You’ve been saving for some time, but you’re still not quite at your target to be able to afford that new car you’ve had your eye on. However, you do have the option of a car loan to help you pay down a new or used car that you want or might just even need. There is a litany of finance options out there for drivers to explore, so it can be overwhelming for first-time loan applicants. Thankfully, iSelect is here to make shopping that much easier.
Applying for a Loan
When exploring iSelect car loans, you’ll have the peace of mind of using one of the best comparison platforms that Australia has to offer car buyers. Auto loans are a great financing option for those Australians who are looking to gain access to funds to purchase their desired vehicle. Plain and simple, you drive and pay it off, which could be easier on your monthly balance sheet. Unlike personal loans, which can be used to finance a variety of purchases, an auto loan will typically come with a contractual obligation that the funds must be used to purchase a vehicle.
The comparison process through iSelect allows drivers to see the range of options that lenders have to offer. You can compare loans through a range of products and providers to find the lender or bank that may best suit your needs in terms of repayment and other requirements. It all starts by examining iSelect’s page and clicking the “Go-To Site” button, where you’ll be directed to the lender’s website to submit an application. Once submitted, the lender will typically perform a credit check to understand your credit history. If your application is successful, you just may be in business.
Comparing Auto Loan Deals
It’s important to explore a number of different features to make sure that your car loan is the right one to fulfill your needs. One of the most important factors is the interest rate for a loan. Some lenders may have an advertised policy rate, but it may not be possible after a lender reviews your credit history. Interest payments are typically the highest loan expense on top of ongoing repayments toward a loan’s principal.
One important thing for potential borrowers to also look out for are requirements that some lenders have regarding auto insurance. Banks and other companies may have minimum coverage plans that you need to sign on for. The good news is that if you find an auto loan that requires a certain form of car insurance, you can look for an auto insurance quote through iSelect as well. With a comparison platform that offers alerts to the best deal, you could be in a great position for the best deal with just a few clicks.
Terms and Conditions
It’s important to explore any additional information that comes with the quote for a car loan to make sure you are aligned with a repayment schedule and the terms and conditions of the borrowing process. The interest rate on your auto loan can either be fixed or variable. A fixed loan means the interest rate stays static for the entirety of the loan or for a set amount of time. A variable rate means the rate can fluctuate over time.
Auto loans can often take the form of a secured loan, which means that an asset is required as collateral. The asset used to secure the loan is typically the car that you purchase with the funds from that loan. An unsecured loan doesn’t require that asset, but a bank or lender may perceive that as riskier, attracting higher interest rates. iSelect’s comparison platform lays out all of the facts and puts you in the best position for the right loan for you.