Car Loan Options
Choose Buddii For Great Car Loan Options
When it comes time to buy a car – whether it’s new or used – one of the biggest decisions you’ll come to make is how to finance it. There are many different car loan options available out there, so it’s a great idea to take the time to understand your options. This will help you choose the loan that’s right for you – and at Buddii Finance, we’re here to help you every step of the way.
Whether you’ve found a great secondhand deal in a car yard, or you’re eyeing off the newest model of your favourite car, our professional broker team can pair you with a loan that suits your personal circumstances, rather than coming up with a one size fits all solution. This is because we work alongside a long list of trusted lenders, ensuring that your personal finance solution is exactly that: personalised.
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Please note: This is an estimate provided for illustrative purposes only, and is based on the accuracy of information provided. It does not constitute a quote. Additional fees and charges may apply dependent on your individual circumstances. Fees such as early repayment costs and establishment fees are not accounted for in the examples of weekly repayments. Interest rates may be subject to change throughout the term of the loan.
What Are My Car Loan Options?
Here are a few of the most common car loan options, although keep in mind these will vary from lender to lender, and some options may not be available through all car loan avenues.
Secured Car Loans
Secured car loans are among the most common types of car loan. The term “secured” comes from the fact that they are backed by the value of the car itself, which means that if you default on the loan, the lender can repossess the car. Secured car loans typically offer lower interest rates than unsecured car loans thanks to this safety net.
Unsecured Car Loans
As the name implies, unsecured car loans are not backed by any collateral, which means that your lender cannot repossess your car if you default on the loan. However, unsecured car loans typically have higher interest rates than secured car loans, since the lender cannot rely on the value of the car to reclaim the loan.
New Car Loans
New car loans are specifically designed for the purchase of a new car. They typically offer lower interest rates and longer loan terms than used car loans.
Used Car Loans
Used car loans are designed for the purchase of a used car. They typically have higher interest rates and shorter loan terms than new car loans.
Refinancing a car loan requires that you take out a new loan in order to pay off an existing loan. This can be a good option if you can qualify for a lower interest rate or longer loan term, but you should research this car loan option thoroughly to ensure it’s the right move for you.
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How Do I Choose The Right Car Loan Option For Me?
When choosing a car loan, it’s important to take some time to consider the aspects of your potential loan and what will work for you.
- Your credit score. Your credit score will have a large impact on the interest rate you qualify for. A higher credit score will generally result in a lower interest rate, as this proves to your lender that you are responsible with repayments.
- Your income and debt. When you apply for a car loan, lenders will also consider your income and debt when determining how much money you can borrow and what your monthly repayments will be.
- The type of car you want to buy. It’s the whole reason for your loan, after all! The type of car you want to buy will affect your car loan options – for example, new cars typically have lower interest rates than used cars.
- The length of the loan. The length of the loan will of course affect your monthly repayments. A shorter loan term may result in higher monthly repayments, but you will pay off the loan sooner and potentially save money in the long run.
The interest rate. This is one of the most important things to consider. The interest rate is the percentage of the loan amount that you will pay in interest over the life of the loan, meaning that a lower interest rate will save you money over the life of the loan.
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Talk To A Car Loan Cairns specialist
At Buddii, we aren’t working with any third-party bank or credit providers so we can solely work for you. We’ll tailor the perfect commercial car while working on the necessary paperwork and negotiation process. Once your finance is ready, you’ll be hitting the road to success in no time.
Contact our team today so you can secure your next car loan!
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