Second Hand Car Loans Make Car Ownership Affordable

Post by Sharat on October 28, 2018 · Under loans · Comments Off on Second Hand Car Loans Make Car Ownership Affordable 

According to the latest research, Australia appears to be a nation of second-hand lovers with over 90 per cent of the population having purchased at least one second item at some point in their lives. The research suggests that 100 million items were sold on Gumtree over the last year, with 43 per cent of buyers claiming they saved as much as 50 per cent off the purchase price of the item were they to have bought the item brand new.

Savvy Australian buyers

Apparently, the situation is no different when it comes to cars with 29 per cent of Australians saying the preferred to purchase a second-hand vehicle. Australians are incredibly savvy when it comes to purchasing cars, with many Aussies opting for a used car loan in order to finance the purchase of a second-hand car. To get a sense of what a used car loan may cost, if a buyer borrows $15,000 to purchase a car at a fixed rate of 7.52 per cent for three years, the monthly repayment would be $467.

Shop around for the best deal

Whilst that may sound very affordable and attract people, buyers should be cautious when thinking about taking out a used car loan. As budgets become increasingly tighter, it is very important that buyers do their due diligence before taking out a car loan. This means shopping around at a variety of lenders and seeing what the rates are. They should ensure they do not end up more than they have to on necessities such as a car. That means it is vital to find the right car loan.

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