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Great car loan opportunities
There are many contributing factors for getting the best
possible car loan on offer at any point in time. With the
right information, anyone could be on their way to obtaining
the right car loan to suit their situation.
According to the Australian Bureau of Statistics, the average Australian car is 10.3 years old, so either Australians keep their cars for a long period of time, or we are buying used cars a lot more. Online car dealer directories have been capitalising on this fact for years, with used cars accounting for a large proportion of the total enquiries for
Drive.com.au. This has led to strong competition between car dealers and car financing companies, such as
HSBC and
ANZ, opening up opportunities for consumers to benefit.
Negotiation, in these circumstances, is an important tool to
utilise. Especially when purchasing a new car from a car
dealership. When negotiating price, be sure to keep the
issue of car finance separate from the actual car price-
often if the finance rate is low, this will be because the
car price will be higher. This problem can be eliminated if
you shop around for your car loan, perhaps even using a
car finance broker.
Comparing different loan rates is not difficult, even if you
are a novice. The Australian Consumer Credit Code requires
all lenders to uniformly describe their loan terms. Thus,
the Average Annual Percentage Rate (AAPR) describes the
combined effects of both interest payments and fees into one
rate, making comparability simple for consumers.
With a little research into current rates and opportunities,
obtaining the right car loan is a possibility, not a dream
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