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Steering Towards a Cheap Interest Rate Car Loan

The historic low interest rates has many people thinking about buying a new car. Taking advantage of the current situation to upgrade their existing vehicles, to change cars to cater for a growing family, for a change in business direction, a bigger vehicle to be able to take road trips or driving holidays, or just to enjoy a newer model for general motoring pleasure. Or maybe in lockdown you’ve been browsing the car sales websites and now – you are ready to buy.

Interest rates do form the foundation and an important part of a car finance deal but they should be considered in context with the entire car loan structure. If you see an advertisement for ‘low interest rate car loans’ you should be looking beyond the headline to see if high fees and charges are lurking.

Refer to our web page on Interest Rates where we cover off on how rates are priced and what issues you should be considering when comparing interest rates.

With the Reserve Bank flagging that the official cash rate will remain low for some time, now is a good time for Jade Car Loans to source you a cheap car loan. At Jade Car Loans, cheap interest rates have always been available and they form the basis of our cheap car loans policy.

We’re regularly asked how we can consistently achieve our cheap interest rates and cheap car loans so here’s a quick recap on rates and the Jade difference:-

  • We’re accredited with many banks and lenders so we have more choices and more places to mine to unearth the cheapest rates.
  • We have industry-only contacts that are only available to finance brokers.
  • We are a major broker in the motor finance sector and as we write a lot of business with the lenders, we have the bargaining power to negotiate lower rates for our customers.
  • Banks and lenders price their motor vehicle interest rates and their car loans according to how much they are paying for their funding, how they price the motor vehicle lending market, their individual risk assessment of your application and other factors, some of which are global economic factors.
  • Interest rates on personal car loans will be higher than for business vehicles, ie commercial finance products – that’s just the way the market works!
  • Interest rates for secured car loans will be lower than for unsecured loans.

Using the services of an experienced car loan finance broker with a large lender network offers many benefits and better results in sourcing a cheap interest rate car loan than if you go through the process yourself.

Taking Full Advantage of Cheap Interest Rates

The interest rate is one element of a car loan and yes, low rates certainly offer significant financial benefits. But to take full advantage of low interest rates, you should be focussing on how a cheap car loan can benefit the achievement of your other financial goals.

That comes down to having the flexibility to structure your car loan to suit your requirements, not just the bank’s guidelines.

You can utilise cheap interest rates primarily in one of two strategic ways:

  • Opt for a lower monthly repayment to preserve your cash flow, or
  • Go for a higher monthly repayment but reduce the overall loan term.

Which is best suited to you will depend on your individual circumstances and is your decision to make. To a point! If you approach a bank yourself, you may be told what loan terms and conditions you must adhere to.

But with your Jade Car Loans consultant working in your best interests and with our close lender contacts, we can offer greater flexibility when it comes to structuring a car loan that suits you.

This is particularly important for business vehicle finance deals as cash flow, depreciation, tax deductibility and other factors come into play and should be considered in consultation with your accountant.

Sourcing a Cheap Car Loan

With our best interest rates policy, Jade Car Loans just has to be the place to source your cheap car loan. We handle the full range of both personal car loans and business vehicle finance.

  • New and used car loans
  • Vehicles purchase privately, at auction, from a dealer.
  • All types of cars.
  • Additional services include assistance with the paperwork, REVs checks, insurance referrals and other matters.
  • Pre-approved finance.
  • Low docs and no docs car loans.

Cheap interest rates are definitely a great incentive to buy a new car and a great driver of achieving a cheap car loan.

If you’re ready to talk cheap car loans, call Jade Car Loans 1300 000 003 and have an initial discussion with one of our consultants.

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