Car Loans – who to turn to if you cant make repayments

5. Car Loan Repayment Troubles: Where to Turn for Help (456 words)In the recent years, there are more and more financially stressed Australians struggling to meet their repayment deadlines, be it for their home or car loans. Due to the floods in Victoria an Queensland, most loan borrowers are stuck paying for homes they cannot live in or cars they cannot drive – as a result, many have ended up at the Financial Ombudsman Service after requesting for leniency and extended periods of time to repay their car loans.

If you face such difficulties with making ends meet and paying your car loan in time without going into arrears, you should definitely seek help before having the problem exacerbate. You certainly do not want to lose your vehicle, do you? In fact, this is not even the worst case scenario you will encounter – besides losing your car, your credit score will be affected and you may find it difficult to obtain a loan in the future. be it for a home or another vehicle.

When facing car loan repayment troubles in Australia, you can turn to these parties for help:

  • Consider calling your financial institution and request for leniency on your payments. Most will be happy to accommodate your request by altering your repayment terms for a short period of time while you deal with your issues and work towards getting your financial problems solved
  • If you find it difficult to get your loan provider to comply with your request, then perhaps it would be wise to turn to the Financial Ombudsman Service. If you have a car loan dispute that you need solved, be it incorrect interest rates or financing fees, you may bring up the matter at the FOS by calling them at 1300 780 808
  • Additionally, there are Financial Councellors in each state in Australia that will lend a helping hand to your mounting debt problems. If you are at a loss as to what to do, you can turn to them and be guided on what to do, how should you proceed when negotiating with your lenders and how you can better manage your debts and finances. You may get in touch with them via these numbers based on your state in Australia:ACT : (02) 6257 1788
    NSW : 1800 808 488
    NT : 1800 898 500
    QLD : (07) 3321 3192
    SA : (08) 8202 5180
    TAS : 1800 243 232
    VIC : (03) 9663 2000
    WA : 1800 889 364
  • Want to manage your debt better and have greater peace of mind? You may find yourself in arrears with your car loan repayments but fret not, all is not lost for you can enlist the help of a debt consolidation organization to combine your car loan with other loans such as your personal loan or home mortgage.

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Car Loans Guide

Thinking of buying a new car? Our car loans guide will set you on the right track to securing a new vehicle at an affordable price. Depending on your financial situation, you won’t be purchasing your vehicle in cash. A secured car loan is likely the best type of car loan you should look at before considering other options.

If you’re young and just earned your provisional drivers licence, you might think to accept the first offer given to you by a bank or credit union. But wait! There are different interest rates on offer from various financial institutions, so don’t be in such a hurry to accept the first one. It pays to shop around for more reasons than you may have first thought.

Just a slight difference in interest rates can save or cost you hundreds, if not thousands of dollars. When you meet your local bank manager, don’t be won over by all the fancy sales talk and ask for specific questions such as…

1) What is the duration of the car loan?

2) At what rate will you will be charged interest and is the loan fixed or variable?

3) Are there any exit fees or penalties incurred should you pay off the loan sooner than anticipated or if you fail to make repayments.

Some of these questions may seem a little confusing at first if you’re applying for you first car loan but we here at Car Loans Guide feel strongly about educating the consumer about the benefits and pitfalls of financing the purchase of a new vehicle.

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