The Best Ways to Finance a Car in Australia

MELBOURNE, Australia, Dec. 22, 2021 /PRNewswire/ -- Purchasing a new car is a big decision and the financing options are vast: applying for a car loan, finding the best personal loan that can be put toward a car, salary sacrificing, dipping into savings or even opting for a hire purchase agreement. Positive Lending Solutions, experts in all types of loans from car loans to boat finance, reveals their top advice for financing a new or used car in Australia.

Positive Lending Solutions explains that just like any other type of finance, from a personal loan to a caravan loan to a boat loan, car finance is a great way to get fast access to a vehicle and can even allow motorists to purchase a newer or more expensive vehicle than they would be able to afford otherwise. Car finance is strongly recommended by Positive Lending Solutions as not only do they speed up the car-buying process, but they also serve to boost the borrower's credit score significantly if repayments are made on time.

According to Positive Lending Solutions, salary sacrificing is another common way of financing a car. Using this method, employees sacrifice a portion of each paycheque; employers then pay that portion directly to the lender. Positive Lending Solutions explains that the benefit of salary sacrificing is that the funds are taken out of pre-tax salary, meaning it could lower the amount of tax the purchaser has to pay on their salary each year – all while still paying off a car loan.

The lending experts advise against dipping into savings to purchase a car outright. Research reveals it takes the average Australian two years to save up for a brand new car; car loans, however, allow purchasers to get their hands on a new or used vehicle immediately.

To find the best car loan or personal loan Australia wide and begin the process of purchasing a car, contact Positive Lending Solutions today.

SOURCE Positive Lending Solutions