Looking to snag a bank loan for your next set of wheels? In Australia, banks typically offer car loans with interest rates ranging from 5% to 12% per annum, dependent on your credit score and loan duration. New cars usually attract higher loan amounts, while used cars might get you a slightly better deal, but watch out for higher interest rates. Loan terms vary from 1 to 7 years, and you’ll need a decent deposit—usually around 10% of the car’s price.
Keep in mind, banks love paperwork—proof of income, residence, and a credit check are standard. If you want to compare offers, check out Tradingpost and CarShowroom for prices, then swing by ServiceCentral for loan options. Always read the fine print; some loans have early repayment penalties.
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