Potential buyers can compare new car loans on best-selling vehicles to obtain an indication of affordability, using an online car finance calculator. Buying a new model with finance may offer unexpected benefits when compared with buying and financing a used model. Even the latest top sellers may be acquired with affordable finance through the right lender and by finding the best interest rates.
The loan estimates obtained with a Finance Calculator can be invaluable assistance when deciding which model to purchase by converting vehicle price guides to estimate loan payments and providing a guide to affordability. These devices also allow buyers to compare finance based on the different interest rates and loan terms and conditions offered by different lenders. To assist potential buyers on their purchase journey, we review the latest top selling models, the finance options and how to compare new car loans with our calculator.
New Car Loans for Latest Top Sellers
There is no difference in the loan products for different types of new vehicles. SUVs, utes, small, luxury, wagons, vans, hybrids and EVs are all financed with the same types of loans. For businesses, that is Leasing, Commercial Hire Purchase and Chattel Mortgage. For private buyers, a Secured Car Loan is the most popular finance product. Which of the latest top sellers will you consider? The FCAI has announced that light commercial vehicles dominated sales in June. Possibly unsurprisingly, as businesses rush to maximise tax deductions prior to 30 June. Toyota remained as the leading manufacturer, with Ford second, Mazda third and Hyundai fourth.
The top 10 best-selling models for June were the Ford Ranger, Toyota HiLux, Tesla Model Y, Isuzu D-Max, BYD Shark 6, Ford Everest, Mazda CX5, Hyundai Kona, Toyota RAV4 and Hyundai Tucson.
What models should those looking for a passenger vehicle consider? The FCAI notes that this market continues to decline and represents only 12.4% of the market. In the passenger car market, the best sellers included the Toyota Corolla, MG3, Mnini Cooper, Toyota Camry, Tesla 3, and Mercedes Benz E-Class. The EV market is also down but the hybrid market is doing well.
Reviewing the FCAI report may unearth areas of the market to look for buying bargains to meet affordability targets. Look for models that are not selling as well as others in their class. Dealers may be more flexible in offering a better deal to move stock.
Compare New Car Loans with Second-hand Vehicle Finance
With costs of living and budget pressures being felt by both individuals and businesses, buying a new car rather than used may seem an unaffordable option. But there are benefits that buyers may like to put into the mix when making purchase decisions.
Yes, the price of a new model will be higher than a used. But lenders will usually readily accept a new vehicle as loan security while used models need to be assessed as suitable security. Higher loan amount can be approved on newer models, reducing the need for a large deposit. This can be significant. Those trying to save enough deposit face lower interest rates on savings accounts and the price of vehicles continues to rise.
Lenders offer better interest rates on new goods compared with used. So while the amount borrowed may be higher with new, the repayments can be more attractive. Balance that out with the long warranties offered on new vehicles which can reduce servicing over the first few years. When buying used, buyers can often face the unknown as to what work will need to be done on the vehicle.
Also factor in potential for savings with better fuel efficiency, the latest tech, and possibly more safety features. Using a Calculator to Compare New Car Loans
Now to compare finance options. First you will need a loan amount. Head to the manufacturer’s website - Ford, Toyota, Mazda or your manufacturer of your choice for a price guide.
Don’t forget to include extra for dealer charges and check any conditions noted with an asterisk on driveaway pricing. You will obtain the best estimates by working with the closest amount you need for your loan. Now enter our interest rate for your preferred loan product, a preferred loan term, and the monthly repayment estimate is displayed.
Repeat the process with different lender rates and different loan amounts to compare lenders and models. Repeat the process for say a used model and consider the difference. There are many rate variations across the lender market and carrying out these calculations can highlight how much per month a lower rate can save you. That top selling may actually be more affordable than you first thought. To speed up and simplify the comparison process even further, use our broker service to have your best rate and loan offer sourced from our 80+ lender base.
Compare new car loans quickly and easily with our Finance Calculator or request a quote from Jade Car Loans 1300 000 003 for your best offer.
DISCLAIMER: IN REGARD TO MISREPRESENTATIONS AND ERRORS CONTAINED IN THE MATERIAL AS PRESENTED, LIABILITY IS NOT ACCEPTED. THE DETAILS AND CONTENT IS PROVIDED FOR CAR BUYERS AND INDIVIDUALS AND BUSINESS SEEKING FINANCE PURELY AS GENERAL INFORMATION. THIS IS NOT PROVIDED AS THE ONLY SOURCE OF FINANCIAL INFORMATION. ANYONE THAT CONSIDERS THAT NEED FINANCIAL ADVICE ABOUT THEIR SPECIFIC REQUIREMENTS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.
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