If you are looking for Queensland car finance and loans companies then you can find a plethora of them on the internet. But do their consultants have good knowledge?
Unless their consultants have skills and experience to uncover the right option for you, you should not fall in their bait.
Try to find a company that can even help you with refinancing your existing car loans and help find a better deal. They should be able to present a comparison chart in front of you stating the best car finance deals in the state.
There is a wide range of lenders in this sector. So try to see if your consultant is presenting you with a list of lenders of Car Finance – Loan. Since there are many lenders in this area, the interest rates have to be low.
The interest rates on the car loans range from 7% to 8% depending on the age of the car from being 36 month new car to 48 month used car.
You also have to see at the money saving aspects like - there is no recurring or ongoing fee, and there are preferential payout options. Basically your Car Finance Company should be able to offer you the best deals either for your business or for you.
Now, the general aspect is that people want to buy more and more expensive cars without actually paying much for them monthly. They want more luxury, more car and they are now stretching out on their loans. If you see closely the prices of the same cars with same features are going south.
But the catch is the luxury segment. Thus it is the improved quality of the cars which is motivating the customers to stretch their loan options.
These days an average car runs easily a distance of 100,000kms. So the customers don’t really worry before buying a new one.
But the above scenario has a repercussion. Customers are paying thousands of dollars in the interest. Thus the buyers who are paying long car loans may find themselves in a fix or financial limitation if they require a new car after a few years. The temptation to buy a new car with improved luxury is one of the reasons to change it!
This may also bring forth the fact that the buyers now owe more money on their existing car than what it was worth. The bottom line is that do not get into the longer term Car Finance loan.