Unfortunately I have to get another car as mine was written off in November hail storm (and I can't keep borrowing other people's cars!). Mine was getting older but had low k's and was reliable so I was really sad to see it go....and insurance money won't cover the cost of something in similar condition, so I'm going to have to borrow a bit to get myself something to replace it.
I have looked at novated lease options but don't think my income and k's are high enough to bother and I don't want to be tied to a lease, so am now looking at personal loans or secured car loans. Have always paid cash for cars before, so the secured car loans in particular are unfamiliar territory....are there any caveats I should be aware of, are they worth it for the lower interest rate? I would prefer one that allowed extra payments/early payout without penalty (or minimum penalty) too.
I found Suncorp have 7.79% secured with only $300 early repayment fee if paid out in first year, or they have 10.99% unsecured PLoan. CBA whom I have 2 home loans and all my banking with have told me theirs is 7.99% rate for secured and 13.9% unsecured PLoan. Am I likely to do better elsewhere, or with either of these lenders?
I have looked at novated lease options but don't think my income and k's are high enough to bother and I don't want to be tied to a lease, so am now looking at personal loans or secured car loans. Have always paid cash for cars before, so the secured car loans in particular are unfamiliar territory....are there any caveats I should be aware of, are they worth it for the lower interest rate? I would prefer one that allowed extra payments/early payout without penalty (or minimum penalty) too.
I found Suncorp have 7.79% secured with only $300 early repayment fee if paid out in first year, or they have 10.99% unsecured PLoan. CBA whom I have 2 home loans and all my banking with have told me theirs is 7.99% rate for secured and 13.9% unsecured PLoan. Am I likely to do better elsewhere, or with either of these lenders?