When it comes to selecting the best loan deal you can find, Australia has one of the world’s most sophisticated and risk-averse credit score systems with a high level of consumer protection. That means you can potentially get the best loan deal in the country, as long as you have a good employment history, regular income flow, and meet the lender lending criteria. Securing an Australian car loan is something that can help you purchase your dream car sooner than you think and here are just some of the benefits.
1. Purchase A Car Without Paying The Full Price Upfront
Australian banks and finance companies have various options that allow you to choose the best car loan deal that is suited to both your needs and financial situation. This means you can drive away in your dream car without having to save up for the full price. This is a great way to set aside your on-hand cash for emergencies and free up your credit card from large purchases.
2 . Several Platforms and Approaches To Finance A New Car
Finding a great car deal to finance your new vehicle will be challenging if your bank or other financial institution does not have a convenient and diverse way to process car loans. That’s why lenders offering in Australia have developed different financing packages so that you can purchase a car in the most comfortable way possible. A car loan or personal loan from the bank can be two completely different things as they often come with different conditions. However, both of these options should not prove to be a problem for you if you meet their lending criteria.
3 . Several Options To Compare Interest Rates
The last thing you want when you’re car shopping is to pay expensive interest rates. That’s why most Australian finance companies make their lending options viable, fair, and affordable for everyone. Even if you have an extensive credit history with other providers, you might not get a better deal with your local bank. You never know until you try, so don’t be shy with a local financial lender!
4. You Can Still Get Approved for a Car Loan Even if You’ve Got a Poor Credit History
Australian banks and finance companies are known across the globe for their high standards in credit score evaluation. So even if your credit history is tainted with defaults or bankruptcy, you might still get a car loan approved depending on the individual lender’s criteria. However, this might mean paying higher interest rates if you have a poor credit history.
5. You Can Get the Best Car at the Best Price.
Australian dealerships will always endeavor to give you the car that most suits your needs and budget. Whether you’re looking for more luxurious models, something fast or something cheap; they can help you get it. All things being equal, the dealer can help you get the car that comes closest to what you want.
6 . You May Get Your Money Quickly after Closing the Deal.
When you make your car purchase in Australia, the dealer or finance company will process your loan application quickly, after which, if you are approved, the funding is sent either to the dealer or the private seller. Some Australian financial institutions even offer same-day financing or instant bank transfers once approved, and contracts have been signed. However, we recommend that you check the fine print to see what kind of delay you might expect.
7 . You Can Always Get the Best Deal for a New or Used Car.
In Australia, you can find a car loan that will suit every financial need and situation. Regardless of whether you want to buy a used or new vehicle, as long as the lender approves it, you can make your purchase with ease. Some loan providers will even provide the opportunity for you to apply for pre-approval before you choose your car.
8. You Can Save Extra Money on Registration.
When you buy a car from a car dealer, some or all of your first year’s registration costs might be covered as part of the total car price. Check with the car dealer if any of the registration costs are included in the price. When you get a car loan you might choose for your insurance costs to be covered by your loan. This might help pay for up to the first 12 months’ comprehensive insurance upfront.
These are just some of the many benefits that come with choosing an Australian car loan. The fact that lenders are willing to give you a better deal than what you could get elsewhere in the world is something that no other country can beat. You can also trust them because they’ve been doing this for quite a long time now, so their standards and evaluation processes are very well known around the global market.
By: Raymond James
About the Author:
Ray is a sought-after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals.