Cheapest Car Finance

Everyone wants to save money when buying a car, so it’s not surprising that many Australians seek the cheapest car finance option. People buy cars for various reasons; some buy one to upgrade their old ride, some want to get their first dream car, and others want a new car for their business.

Regardless of what your reason for getting a car is, car finance loans are great financing options to consider if you don’t want to pay the price of your new car in full. With auto loans, especially cheap car loans, you can free up your cash flow while still getting the vehicle you desire when you want it. But because there are so many finance and loan companies in Australia that offer the same thing, it’s difficult to choose not only the cheapest car finance but also the best finance for a car loan that suits your needs.

At SocietyOne, you can choose between a secured or unsecured loan depending on your unique situation and loan preferences. The cheapest car finance option for you depends on many factors like your credit score, your collateral (if you choose a secured loan), the loan amount, and your desired loan repayment scheme. But don’t worry; our comprehensive online lending platform is complete with features that make it easy to know and improve your credit score, apply for a loan, track your loan status, and manage your repayments all in one place.

To help you choose which among the cheapest car finance deals you are presented with, it’s best that you get a full understanding of car finance rates in Australia.

What is the cheapest way to finance a car?

If paying for a car in a full lump sum is not an option for you, the next best alternative to financing your car is with a car loan. The cost of your vehicle loan, however, depends on several factors, including your credit score, the kind of car you're buying, and your lender. Simply put, the cheapest car finance deal that was offered to someone you know may differ from the cheapest car loan rate that is offered to you. Your interest rate is one of the major costs to consider when getting a loan, and it’s important to note that your interest rate can be lower the higher your credit score is; this indicates that obtaining low-cost auto loans requires strong credit.

At SocietyOne, you can view your credit score for free. On our platform, you can check your score any time you need to and get access to tips on how to improve it if you have a bad credit profile. You can use the same service from SocietyOne to track the progress of your credit score so that when you apply for a car loan, you know your credit score is in the best shape, thereby improving your chances of being offered the cheapest car finance deal.

How to find the low-interest rates for car financing?

To increase your chances of getting a cheap car loan, you can look to our tips when it comes to acquiring low-interest personal loan rates, such as the following:

Make a big downpayment

The lender will likely offer you a cheaper interest rate if you make a higher down payment because you are less of a risk to them. As a result of needing to borrow less money overall, you'll also pay less interest as well.

Shorten your repayment term

A longer repayment term will result in lower monthly payments, which may seem enticing, but keep in mind that because you're spreading out your payments over a longer period, you'll pay more interest overall.

Choose a cheaper car

How expensive the car you are getting is also a determining factor in how much your interest rates will be. If the current interest rates presented to you are too high, consider other car options that suit your budget better.

SocietyOne has a loan repayment calculator feature that you can use on our platform to get estimated loan repayments within a few minutes. You simply have to choose your desired loan amount, preferred type of loan (secured or unsecured), repayment schedule (monthly or fortnightly), the loan term you want, and your credit history. Your estimated loan repayment amount will also be broken down into your total repayment amount, total interest amount, and other factors for full transparency.

What to look for when comparing car finance offers?

Comparing car finance deals you are being offered may be challenging, but it can be easier if you consider the following:

The total loan amount

Check if the lender can lend you the full amount of your desired car; otherwise, you might have to get other financing options which can be a real hassle. At SocietyOne, for example, you can borrow more than the car’s worth to pay for car improvements, registration fees or even debt consolidation.

The kind of car you can get

Compare the car options available to you between the different car finance deals. Make sure that you are happy with the available car options you can get from the lender you will be borrowing from. You can get brand-new cars, used cars, and even collectors’ cars at SocietyOne.

At SocietyOne, you won’t have to deal with monthly fees and your interest rates are always fixed, so you know how much your loan repayments are. We will never charge you with hidden fees either, and when you’re ready to settle your loan with us, you can do so without worrying about early repayment fees.

Aside from car loans, you can also get other kinds of personal loans at SocietyOne, such as a travel loan, renovation loan, motorbike loan, and many more. Get a personalised loan rate at SocietyOne now and see for yourself how getting the cheapest car finance deal is possible with us!