2022 hasn’t started off very well. Although we finally ditched COVID, we’ve been hit with headlines about monkeypox, international conflicts and, of course, rising interest rates. And while the first two are far more important in the scheme of things, it’s the rising interest rates that have the most direct effect on Aussies.
This leaves a tonne of questions open. What do rising interest rates mean for the average Australian? What does it mean for mortgage payers? And what does it mean for car buyers?
In this post, the team at Carbroker.com.au discuss the implications of rising interest rates and what to do if you’re thinking of taking out a car loan.
Should you buy a car in this climate?Cars are like underwear: no matter what, you’ll always need them. It’s a strange comparison, but what we’re trying to say is that you can’t just go without a car – just like you can’t (or at least you shouldn’t) go without underwear.
So, if you need a new car, then you need a new car. And now might be the time to invest in one.
Interest rates on the riseInterest rates are on the rise and many experts expect that they’ll continue to increase for the next several months. If this theory is right, then you can expect to pay much more for your car loan in the months to come than if you were to take out a loan now and lock in a good interest rate. So, what should you do?
Chat to the team at Carbroker.com.auWell, we can’t give tailored advice in this article; obviously, we don’t know your financial situation, aims for the future, and all that jazz.
But if you’ve been on the hunt for a new ride for a while, then it may be a good time to pull the trigger and lock in an interest rate while you can get it.
It’s not just fear tactics…If interest rates keep going up, which many are predicting will happen, then you can expect to pay a lot more on your car loan if you hesitate. If interest rates double or triple in the next few months, then you could be seriously paying the price in added loan repayments.
If you want to beat the interest rate hikes and secure a great car loan now, get in touch with Carbroker.com.au. They work for you, comparing the best finance options through their finance broker. The finance team from Carbroker find Aussies great interest rates on car loans every day, so that you can step into your new whip sooner and for less money.