The start of a new year traditionally means the usual round of resolutions. Some are just dreams and aspirations, some could best be described as ‘really? You’ve got be joking. Then there are the old favourites - the bucket-list items and the re-runs and re-lists from previous years. Those aside, there are those that make more practical resolutions to buy a new car, to get that first boat, to upgrade their motorcycle or to purchase a caravan for that great Australian travel experience. For those, many will be adding cheap loans to the list.
While having those goals is admirable, having a clear plan to achieve those goals is even more impressive. In order to make those types of resolutions a reality, many people will be wanting cheap loans. Cheap loans for cars, boats, motorbikes and caravans can be achieved through engaging with expert lenders to secure the best interest rates and loan conditions.
We lay out the steps to assist in making a plan to secure a cheap loan to purchase those NY resolutions.
Goals for Cheap Loan Aspirants
Interest rates are key to how much a loan will cost in total over the full loan term. So achieving a loan at the lowest interest rate possible is a key goal. Interest rates in general are at historic low levels so now is seen as a good time to invest in goods with finance.
There is a lot of talk in the media about interest rates and these refer primarily to what is known as the cash rate which is set by the Reserve Bank of Australia. With that as somewhat of a foundation, lenders then account for their own costs and price their loans accordingly.
- Interest rates will vary across the lending market and in some cases for different categories of goods.
- Rates can be fixed or variable. Our secured loans are at a fixed rate which provides certainty for our customers.
- Understand the difference between the advertised rate and a Comparison Rate
- Lenders advertise their best rate which will be typically for new goods for applicants with a good credit rating
Being approved for a loan term (number of years to repay the loan) that results in affordable repayments is another key goal. We can achieve up to 7 year loan terms on some loan types. The longer the term the lower the repayments but the more total interest accrues on the loan.
Having a target monthly repayment amount to aim for is a key part of the loan plan. Having a realistic view on what you can afford to pay on your loan month after month is critical to maintaining the repayment schedule and avoiding the risk of loan default and repossession.
Realising the Cheap Loan Resolution
To start the loan sourcing process, buyers can either do all the work themselves and check out the market, request many quotes, spend time on the phone discussing details with banks and lenders and trying to work out which offer actually presents the best value.
Alternatively, buyers can engage with a broker style lender such as Jade Finance and sit back and relax or start sourcing their goods, while our experts find them the cheapest loan offer.
The consumer lending market is very large with banks, finance companies, non-bank lenders, BNPL operators, pay day lenders and many others active in the field. While it’s great to have so many options, it can also create confusion for those that may not be across the fine details.
We eliminate the hassle and the time by handling all that for our customers.
Types of Loans Available
In the consumer loan area there are two main types of loans - secured and unsecured. Secured loans use the goods being purchased as the guarantee or security for the lender. This type of loan is the most popular and commonly used.
Where the goods are not acceptable as loan security, buyers can consider an Unsecured Personal Loan.
Pre-approved loans are available on both secured and unsecured loans across all loan categories which include:-
- Personal Car Loans
- Boat Loans
- Motorbike Loans
- Caravan Finance
Moving Closer to Your Goal
Now it’s time to act on the plan. Matching the price of what you would like to purchase to what the loan repayments may be is a great starting point. It can avoid disappointments and over-extending by committing to unrealistic repayments.
To make that process quick and easy, use a loan calculator. We have conveniently provided a range of calculators on our site to compare what lenders in different areas are offering and to play around with different loan totals and terms to see how they deliver different repayment amounts.
Lenders will assess the applicant’s credit profile and rating as part of the approvals process. Getting a copy of yours and fixing any errors where possible may assist in being offered a better loan.
Loan applications require a range of financial information so start getting bank statements and pay slips together so you can complete the application quickly and easily.
Cheap loans can make NY resolutions a reality. So stop dreaming and start acting!
Contact Jade Finance by phone 1300 000 008 to discuss your consumer loan requirements
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.