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If you don’t understand which lenders are offering the best loan rates today, it pays to have someone in your corner helping you make this major financial decision. When comparing loans, three of the most important things to check are the interest rate, loan duration, and any additional fees charged by the lender.

The interest charged on your loan is essentially the cost of borrowing money from the lender, and a lower rate is generally favourable. However, this depends on the duration of the loan. Most of our customers tend to choose between five and seven year loan terms.

We’ve used our car loan repayment calculator for this example; let us say you are seeking a car loan for $20,000, and you have been presented with two loan options. The first is a five year car loan at 6.75%, and the second is a seven year car loan at 5.5%.

You might immediately assume that the lower interest rate is the best choice – but let us look at how the difference in loan duration can affect the amount of interest you will pay. If you choose the 5.5% interest rate over seven years, you will be making weekly repayments of $66.23 and a total of $4,106.88 in interest over the life of the loan.

However, if you select the higher interest rate of 6.75% over a five year term, you will repay $90.68 each week, with a total of $3,577.34 in interest – saving you $529.54 in interest and having you own your car 2 years earlier. Your decision may then come down to your ability to repay the higher repayment amount each week to take advantage of this saving of time and money.

Finally, remember to consider any additional fees, from application and loan establishment fees to administration and extra repayment charges. These can quickly add up and may even negate any savings you may have made by choosing a car loan with a higher rate but lower fees.

To avoid this, check the comparison rate for each loan you consider – this indicates the true cost of the loan by including both the interest rate, and any additional fees.

A balloon payment is a one-off lump sum that you agree to pay your lender at the end of your loan term. If you decide to go with a balloon option, you can choose this balloon amount or percentage with your Lending Specialists guideance before you loan is submitted for approval.

Alot of customers choose to have a ballon payment to reduce their repayment commitments throughout the term of the loan with the knowledge of when they are likely to upgrade to the next vehicle.

Guarantors are responsible for paying back the “guaranteed loan” or the entire home loan if the borrowers cannot afford to make their loan repayments. The guarantor’s level of responsibility for the loan depends on the type of guarantee they are providing – for example a Limited Guarantee, or an Unlimited Guarantee. To be a Guarantor, the lender will consider your application in a similar way to the main parties to the loan. Generally speaking, it is usually a parent or close relative that would put their hand up to take on this responsibility.

We have Lending Specialists in our team that are trained in helping self-employed clients through the process of applying for a car loan with the minimum of fuss. We also have access to many low doc or lite doc loan options for our self-employed customers to make the process quick and simple. Our Lending Specialists are familiar with all lending scenarios to help our business owner clients with fast, competitive finance. Speak with our business lending specialist today for more info.

A comparison rate is an annualised interest rate that includes all of the Fees & Charges associated with the loan. This comparison rate excludes transactional fees such as early payment fees (if applicable), late payment fees (if applicable), or statement request fees. Using the advertised comparison rate is a great way to level the playing field and compare apples to apples. This is what we do all day everyday, so speak with us about what we can help you with today.

Yes. We will always provide you with the most competitive personal loan available. However applicants with high risk, bad credit ratings or ex-bankrupts may try one of the second chance personal loan products available. Second chance lenders are more lenient in their approval process, but this type of loan will have a higher interest rate due to the higher risk.

There are no costs to apply for your personal loan. Once approved, there is a once-off brokerage fee to cover the costs involved with our services including the set-up, approval and/or establishment of your personal loan. Most clients opt to have this cost financed as part of their overall personal finance, which means that you have no initial cost prior to your first repayment. This fee varies based on the complexity and loan amount – so please feel welcome to contact us to get an exact quote for your scenario. Many of our loans have no monthly or ongoing account keeping fees.

There is No Fee if Fox Finance Group isn’t able get an approval for you or you decide not to proceed with our personal loan approval.

In short, yes. Making too many credit enquiries will affect your credit rating. Each time to apply for a loan it can reduce your credit score, and your credit score is one of the factors considered by lenders when assessing your loan application. Many lenders see multiple credit enquiries as a sign of a high-risk customer that is panicking and in desperate need of finance.

This is the exact reason you could consider using Fox Finance Group; we have the knowledge and experience to get your loan approved with the best Lender the first time. We’ll also educate you along the way so you know exactly what your credit score is and what is currently sitting on your credit file that all Lenders will see. Speaking with our Lending Specialists is obligation free, call 1300 665 906 today!

As a finance broker we only win when you win, so we look at every possible legal way to obtain your loan from one of our many lenders. Personal lenders consider things such as:

• Your current credit rating
• Your residential status and length of time there
• Your job and time there
• Your income
• The security offered on the loan (if applicable)
• Your Asset/Liability position

Apply online today or speak with a Personal Lending Specialist so we can do all the hard work for you!

A personal loan can be used for many different purposes; however a car loan is specifically for the purpose of buying a vehicle. However, some people to take out a personal loan to buy their next vehicle. Unsecured personal car loans are where a lender provides you the funds to buy any car of your choice, but they do hold any security over the loan. In contrast, a car loan is secured, with the vehicle being held as security by the lender. Need to know what type of finance is best for you? Apply online today or speak with a Personal Car Lending Specialist on 1300 665 906 so we can source the perfect finance option for you!