Tips to avoid a car loan that's a lemon
Choosing a new set of wheels can be a thrill. However, if you get the car before the loan, you could be pressured into rushing an important financial decision. This is never a good idea.
Before hitting the showrooms, work out how much you can afford each month. A car loan calculator can be helpful here. Explore a range of repayment options by entering different borrowing amounts, loan terms and interest rates.
Something else to be mindful of is your credit score. After all, it’s what lenders base your interest rate on. A low credit score may limit the car loans available to you. While a good score can open the door to loans with lower interest rates and more flexible features.
Above all, it pays to compare car loans. By shopping around, you can potentially save hundreds if not thousands of dollars. To discover some of Australia’s most competitive car loans, keep scrolling.
Disclaimer
This article is over two years old, last updated on February 18, 2021. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent car loans articles.
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