If you’re considering seeking finance to purchase a new ride, you may want to consider all of your options and compare the long-term cost.
Recently in the motor finance industry, we’ve seen flexi rates for both finance and insurance drop and the deposit amount required increase. Following these changes, it might be time to reassess your financial options and what you know about car loans.
Greater Car Loans
If you want to apply for a car loan, at Greater Bank we offer them under our personal loans category. There are a lot of benefits of personal loans and we aim to share them with you by stacking them up against dealer car loans.
So, let’s break down the most important terms.
Fees
Dealerships: Some dealerships may advertise 0% finance, but it’s important that you do your research. Many unsuspecting car buyers can get tangled up in hidden charges and fees. Two fees that many don’t account for are balloon payments and fees for repaying loans faster. If you are making more consistent or larger repayments than set in the loan terms, some lenders will charge you a fee to discourage you from doing so. When choosing a loan, it’s important to map out how much you could end up repaying over the entire loan term.
Greater Bank: We offer a competitive rate with no brokerage fees, no monthly or annual fees and no early payout fees. You can repay your car loan as fast as you like with personal loans while incurring no extra fees. These are some loan terms that are often overlooked when people are comparing car loans. We also offer competitive interest rates – see for yourself!
Deposit
Dealerships: It’s important to check up front what sort of deposit amount will be required when opting for dealership finance, as larger amounts are now being required by some lenders in response to changes to industry regulations.
Greater Bank: We require no deposit and you can have your loan approved within 24 hours*. Securing your loan with transparent and flexible terms is easier with our personal loans.
Additional benefits
Greater Bank: We offer secured personal loans on all new cars, so you can benefit from all the features of personal loans and car loans. It’s easier to pay back your personal loan faster, with no hidden fees; while, if you are unable to meet your repayments, then your other assets and finances are still protected. With a new car loan, only your car would act as security. If you do find yourself struggling to meet repayments, contact us so we can discuss repayment options.
Greater Bank is a customer-owned bank, meaning all their profits are invested back into providing the best products and services for our customers. If you wish to learn more about Greater Bank’s new car loan and financing options, click here.
*Subject to meeting Greater Bank lending criteria and the provision of documentary proof.
This article is intended to provide general information of an educational nature only. This information has been prepared without taking into account your objectives, financial situation or needs. Therefore, before acting on this information, you should consider its appropriateness having regard to these matters and the product terms and conditions. Terms, conditions, fees, charges and credit criteria apply. We do not recommend any third party products or services and we are not liable in relation to them. Any links to third party websites are for your information only and we do not endorse their content. Information in this article is current as at the date of publication.