Everyone wants to find low interest car loans, but not everyone knows how to get started. It’s important to choose a lender that offers an agreement that matches your finances and repayment requirements. Not doing so can have dire consequences, including a damaged credit score, repossession, and expensive collection fees.
Fitch Ratings, a credit rating agency, determined that late vehicle loan payments reached a new high last year that hasn’t been seen since 2010. The statistics were based on $12 billion worth of Australian auto loans that were sold to investors as asset-backed securities. Make sure you don’t find yourself among those overextended car buyers by looking for the best low interest car loans that offer comfortable repayment terms.
Borrowing vs. Buying Outright
If you have enough money in the bank, you may be able to buy a car outright. Before doing so, make sure you are making the best choice for your household and financial standing. There are some good reasons to consider buying outright. There’s the benefit of owning the vehicle right away and not paying any interest, but there are also concerns about draining your bank account in case of emergencies.
Buying outright can also be very limiting when choosing a vehicle. For example, if you have $9,000 to buy a car, then you can only afford a car with a total cost of that much. If you decide to go with low interest car loans, then you can get far more vehicle by using your $9,000 as a down payment. It could mean the difference between buying a used car with a shorter life span or financing a newer model that will last longer and offer more features and better reliability.
Who Can Get Car Financing?
Lenders may be pickier when deciding whether or not to lend to individuals who approach them directly. When you work with a broker like Blink Finance, you are more likely to be approved. Almost anyone can get car financing when they work through a broker. That’s because we are industry experts who can show you to the right lender. There’s no guesswork involved, and it takes far less time than doing it alone!
Low interest car loans are available right now! Find them by contacting Blink Finance at 1300 827 848 or stop by our website to submit an online assessment.