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Car Loans Compared

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Car Loans Explained

Buying a car can be expensive, if you are buying a new car, dealers will usually offer finance which can be very expensive in terms of interest. A cheaper alternative to dealer finance is taking out an independent car loan.

Banks which offer car loans lend you money to buy the car and spread the repayment of the debt over a term of your choice.

Regular Personal Loans Vs Car Loans

There are two types of debt that can be used to finance the purchase of a new car. One way is to take a regular personal loanand spend the cash the bank lends on purchasing a new car. Secured personal loans tend to offer lower rates of interest than unsecured personal loans.

Specialist car loans lend the borrower cash to finance the purchase of a car and secure the debt against the car itself rather than the borrower’s house. This means borrowers who fall behind on their car loan repayments may have their car repossessed.

Specialist car loans offer flexibility allowing the borrower to defer payments if necessary or structure the debt so they pay lower amounts initially followed by a lump sum payment at the end of the term loan.

Latest Compare Loans News from the comparedinkum Blog

ANZ Reviewing Its Car Loan Business And May Exit The Space Entirely

At the end of last month Australian banking major ANZ suspended making retail asset-based loans as it seeks to determine whether the rising costs of this type of lending is worth the return the bank makes. This means people looking to borrow to finance the purchase a car, boat or caravan will be fresh out of luck, though ANZ will continue to make personal loans. ANZ expects the review to be complete by the end of September and adds that existing borrowers will not be affected by its decision. Continue reading

Australian Banks Expected To Start Hiking Mortgage Lending Rates

ME, the online lender has decided to raise the interest rate on its variable rate mortgages because it says funding costs have risen. ME is not the first bank to do this, nevertheless the lender hiked its standard variable rate for owner-occupier, principal and interest borrowers. Jamie McPhee CEO of the online lender said higher funding costs and increased regulatory compliance were the main reasons behind its decision to hike rates. Continue reading

NAB Cuts Variable Mortgage Rates

NAB has introduced a new variable interest rate owner occupied mortgage product with an interest rate starting at just 3.69% for customers who choose to make both principal and interest payment. This new offer is just the latest in series of sharp cuts in interest rates as banks battle to acquire new customers. NAB also followed the lead of CBA and ANZ in cutting interest rates on fixed home loan rates as well. Continue reading

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