Untitled

6 Benefits of Refinancing Your Car Loan

Purchasing a new car is an exciting experience. After all, it is a purchase that has a long-lasting impact on your life. Whether you’re buying a new car to enhance your daily commute, provide extra space for family road trips, support your business needs, or give you the freedom to explore Australia’s stunning landscapes, choosing the right vehicle is undeniably a life-shaping decision.

Amid the excitement, it’s easy to rush ahead, and before you know it, you’re holding the keys in your hand—along with a new monthly commitment to manage. As the cost of living in Australia continues to rise, car loan repayments that initially felt manageable can start to stretch your monthly budget, especially when expenses like fuel and insurance have continued to climb. With transport costs up 10.5% in the financial year ending June 2024, many Australians have felt the pinch and are looking for ways to ease the financial pressure.

Improve & Protect Your Credit Score for First-Time Car Loan Approval

Feeling Lost and Overwhelmed? You’re Not Alone

With lenders required to ensure they are lending responsibly, bank statements have become a key part of car finance assessments over the past few years. This is primarily because bank statements show not only your monthly expenses and spending habits but also your account conduct, allowing lenders to better assess the likelihood of missed repayments in the future.

For most people, the thought of a lender looking through your bank statements might be overwhelming and confronting. With so much information about your spending and account habits displayed in your statements and each lender analysing and using the data differently, it’s natural to feel uncertain. Given that most lenders don’t make their bank statement assessment process available to view, people are often left wondering things like, “Will they find something I’ve overlooked?” and “Could this affect my chances of securing the loan I want & need?”

Smart Strategies to Save Money on Your Car Purchase