Get a Car Loan Before You Choose Your Car
Finding the Car Loan before the Car
Many financial institutes are offering the car loan but not all of them are suitable for every situation and some are better than others. Before getting the car loan, a person is recommended to compare them and obtain the best available loan first.
Aside from the actual number of car loans that are on the market there is also the fact that some institutes are limiting the loans that they are giving out. This can make it more difficult for an individual to obtain the funds when they need them. These loans that are being cut back pertain to both the new and used cars and if a person spends the time looking for a vehicle then discovers they can’t fund it, the time taken almost seems like a waste.
When a person has the loan pre-approved, they know they have the money and how much of it, therefore making the search for the car much easier.
The Institutes Offering the Car Loans
A person might be wondering who exactly is offering the car loans if some of the major competitors are now being much more restrictive in their loans. There are banks still offering these but credit unions are the groups that are offering the majority of the car loans. They actually offer almost three quarters of secured and unsecured loans while banks offer 20% and building societies, 10%.
There are more than 470 different car loans that a person can choose from and they have an average interest rate of 12.3%. This being said, the cheapest car loan is not necessarily the best so a person needs to take other aspects into consideration.
Ranking the Top Ten
There are ten car loans that have been put at the top of the list for a bulk of reasons. They are each suitable for different situations and it is worth it to look at each one individually.
- The Family First Credit Union offers the Savings Loan at a low 8.0% per annum.
- The Holiday Coast Credit Union has the FTD Secured Loan for the same rate of 8% per annum.
- The ABS Building Society offers the 3 year fixed interest rate Personal Loan. The interest rate varies from between 7.75% and 8.75% per annum.
- The Heritage Bank is also very competitive with its Cake and Eat It Loan that has a 8.33% interest rate per annum.
- The Membership First Credit Union makes the list with its Personal Loan that is secured by TD and with an interest rate of 8.4% per annum.
- Ranking at just under the Membership First Credit Union is the Holiday Coast Credit Union again but this time with its Personal OD Secured Mortgage standing at 8.5% per annum.
- Lifeplan Funds Management ranks closely with the Personal Secured LOC at 8.54% per annum.
- The Bananacoast Community Credit Union offers the secured Personal Loan at 8.55% per annum.
- Completing the list is Credit Union Australia with the Vehicles of 2 yrs +30k sitting at 8.69% per annum.
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
 ME Bank Personal Loan | A low rate personal loan from ME Bank with no application fee for a limited time. | 13.59% | 13.81% | $5000 | 1 year | $0 |   |
 Aussie Personal Loan | A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 | |
 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 bankmecu Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 13.49% | 14.55% | $1000 | 1 year | $150 | |
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