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How Car Loan Rates Are Calculated
Lenders look at several factors to determine your rate:
- Your credit history and score
- The age and type of vehicle
- Your income and existing financial commitments
- Whether the loan is secured or unsecured
Even a small change in these details can impact your rate and monthly repayment.
Fixed vs Variable Car Loans
A fixed rate loan means your repayments stay the same for the entire term, which gives certainty and stability. A variable rate loan can move up or down with the market, sometimes offering lower starting rates but more risk long-term.
A broker helps you weigh these options based on your comfort level and goals.
Why Advertised Rates Can Be Misleading
Many car ads promote low rates that only apply to specific buyers or vehicles. Once you add fees or risk adjustments, your actual rate might be higher. A finance broker compares offers side by side to find the real number that fits your situation.
What You Can Do Right Now
If you’re planning to buy soon, getting pre-approved gives you an edge. It locks in a rate range before market changes and helps you budget accurately.
Want to see how much you could save? Contact Hanna Lending today for a personalised rate comparison.
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