Car Loans Perth – Get a low rate loan with low repayments to suit your budget. We specialise in supplying low rate loans to the mining community.
Car Loans Perth – Here are some considerations that you should look at when getting a car loan or a bike loan.
Fees & Charges
Finance companies charge a range of fees as part of their finance packages, and these will differ from lender to lender. Car Loans Perth customers can rely on Aussie Loans to get the smartest deals with the lowest costs.
Fees you may encounter include an upfront establishment / settlement fee, ongoing account-keeping fees and early payout fees.
All of these contribute to increasing the overall cost of your loan, and all-to-often a low interest rate can hide very hefty fees that make a finance package much more expensive then it seems.
Payout Penalties & Retained Interest
A factor of critical importance when comparing quotes is retained interest – often known as a payout penalty.
Retained interest is a hidden charge levied by almost all lenders in Australia if you payout your finance early, whereby they add a portion of unpaid future interest to your payout figure. This is distinct from a payout fee, and unfortunately it can be very hard to ascertain how much interest a particular lender retains.
Aussie Loans will sort out the best deal and show you why it is the best.
Car Loans Perth – Comparison Rates & Monthly Repayments
Low interest rates can often hide hefty fees and charges that make a finance package much more expensive then it appears. To combat this you have two tools at your disposal: comparison rates, and monthly repayments.
A comparison rate is the interest rate of a loan, taking into account the cost of any fixed upfront fees, ongoing fees and termination fees. Legally, comparison rates must be quoted for all Consumer car loans and Bike Loans.
The second point to note that will help you make your comparisons is simple: how much does each quote cost you per month? While this is a fairly simplistic way of comparing the monetary cost of your finance quotes, as it does not include the often-significant impact of upfront fees, termination fees or retained interest and payout penalties, it is better than comparing the quoted interest rate alone.
Flexibility
For Car Loans Perth borrowers, flexibility is fairly clear-cut: will the lender give you what you want?
Some lenders are more conservative with residual values and approval guidelines than others, so if you are aiming for a large residual or have a less-than-perfect credit history you may find that your choices are more limited, and not all of your quotes deliver the result that you’d hoped for.
There’s not a lot you can do about this yourself – other than to try to find a lender who can deliver the outcome you want – but it is important to remember that this is another area where a broker can be of great assistance. Not only do experienced brokers know how to best present your application to a lender so that it is seen in a favourable light, they can also help to negotiate a slightly higher residual value than is normally possible.
The key is that Aussie Loans will assist car loans Perth clients with the best deal – Call 1300 633 334 and speak with one of our friendly consultants.