Impulse purchasing can lead to strife, especially when we’re talking about a purchase as significant as a car. A night of online shopping can mean you’re eating 2 minute noodles for a week, taking out a car loan beyond your budget however could end up impacting your lifestyle for years.
Our car loan calculator will help you gain an understanding, and assist in answering the important questions you should be asking yourself before taking out a loan.
- How much can I borrow?
- How long will it take to pay back?
- How much interest will I pay?
Once you know how much you can afford each month on a loan, you can work the figures backwards below to get an indication of the amount you could potentially borrow over different loan terms. This tool is purely to be used as a guide, but it will mean that you will be more informed when you’re ready to approach a broker for a tailored quote.
Credit Capital Car Loan Calculator
As we go through life, we have successes, we have failures, and we encounter challenges that cause us to adapt to overcome. This is all part of the learning experience we call living. This process of evolving is true not just for living organisms, but it is also true for businesses as well. A successful business adapts to its surroundings, learns from its successes and failures, and changes to overcome challenges. This could not be more true for banks and finance companies as well.
Rate for risk is a term we hear a lot these days, but what does it all mean?
Lenders have a team of statisticians constantly assessing their loan data to determine their best and worst performing demographics i.e. who is most likely to repay their loan, and who is most likely to default. Their lending criteria and interest rates offered to each demographic are updated consistently based on their findings.
As lenders don’t share data, each individual lender’s rates and lending criteria will move independently of each other. This means that just because lender ‘x’ has the best deal for you at one point in your life, it doesn’t mean this will always be the case. If you fall into the trap of sticking with the one lender throughout your life, you could be leaving money on the table and be spending far more on fees and interest than you should be whenever you borrow money. It is important that every time you go to borrow money, you look around and compare options to ensure you’re always getting the best deal.