Better deals on car loans through dealerships now law Significant protections for those buying a new or used car on finance offered through dealerships start on Thursday. The new law bans “flex commissions”; the practice where the dealership earns a higher commission the higher the interest rate charged on the loan. Under the current system,…
New car finance regulations give buyers the upper hand from November 1 IF you’re about to sign on the dotted line to finance a new car, wait until November 1st. THE world of car finance changes dramatically from midnight tonight, potentially saving buyers thousands of dollars in loan repayments. Stricter regulations on finance for new…
What will power the car of the future? Short of the likes of Abbott and Trump convincing global leaders that coal is good and climate change is a myth, the era of the electric vehicle (EV) will be ushered in with shocking force over the next decade. Even if climate change deniers (whose opinions are…
New car myths leave many out of pocket New-car buyers are paying $20,000 more for a vehicle than used-car buyers, and while people aged over 65 prefer to leave a showroom in new wheels by a factor of almost two to one, Generation Z is saving its cash, with most opting for secondhand. The average…
0% Car Finance – the truth about 0-1% finance on new cars It’s a rule that’s probably buried somewhere in Donald Trump’s bile-filled Art of the Deal, if you can bear to read his books – “anything that sounds too good to be true, almost certainly is”. So if you’ve seen an advertisement promising “0%…
‘I had never seen anything like this’: Inside ANZ’s car loan business ANZ’s former car loan business Esanda was riddled with misconduct, the royal commission has heard, including dealers pumping up interest rates to get commissions and brokers swapping customer’s financial information with that of their guarantor to get loan approvals. ANZ’s breaches of responsible…
Banking Royal Commission: We rely on car dealers to verify our loans, says Westpac Australia’s largest provider of auto loans accepts customer information provided by car dealerships as gospel and does not independently verify the expenses – and in some cases income – of loan applicants. The Hayne royal commission heard from Nalini Thiruvangadam on…
Banking royal commission: Westpac’s ‘unacceptable’ car loan policies under spotlight Westpac has told the banking royal commission a Bank of Melbourne car loan granted to a carer in 2012 which she could not afford to pay back would not have been approved today. Nalini Thiruvangadam told the commission she had wanted to buy a new…
In Australia, 1 in 5 new cars are purchased with a car loan A whopping $8.5 billion was borrowed to purchase new cars just in the past year. Aussies love new cars and it appears we don’t shy away from car loans to finance our purchase. A finder.com.au analysis of Australian Bureau of Statistics (ABS)…