Weighing up dealer finance versus going to the bank for a car loan
No-interest or low-interest car loans are regularly advertised by struggling car manufacturers desperate for sales. Whether it’s 0 per cent or 1.5 per cent or somewhere in between, the fact is, if it seems too good to be true, it usually is! There is no such thing as money for nothing. The catch is, you are more likely to end up paying more for your new car than you would if you had shopped around and paid cash, or even if you had taken out alternative finance.
Interest rates for car loans fluctuate depending on market conditions and can differ by as much as 2 per cent, sometimes more, from one lender to another. This is because cars depreciate quickly over the first 18 months and lenders are unable to recoup the full value of their loan in the event of a default. Even in the current market banks and non-bank lenders are keen for new business so you can still find competitive rates and flexible conditions – you’ve just got to know which bank or lender to ask.
Whether you are looking to buy or lease a new car, or even a fleet of cars your Green Team Finance Consultant can help you work out which loan or leasing arrangement is right for you. Give us a call on 07 3899 2866 today.
THE FINEPRINT: The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. While all care and attention are taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances.
Green Finance Group Pty Ltd ACN 145 035 221 is authorised under LMG Broker Services Pty Ltd ACN 632 405 504 Australian Credit Licence 517192.
"While my extensive industry experience covers all areas of banking, loans and leasing – commercial, equipment and residential – my business finance specialties are the broader hospitality, accommodation and childcare industries."
Fortitude Valley, Brisbane
Australia's leading hospitality, accommodation and childcare finance specialist and winner of Australian Broker of the Year 2022.
Prior to establishing GFG in 2010, I occupied senior management roles in some of Australia's leading financial institutions including Commonwealth Bank of Australia, Suncorp, Bankwest and Westpac.