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.