Car loans interest rates
- Thread starter Tillie
- Start date
Depends on the lender and whether the loan is secured against the car. Some lenders are offering rates in the high single digits ie ~8. YYou would have to satisfy some requirements lender dependant such as buying from a dealer, car has to be new or car can't be more than X years old. Or if you're wanting unsecured then you'd be looking in the mid teens for the interest rates.
Mid to high 5% range for new vehicles and a little higher for good second hand depending on who you use. I would keep away from car dealer finance, they make it more complex and come up with a number that you may be happy to repay but it could well be overall more expensive than through specialized finance companies who have access to a number of lenders.
Chattel mortgage I obtained earlier this year for a 4 year old car was 5.90%.
Hope it helps.
Chattel mortgage I obtained earlier this year for a 4 year old car was 5.90%.
Hope it helps.
When you shop for car finance make sure you ask them if you can finish the loan early and explain any fees associate with exiting early. Some time if they offer you a cheaper rate but you cannot exit early you might want to consider a higher rate loan with the option of making advanced payment to finish the loan sooner. this way you'll save more money than going for a lower interest but locked term loan.
CBA is pretty good in this area if you have residential or commercial borrowings >$100k for >12months. In some cases no financials required just ABN and purchase/dealer details. Rates 4.XX - 7.XX pending purchase price/loan amount and age of vehicle.
If you have residential can get up to $100k and if you have commercial can get up to $500k.
Can be done without having the existing borrowings, but pretty much walk in the park if you do. Have many clients who have financed this way with minimal effort.
If you have residential can get up to $100k and if you have commercial can get up to $500k.
Can be done without having the existing borrowings, but pretty much walk in the park if you do. Have many clients who have financed this way with minimal effort.
What are peoples thoughts on a novated lease?
I have 11 months to run on mine and it has been a bit of a mixed bag for me. I underestimated my km's and then was getting the wrong deductions and it has been catch-up ever since.
Whilst I am sure I am benefiting from it now, I have heard it could affect my serviceability and also negative gearing if I purchase an IP (planning to next year).
Is it something I should look at removing next year and just getting a standard car loan?
I have 11 months to run on mine and it has been a bit of a mixed bag for me. I underestimated my km's and then was getting the wrong deductions and it has been catch-up ever since.
Whilst I am sure I am benefiting from it now, I have heard it could affect my serviceability and also negative gearing if I purchase an IP (planning to next year).
Is it something I should look at removing next year and just getting a standard car loan?
CBA offer for car loan was 4.99%. 
I think that is pretty good offer. A lot of people do not have so low mortgage rates. No-one else did not come even close to that.
Albanga, if you do a lot of non- tax deductible kms and have income on the highest tax bracket, novated lease can work for you.
I also asked quotes from 2 novated lease companies, but in my case the novated lease numbers just do not work. Both companies interest rate was almost 10% as well as portion of car running costs are tax deductible for me anyway. There is after tax benefit for me to finance car and deduct portion of running costs, depreciation and interest in tax instead of having novated lease.
I think that is pretty good offer. A lot of people do not have so low mortgage rates. No-one else did not come even close to that.
Albanga, if you do a lot of non- tax deductible kms and have income on the highest tax bracket, novated lease can work for you.
I also asked quotes from 2 novated lease companies, but in my case the novated lease numbers just do not work. Both companies interest rate was almost 10% as well as portion of car running costs are tax deductible for me anyway. There is after tax benefit for me to finance car and deduct portion of running costs, depreciation and interest in tax instead of having novated lease.
Hubby thinks that something is wrong with my car's gearbox and I have to start car hunting.
sorry Hubby, no offence intended, I like to ask my repairer first.
Does Hubby know about cars, I don't, I just fix em ?? rebuilding second moke, Nigel liked the first one so he bought another for me to do, got the insides spread all over the workshop, modern cars, TOO HARD BASKET OVER THERE
have you checked that 'something' isnt just a something instead of a something
edit: capitalised hubby, we all deserve that
Hubby has 4 old hobby cars in various stages of restoration, so I have to assume that he knows something about cars.
By the way he has same opinion: Modern cars too hard and expensive to fix by yourself.
