Author: Renee Ferguson

Car loans: low rates vs. flexibility

Our Pacific Pines Branch Manager Renee Ferguson says you don’t have to sacrifice loan flexibility for a low interest rate when looking for a car loan.

A recent survey by financial services business intelligence firm RFi showed people looking for a personal loan, such as a car loan, place relatively equal importance on a loan’s interest rate and additional repayments options. The problem with many loans is that you have to choose one over the other.

The good news is that with a car loan from the Greater you get one of the most competitive interest rates plus you can reduce your interest costs by making additional repayments. We also offer repayment options of between one and seven years. You can redraw those additional repayments online for FREE or pay your loan off early. Plus, you don’t pay monthly fees or annual fees with a car loan from The Greater. We even do a FREE PPSR check for all cars offered as security on the loan.

It is no wonder our car loan has a 5 Star rating from Canstar.

More Australians are taking out personal loans. According to the RBA, total personal lending commitments increased by 2.6% to $7.43 billion between August and September 2012. According to other RFi research, car purchases continue to be one of the main reasons for taking out a personal loan.

Reasons why Australians take out personal loans

New car 29%

Other 29%

Used Car 16%

Debt consolidation 11%

Renovations 9%

Holiday 6%