Generally, secured loans have higher interest rates than unsecured loans because unsecured loans have no collateral to ensure the repayment. Unsecured loans, therefore, put lenders in a risky spot. When there’s a higher risk for the lender, it would involve a higher interest rate for the borrower.
Traditionally, car loans are provided by banks; however, over the years they’ve been offered by other finance companies as well, and they often have lower interest rates than banks. Although non-bank lenders can offer lower interest rates, they’re sometimes less flexible. It’s best to go through a pre-approval process with a bank first, so that you can check the rates before applying to non-bank lenders.
While there are many methods to get a low interest car loan with a bank, one of the most effective, not to mention most common methods, is to maintain a good credit rating. This gives assurance to the lenders that you can make repayments, and allows them to give you a favorable interest rate.
Sign up didn't go quite the way it was meant to. But Kate called and she walked through everything so we could work out what went wrong. she was patient, friendly, supportive and kept me calm to finally get plan registration sorted ( still can't log in though - she must be magic )
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Good options, but ideally an option to combine & compare cost for best mobile + broadband option would be nice.
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