Which car loan is best?

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  • Establishment fees: These fees can range anywhere from $0-$500 depending on the lender. This covers the cost incurred for setting up your loan.
  • Monthly fees: Loan providers usually charge a fee for managing your loan. Usually, this is around $10-$25. You should keep this in mind when deciding on a loan. Higher monthly fees mean you could be paying an additional $1k-$2k over the life of your loan and depending on your selected loan term.
  • Early repayment fee: Did you know that some lenders can actually charge you an additional fee for paying your loan off early? Look out for lenders which have no early repayment or exit fees if you think you might be able to pay off the loan quicker.
  • Late payment fees: Many lenders will charge a late or missed repayment fee which will be laid out in your loan contract.
  • Fixed or variable rates?
  • Secured or unsecured loan?
  • Do you have the budget for the fees your lender charges?
  • Which repayment schedule suits you? Do you need it to be flexible?

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