Ah, car loans—because who doesn't love paying interest on a depreciating asset? In Australia, typical car loans come with an interest rate ranging from 5% to 12% per annum, depending on your credit score and the lender’s mood. New car loans usually span 3 to 7 years, while used car loans might be shorter due to the vehicle's age. Expect to put down a deposit of around 10% to 20% unless you fancy being underwater on your loan from day one.
Beware the sneaky fees: loan establishment fees, early payout penalties, and sometimes a balloon payment at the end. For a better deal, check lenders on Tradingpost or consult financial services like ServiceCentral to avoid getting fleeced by the sharks.
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