06 Aug 2021

What is the Best Car Loan in Australia?

What is a toggle offset loan?

The car loan market has seen some changes as the prices of vehicles have increased. Loans to finance vehicle purchases had terms of three to five years maximum. In 2021, vehicle loans extend into six and seven years. The longer the loan, the smaller the payment. However, the interest rate makes the longer loan more expensive.

Your best car loan helps you purchase the vehicle you need. Vehicle loan interest rates go down as far as 2.85%. The majority hover around 4%. Those who carry blemishes on their credit report may qualify for a higher interest rate. Some qualify for a rate that sits around 6%.

Once you obtain your car loan, read the fine print. Even though you received a higher interest rate, you may be able to pay it off sooner. Extra payments shrink the amount that goes toward interest. 

Refinancing lowers the interest rate too. You may not start with the best car loan terms, but you can end up there as your financial situation improves.

The best vehicle loan includes affordable monthly repayments. It doesn’t tie up all your cash either. You have enough disposable income left for gas, car maintenance, and insurance. Vehicles incur at least one major repair in their lifetime. It’s important to have the funds available when that day arrives. 

Best Car Loan Conclusion

The best car loan affords you the financing you need to purchase a vehicle. Mortgage House offers car loan products that compete with other lenders. For more information, contact our loan specialists.

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