Average car loan rate Perth?

[Guest Kate10]

Hi guys,

Can anyone shed any light on car loan rates in Perth? We opened an account with NAB and are going over in 3 weeks. From its website seems like NAB's car loan rate is about 15.5% which would be high in comparison to Irish rates. What would be considered a good car loan rate by Australian standards, excluding finance specials for new cars?

 

Thanks very much in advance!

 

Kate

[Guest The Pom Queen]

Hi Kate

Take a look here for some comparisons. http://www.infochoice.com.au/personal-loans/car-loan/interest-rate-comparison/

Kate

[boganbear]

I saw on the TV that some car makers are giving low finance. Nissan is 4.9% but they probably have a lot of restrictions in the small print and as a new arrival you might have a lot of trouble getting loans, credit cards etc. I had a lot of trouble getting a credit card and even a mobile phone contract in my first year, despite having a well paid job and a lot of savings. The prevailing attitude I seemed to feel was that new immigrants are scum as you have no Australian credit history even if you can prove a good credit history abroad. However, I worked in a bank in the Uk and the attitude is the same there. Also most car loans here are effectively mortgages on the car unlike in the Uk, so if you fall behind with the payments, they take the car away and you cannot sell it until the loan is paid as they put a caveat on the 'title.'

 

As it costs so much to set up a house again and you never know what emergencies may crop up until you get your costs sorted out,. We had to make do without a car for nearly 2 years, save hard and live within your means until we could buy our car outright with cash. After all, thats why Australia has not ened up like America or Europe living off loans it can't afford