This year could be a year of big changes for you. Sometimes, these big changes can require that you buy yourself a new vehicle. Perhaps there’s a new baby on the way, perhaps you’ve managed to score a better job that requires you to go a bit further across town and a car’s a must. Or perhaps you’ve finally managed to squirrel away enough money for a decent deposit so you can buy your first car.
No matter what your situation is, it’s a rare person who manages to hold off buying a new car until they’ve saved all the money to buy it outright. Sure, it’s possible and some people do have the ability to make the sacrifices (as well as the patience) to do this, but we don’t see too many of them. If we did, there’d be no need for loan brokers like us. If you are one of these exemplary people, good on you. If you’re more like the rest of us, you will probably need to take out a loan to finance the new car that’s on the cards for this year.
Some people prefer to get a novated lease as part of a salary package and this is quite a common thing here in Australia. But not every job (or every position) comes with this bonus, which is where a personal loan is the way to go. There are a number of reasons why taking out a personal loan rather than some other option might be the best option for you. Here are three of them.
- Anybody can take out a personal loan. Even if your credit history is less than stellar, you can still get a personal loan (although you’ll have to jump through a few hoops to prove that you’re a good credit risk and that you’re not an idiot who’s going to blow the lot on a rattly old bomb and then not pay the loan company back). You don’t have to be a corporate bean counter or a manager you can be a checkout attendant or a loo cleaner (and society needs you, too, so why shouldn’t you be able to get out a loan?).
- If you shop around (or get us to do the hard work for you), you can find a loan package that allows you to make the repayments that suit you and your family situation best. After all, the weekly repayments that suit a teacher who’s still living with Mum and Dad won’t be the weekly repayments that suit a couple with three children and one income. We’ll help you do the legwork so you find the right lending company that can accommodate your needs.
- Car loans tend to have better interest rates than other personalHowever, we have to say that this isn’t because of any altruism on the part of the lending company. Companies are happy enough to give lower interest on car loans because if it all goes to custard and you end up not being able to make the repayments, they can collect an asset (the car) to pay the loan off. It’s not as risky as other loans that could go on anything at all, including intangible things like holidays, and are thus harder to repossess and make a profit on if things go wrong.
So if you’re not a saint who saves up their cash and waits, and if you need a loan for a new car this year, talk to us and we’ll help you find a personal car loan that suits your situation.