your car is then seized and repossessed. These types of loans often come with a lower interest rate as the lender is taking on less risk.

unsecured Car Loans

On the other hand, unsecured car loans are generally only seen if you are purchasing a much older car with a lower price tag. In this situation, nothing is offered up as collateral against the loan. This means the lender is taking on all the risk, should you not be able to repay the loan. Unsecured car loans often come with higher interest rates for this reason.

It’s about working out what type of loan best suits your situation and needs and do your research to see how much that type of loan is going to cost you when you factor in the interest rates.

How To Get A Car Finance Loan

Car loans can be sources from a variety of different lenders. It is usually a good idea to shop around and research the different loans on offer to find the one that best suits your needs. It’s a good idea to think about the car you intend to buy when you take out a loan. This will give you a good idea of the money needed, along with whether you will be opting for a new car loan or an old car loan, or going for an unsecured loan or a secured loan.

Knowing all these details will help you when it comes time to take out a car loan. When applying for a loan you will need to provide all these details, along with your ability to meet the repayments. The lender will then assess you borrowing ability and decide whether or not you are worth taking a risk on.

How To Get A Car Finance Loan

The Car Finance Process

Australian Lending Centre offers a range of car loans with competitive rates and flexible payment terms. We create a customised package for your needs and circumstances. We look beyond the traditional credit score, and offer alternate solutions to help you get the car loan you need. The process is easy, simply give us a call today or apply online – it only takes 30 seconds. The best part, it wont affect your credit score at all. With just a click of a button we will have you on your way to cruising down the road in your new set of wheels.