If you want to find out how car loans compare across different lenders, CarClarity is the right place for you.
CarClarity is a car loan comparison company that employs an innovative loan-matching technology that considers your personal circumstances and the car you want to borrow against and matches them with over a thousand loan options from more than 40 lenders to get you the perfect deal. We let you see how car loans compare among various lenders so that you can get on the road in your dream car knowing you got the most competitive deal.
You have to consider several factors when comparing car loans – whether new car loans or used car loans – across different lenders. The interest rate is usually the highest cost of taking out a loan, and it dictates how much you have to repay. You can get either a fixed or variable interest rate on a car loan, with the former remaining constant throughout the duration of the loan and the latter fluctuating according to a benchmark that changes periodically.
The loan term is another important factor to look into when you compare car loans. The term refers to the duration of your car loan, often ranging from one to seven years for most lenders. You can minimise your repayments by opting for a long-term loan, but that also usually entails paying more in interest. You should check the repayment structure of the loan or how often you need to make repayments to ensure that it is suitable for your income cycle. It is also worth noting that there are lenders that enable you to make extra payments or settle your debt early without incurring an early termination penalty. You can save a significant amount on fees if you work with these lenders.
It can be quite tedious to look into these factors on your own, especially with the abundance of car finance lenders offering unique features, benefits, and conditions. It can take you several days to find the best match for your circumstances unless we do something about it. CarClarity can help you easily find, compare, and apply for the right car loan that fits your needs in just minutes. We bring all the offers from a panel of more than 40 lenders to you in one place so that you can make an informed decision. Using our intuitive tool, simply provide us with details about yourself, the car, and the loan, and we will show you your top three matches among the loan options available.
The multitude of car loan options on the market can make it difficult for customers to find the most competitive deal, but you can make it easier by knowing how much you are going to pay in terms of annual percentage rate (APR). It represents the actual annual cost of the loan expressed as a percentage, and a reasonable rate can save you money throughout the loan.
The APR is usually higher than the base interest on the loan since it includes fees for servicing the loan, including documentation, preparation, and other costs related to the transaction. The higher the APR, the more you are going to pay back to the lender throughout the loan.
The APR for car loans varies depending on individual circumstances. Your credit score is among the most significant factors affecting your APR. If you have an excellent credit score, you can get vehicle loans with a low APR, but if your credit score is poor, you may be forced to accept a higher APR.
It is not necessary to have a spotless credit history to qualify for a car loan, but most lenders favour customers with decent credit scores to reduce the risk of default. The good news is that there are lenders that specialise in lending bad credit online car loans to people with poor credit. These lenders assess your car loan eligibility based on factors other than your credit history. It is also worth noting that you can boost your credit score by taking out a car loan and staying on top of your repayment obligations.
CarClarity partners with lenders that offer car loans with competitive rates regardless of your credit history. With us, you can see how car loans compare across 40+ lenders and over a thousand loan options. We use technology that factors in the interest rate, loan term, repayment structure, and applicable fees to ensure you get a deal that matches your budget, preventing you from applying to the wrong lender and potentially hurting your credit score.
You must look past the interest rate when seeing how car loans compare across different lenders. You might think you are getting a great deal because of low interest rates, but that is not always the case since lenders charge fees that can drastically affect how much you pay back. That is why you should consider checking the comparison rate as a crucial part of the decision-making process.
The comparison rate considers every fee and interest rate that can apply to the loan and consolidates them into one number. This number enables you to compare car loans from different lenders on an equal basis.
With CarClarity, our loan-matching technology does all the hard work for you, automatically excluding loan options that are inappropriate for your circumstances to ensure you get the most competitive car loan comparison rates.
We also use an online application system so that you can use your computer or mobile device to apply 100% online 24/7! If you have any questions, our Aussie-based finance experts are here to help you navigate your loan options to ensure we get the right loan for you.
CarClarity boasts an intuitive car loan calculator that can work out your potential repayments in just a few clicks. It provides estimates according to how much you want to borrow, the loan term, your credit score, and whether you are interested in a balloon car loan. Our car finance calculator also lets you toggle to view repayments weekly, fortnightly, or monthly to best suit your budget.
Take advantage of our service to compare the best car loans out of our 40+ lenders and find the one that works for your personal circumstances.
CarClarity is an online financial comparison service and is owned and operated by CarClarity ACL Pty Ltd ABN 50 606 243 243 / ACN 606 243 243 and Australian Credit License 478 874.
CarClarity provides you access to our expert team who can assist in selecting suitable car loans from our panel of 40+ lenders and over 1000 financial services products. The financial products compared on this website do not necessarily compare all features that may be relevant to you and CarClarity does not compare all rates in market.
All applications are subject to the credit provider’s credit assessment and loan eligibility criteria. Terms, conditions, fees and charges apply. Information provided is factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. CarClarity may receive a commission from lenders we recommend.
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