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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

Pay Down Debt Through A Consolidation Loan

According to the latest research, individuals who end up defaulting on a personal loan take an average of 326 days to pay off the outstanding balance. The research also suggests that Australian men are much more likely to default, accounting for 65% of all personal loan defaults. There are a couple of reasons for this, older households typically have bills which are in the man’s name and younger men tend be much more immature. In general, women tend to be better at creating and living within a budget. Continue reading

Call Your Bank And Get A Better Rate On Your Home Loan

It may be a little awkward to have the talk but what you will find that your tears could well end up being one’s of joy instead of sadness. 7 out of 10 Australian mortgage borrowers who negotiate with their lenders over interest rates are likely to be successful in bringing the rate down. Whilst that does sound encouraging, the bad news is not enough Australians are calling their banks to seek a better deal despite the fact that it will save them huge amounts of cash.

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Personal Loan Home Truths

Personal loans are probably the cheapest way to borrow money. Not only do they allow you to fund big purchases or expenses, you can use them to consolidate outstanding credit card debt and establish a good credit history. You should be aware though, that not all personal loans are created equal and borrowers tend to misunderstand them. Here are a number of myths surrounding personal loans that you should not be believed. Continue reading

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