Insights You Need To Better Understand Car Loan Interest

Car loan interest is an important factor when it comes to personal finance. It influences your expenses, budget, and more.

Fortunately, you don’t have to look far for more information about it. Learn more about personalised rates, credit score impact, car refinancing, and other crucial topics here at SocietyOne.

Frequently Asked Questions (FAQ)

How does my credit score impact car loan interest rates?

As with all kinds of vehicle financing, your credit score can affect both the car loan interest and the amount you’re able to borrow. If you have a stellar credit history, then you can typically get a chance to receive lower interest rates on larger loans.

SocietyOne understands the importance of credit scores, especially for overall eligibility, rates, and spending limits. With this, we’ve made it easy for you to check your credit score through the mobile MONEYME app. Best of all, this check is free and will have no impact on your credit score!

• Download it for free. SocietyOne is now a member of the MONEYME Group, and their credit score tool is readily available in the app. To get started, simply navigate your smart device’s app store and install the MONEYME app.
• Authenticate your personal details. This requires inputting your first and last name, date of birth, and Australian residential address. For those with a driver's licence, you have the option to include its number as well for verification purposes.
• Check your credit score. Once your details are submitted and validated, getting credit scores becomes a quick and straightforward process. With just a couple of clicks and taps, you can conduct a credit check in as little as a few seconds.

With these three steps, you will have a deeper understanding of your potential car loan interest rate. On top of that, you can also better approach topics like ‘How much can I borrow car loan?’

Can I refinance my car loan to get a lower interest rate?

Yes. In fact, a lot of people still compare car loan interest rates, even if they’ve already taken out a credit option. If their financial situation has improved, they typically look to refinance car loans to receive a lower interest rate or take advantage of other, more suitable terms.

Switching to SocietyOne

Through our debt consolidation offers, you can have the opportunity to cover different financial obligations, not just the fixed-rate car loan or variable interest car loan you’re currently managing. At SocietyOne, we have risk-based pricing, which means the better your unique credit profile, the lower your rate could be.

What’s more, you can get a personalised rate tailored to your credit rating in as little as two minutes with no impact on your credit score. No longer will you have to wonder about the average car loan interest rate in Australia. Consider a tailored percentage through risk-based pricing, which is at times lower than conventional banks.

Get your rate at SocietyOne today and make an informed decision with us!

What’s more, this rate could even be lower than what you could receive from traditional banks at times.

Loan interest calculator

Those who’ve been looking for a car loan repayment calculator simply want to know more about their car loan interest rate and other similar terms. SocietyOne understands this, and that’s why we have our own online calculator you can freely use.

With this, you can estimate your interest rate given various factors. This includes your preferred loan type (unsecured or secured), repayment frequency, and loan duration. A self-evaluation of your creditworthiness will even be taken into account here.

However, aside from interest rates, you can use this tool for car loan repayment details. You’ll be pleased to know that it also gives you quick insights into estimated repayment amounts should your personal loan application with us be successful.

At the end of the day, you can get the information you need upfront at SocietyOne.

Do different types of vehicles (new vs used) have different interest rates?

Some vehicle dealers can offer car finance options, and they will generally have different car loan interest rates for various types of vehicles. As an example, new vehicles will typically have less car loan interest since used vehicles are more difficult to assess and value.

In addition to this, it’s important to note that these car dealers may only have secured loans, using the vehicle you’re looking to purchase as collateral. Not all providers offer both secured and unsecured financing, and this even holds true for some of the best car loan providers in Australia.

However, the good news is that you have the freedom to choose and make an informed decision at SocietyOne. That’s regardless of whether you’re opting for a new or used vehicle. Here, our fast personal loans can serve as affordable car financing, and they can come unsecured or secured.

• Unsecured personal loans. This allows you to apply without having to enlist a qualifying asset, such as a car, for security purposes. As such, you can have the flexibility to take out the funds you need without the requirement of collateral.
• Secured personal loans. In contrast, you can also enlist an asset as collateral to reduce the risk associated with lending. This way, you can get a chance to receive lower interest rates, extended repayment durations, and higher loan amounts.

Rather than limiting yourself to one kind of financing, choose SocietyOne today. Now, with additional insight into car loan interest, check your rate with us!

Your trusted financial partner

SocietyOne is redefining personal finance in Australia with an innovative process. Through award-winning personal loans, our mission is to offer a seamless and transparent experience to different borrowers – even those who aren’t considering car loan interest or car finance loans as a whole.

Whether you’re looking to buy your dream car, remodel your home, or perhaps consolidate debt, SocietyOne can be your trusted financial partner.