Better deals on car loans through dealerships now law
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“[Buyers] should be looking at their options to make sure that are being offered a good deal; not only on the interest rate but the fees as well,” said Mitchell Watson, research manager at comparison site Canstar.
Mr Watson said many people buying cars like the convenience of being approved quickly by the dealership’s lender.
“That short-term convenience can end-up being a long-term financial pain,” he said.
On a new car, where the car is security of the loan, there are lenders offering interest rates below 6 per cent, Watson says.
“A key thing with car loans is that often times, people pay back the loan early because they want to update their car and so it’s important to make sure there are no early repayment penalties,” he says.
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