When it comes to preparation for a new addition to the family, be that a long term or even short term scenario, one of the key considerations is the size of the family vehicle.
Larger new vehicles do come with a hefty price tag however and not every Australian family has a spare $20,000 to $40,000 set aside for the purchase of a new vehicle.
Due to this, most families have to seek car finance in some form.
What are the options for car loans and finance?
Option 1) Traditional Car Loan: There are a host of options here and a useful resource for more information is Australian website Rate Your Drive Australia (www.ryda.org.au). Here is their guide to car loans.
Option 2) Car Lease: If you do not want to actually purchase a new vehicle, then an option that is certainly available to you is the option of taking out a car lease instead. One of the main benefits here is that the approval process is much easier, but you are also not committing yourself to a massive loan as well which is handy.
Option 3) Rent To Own Car: This is a bit of an “out there” option, but one worth consideration none-the-less. With a rent to own vehicle agreement, you can pay a set monthly fee for your vehicle and over the duration of the agreement, your monthly payments help go towards ownership of that vehicle.
When it comes to actually selecting a car loan provider, there is certainly no shortage out there. We have taken a look at the options available and below are three of the best out the for rates, conditions and finance options.
Top Car Finance Companies To Choose From:
IMB is among the largest building societies in Australia. Established in 1880, this building society has more than 180,000 members and assets in excess of $4.7 billion. Among many other products IMB also provides car finance services. The principal features of their motor vehicle loan service are, no monthly fee, low fixed rate, no penalty for early repayment, and flexible loan terms from 1 to 7 years. Find out more at their website.
RACV was established in 1903 as a motorist’s social club in Melbourne. The primary objective of this club was to develop and encourage the motoring industry and to protect the rights of motorists. They continue to stand-by their commitment and support more than 1.9 million members and community through various products. They provide car finance with features like, no ongoing fees, loan approval within 5 business hours, and choice to repay the loan in 1 to 7 years.
Credit Union Australia
Credit Union Australia or CUA is the largest financial institution in Australia that is customer-owned. They provide many everyday banking products and services, and have in excess of $9 billion in asset under management. Created after the merger of over 160 credit unions, this financial institution have more than 900 employees and 400,000 customers. They provide car finance with many benefits like, free extra repayments, no monthly account fees, and no early exit fees or late payment.
All the best as you upgrade your family car!