It’s a good idea to read the lender’s documentation carefully before signing up for a car loan, to help you work out how much you may be charged in interest and fees. This will influence the overall cost of the loan. It’s important to carefully consider these fees alongside interest rates when comparing loans.Īdditionally, if you take out a variable rate loan, the interest rate may change over the life of the loan. Car loans can come with a number of fees such as establishment, service, late payment, additional repayment and early repayment fees. The calculator does not consider any fees that may be charged. You can use Canstar’s Car Loan Repayment Calculator (above) to help you determine how much your repayments could be and the total interest payable. Your car loan repayments will depend on factors such as how much you borrow, how long the loan term is, the interest rate (including whether it is fixed or variable) and the fees charged on the loan. This type of loan often comes with a higher interest rate and is more common for the purchase of used cars than for new ones. In some cases, you may be able to take out an unsecured car loan (with no security). This means that if you don’t repay the loan on time, the lender will be able to repossess your car and sell it to recover the unpaid amount. Your car will typically be used as security for the loan. A car loan can be a helpful form of finance if you need a car and don’t have enough savings to buy one, but you can afford to make regular loan repayments. A car loan is a type of personal loan taken out to buy a motor vehicle such as a car, ute, 4WD, motorbike or other road vehicle.
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