The period of historic low interest rates from November 2020 to May 2022 was a great time to secure the cheapest personal car loans in a long time. Many lenders across the motor vehicle finance sector were well-placed to offer something of the best deals on new car loans in many years.
But now, as the RBA moves to curb the soaring rate of inflation, interest rates are on the rise across all lending markets. The RBA has moved to increase the cash rate by 1.25% in just three months. Based on the latest employment and inflation figures as released recently by the Australian Bureau of Statistics further interest rate rises are a certainty.
As motor vehicle finance rates are on the rise, car buyers seeking finance will no doubt be wondering how they can go about finding the cheapest interest rate car loans on the market. The motor vehicle finance market is one of the most competitive and largest lending sectors in Australia. With so many different lenders, loan types, and rates, buyers need to be extremely savvy in achieving the loan that best suits their needs and at the cheapest rate.
To achieve both those objectives, car buyers can utilise the services of a finance broker style lender such as Jade Car Loans.
Not just for Business Buyers
Many private car buyers may think that brokers are just for business. A special service which is made available for businesses to arrange their finance. Nothing could be further from the truth, at least with Jade. Our broker-style Jade Car Loans services are available to all customers, those purchasing business vehicles and those buying personal, private and family cars.
Our finance options extend across both the business vehicle finance and personal car loan range. Private individuals seeking finance for the purchase of a new or a used vehicle are welcome to use our services and realise the benefits of having their car loan professionally sourced and negotiated on their behalf. Many customers have already realised how quick and easy the process is to achieve better interest rate car loans.
With rates rising, perhaps it’s time you considered this change to the way you normally source car finance.
What to Expect
Don’t be worried that as a private car buyer, possibly of a medium or even small car, that you will be treated with any lesser service than a business buyer. As long as the loan required is above our minimum, all customers are welcome. Working with us is easy and straight forward and our consultants are friendly and extremely helpful.
It all starts with a phone conversation or email exchange. You will be assigned a consultant to give you a single point of contact through the entire process. We are working in your best interests so we are driven to ensure not only the cheapest rated car loan is achieved, but that the process is streamlined and fast.
As a private car buyer, the car loan required is considered consumer finance. This lending sector is regulated by ASIC and as a Licensed Credit Provider, we adhere to ASIC’s Responsible Lending Guidelines. These are established to protect consumers. The guidelines include information which we are required to obtain from our customers and processes we must follow.
To complete the loan application and/or brief our consultants for a quote, you will need to provide information in regard to residential status; income and employment; as well as assets and liabilities and general expenses. And of course in regard to the car you are planning to buy.
Permission will also be sought to access your credit history and other information. A review of the credit score forms an important part of the loan application assessment process. Paying down other debts prior to applying for a loan may improve the credit rating and improve the chances of a better interest rate being offered.
With this information, your consultant will then source the cheapest car loan offer that best meets your specifications and application.
We are accredited with over 80+ lenders - banks, finance companies and non-bank lenders, so we have a vast choice when it comes to sourcing the cheapest rate and the loan conditions that meet each customer’s requirements.
Private Car Loans
For buyers of private vehicles we offer two types of car loans:-
- Secured Car Loan
- Unsecured Personal Loan
The secured loan will suit most buyers of new cars and many buyers of second-hand vehicles. The vehicle is accepted by the lender as security against the loan and the finance is repaid in equal monthly instalments over a fixed loan term.
We arrange this type of loan with a fixed interest rate which remains fixed over the full loan period. With rates on the rise, securing a fixed interest which will not be subject to increase as the RBA raises rates, is particularly important.
Where the lender does not consider the vehicle as suitable loan security, the unsecured loan is a workable alternative to consider.
Car loans, including hire purchase cars, can be secured after the vehicle purchase process has commenced or even before the final purchase decision has been made. Pre-approved car loans can be applied for with a guesstimate of the loan amount/purchase price. This can be particularly helpful in providing a firm quote on what loan repayments may be on certain priced cars. A great way to set the budget and set the sights on cars in an achievable price bracket.
Your Jade consultant will come back to you quickly with a quote based on your application. If this meets your expectations and budget and is accepted, we proceed to process the application through approvals and assist with prompt settlement with the car dealer.
As inflation soars and prices on many goods and services continue to rise, it is more important than ever to achieve workable, cheap car loans at the best interest rates. Private car buyers can look to achieving these goals by utilising our broker-style lending services.
Contact Jade Car Loans on 1300 000 003 to discuss our we can assist you with personal motor vehicle finance at cheaper interest rates.
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.