After a tough 2020, the coming year is sure to be a year of big developments for everyone, and for some, that may even require a new car. Perhaps there’s a baby on the way, or you’ve landed a job post-COVID that will see you working from a different location.
No matter what your situation, it’s rare that one manages to hold off buying a new car until they’ve saved up all the necessary funds to buy it outright.
Some people prefer to get a novated lease as part of a salary package and this is quite a common thing down under. But not every job, nor every position, comes with this perk, which is why so many drivers turn to a personal loan. There are a number of reasons why taking out a personal loan rather than some other option might be the best option. 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, however, you will need to jump through a few hoops to prove that you’re a good credit risk. You don’t have to be a high flyer either. Even those earning minimum wage can apply for a car loan, and sure enough, with so many lenders out there, one of them will be right for you.
- By shopping around , you can find a loan package that allows you to make the repayments that suit you and your situation best. After all, the most optimal weekly repayments will differ from one loan applicant to the next. On this point, that’s where a car broker can be useful, something we can help as far as doing the legwork to help you find the right lending company that best meets your needs.
- Car loans tend to have better interest rates than other personal loans as the financier generally has recourse to repossess the car in order to reduce the outstanding debt and mitigate their financial exposure. For the lender, a personal loan for a car is not as risky as other loans for things like holidays, as they would have a difficult time recouping their losses in the event you were unable to make repayments.
The Fincar team is here to help you with all your financing needs. Contact us today to help arrange your next car or equipment loan.