Car loan news and advice

It’s no secret that a car is something that will cost you the moment you drive out of the dealership (have you seen the price of petrol lately?). From regular costs like car loan repayments, fuel and tolls to you more-occasionals like tyres, rego and insurance and roadside assist - it all adds up. That’s where the latest stats from the Australian Automobile Association come in handy, as they break down the Australia-wide average of different car costs.  According to the report, the average total transport cost for Aussies over the third quarter (Q3) of 2021 was $367.63 per week. That’s $6.99 greater than in the second quarter (Q2) of this year and makes up on average 15% of Australians’ total income. And, if you look at it from an annual cost perspective, it adds up to be $19,117 per year. While public transport is considered in the national total transport cost, it only makes up 6% of yearly transport costs overall, meaning the rest goes towards personal transportation costs (those associated with owning a vehicle) such as car loan repayments, fuel and repairs. 

Got an itch to hit the open road on two wheels this summer? Or maybe you’ve been dabbling with the idea of scooting to work? Whatever the reason, when it comes to financing the purchase of a motorcycle (or motorised scooter) it's best to know what options are out there - because the truth is it may not be as straightforward as getting a car loan.   According to recent stats from the Federal Chamber of Automotive Industries (FCAI), 86,239 new motorcycles, scooters and off highway vehicles were sold between January and September of this year, an increase of 6,616 year on year.   “This steady growth of 8.3 per cent over the same period in 2020 shows us that there is strong demand from buyers who want to use a motorcycle as their first choice for the daily commute and for recreation,” FCAI chief executive, Tony Weber said.Plus with the FCAI’s ‘Ride Your Motorcycle Week’ around the corner (29 November to 5 December), Weber is hoping that more Aussies will hit the road soon.  “When you’re on the bike, there’s nothing else like it,” Weber said. “But life gets in the way. Ride Your Motorcycle Week is just a little extra push to get your bike serviced ahead of riding season, take the bike to work or take the long way home, take the day off and reconnect or just go and have an adventure. This is the week to start doing it.”

With the Australian government announcing its $250 million investment in car charging infrastructure, you may be thinking about buying an electric vehicle (EV). 

More Australians are turning their eyes to electric vehicles, and car loan lenders are joining in.

Unlike home loans, you don’t always need to have a deposit for a car loan. However, if you do put down a deposit it may help your approval process and lower your repayments.

Buying a car typically means time in your diary to visit a dealership or two and have to deal with pushy salespeople. If this sounds like a nightmare, rest assured it’s a common fear. 

Australia’s Electric Vehicle Council (EVC) has called on the government to enact emissions policies in line with calls from the United Nations to slash carbon output by 2030. The EVC claims a “dramatic shift” to electric vehicles will be necessary for Australia to meet the 2030 emissions target. 

So you finally got your driver's license and you’re ready to buy your own car. But before you start your journey of being a proud owner of your very own vehicle there are a few things you should tick off first.

Many Australians have begun to be more environmentally conscious. And after the latest Intergovernmental Panel on Climate Change (IPCC) report, many businesses have been looking for ways to be more green, too. This change can be made by adjusting one’s approach to basic finances, energy consumption or by making green purchases like solar panels, hybrid cars or electric vehicles (EVs).

Been holding out to buy a car once post-lockdown? Well, it may be time to think about getting pre-approved for a car loan.Not only could this speed up the process of buying a new or used vehicle, it can give you the peace of mind that you have already been approved for lending from a car loan provider. Plus, it can give you a better idea of what car prices you can go for as well as how far you need to go if it comes to negotiating the price.