Finance Blog
Recent finance news and helpful tips
Using good credit to get a low-rate car loan
06 Oct 2016
The number one feature that people look for when shopping for a car loan is a low interest rate. It is important to remember that other factors affect how much you pay (e.g. fees, loan term) but the interest rate is definitely important. The first thing to understand about interest rates is that they are based on risk. In general terms, the higher the risk, the higher the interest rate. This can be seen throughout the financial markets and is one of the holding principles. So you may ask, how do I lower my risk rating and get a low interest rate on a car loan? Well a great ...
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10 Point Bike Loan Check List
13 Sep 2016
This guide is designed to help you understand the basics of a motorbike loan and some things to look out for.What is a bike loan and how do they work?A bike loan is generally a secured finance product, where the motorbike is the security. The lender funds the proceeds for the bike and then increment payments are made to the lender at a set interest rate.How do personal loans compare to motorbike loans?In short, personal loans differ from motorbike loans because they are unsecured finance products. As they are unsecured they are seen as having more risk and tend to ...
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Car Loan Refinancing – what you must know
02 Sep 2016
The car loan market is changing all the time. The same can also be said for your personal situation. It is easy to see that the deal you got a year or two ago may not be the best deal at the moment. A very common situation that we see is people with bad credit getting into car loans with high interest rates. Once their credit has improved most people do not think to refinance their loan. Revisiting your car loan can save you some serious dollars on your repayments. The benefits of refinancing Lower interest rates – we touched on this above. Refinancing from a 2nd tier ...
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What types of motorbikes can I finance with a bike loan?
15 Aug 2016
One of the most common questions we get asked about motorbikes is “what type of motorbike can I finance with a bike loan?”. We have compiled this article to clear up some of the questions surrounding bike loans. Dealer or private? The first question we get asked is can I finance a bike from a private seller? It is important to understand that every lender is different. Some will accept bikes coming from a private sale and others won’t. The main difference between dealer and private is the documentation required to get a bike loan. If the motorbike is coming from a private ...
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Home Loans – How much deposit do I need?
08 Aug 2016
  The home loan market and the economy as a whole is changing all the time. As such, the answer to the questions “how much deposit do I need?” is also changing all the time. Before the 2008 global financial crises, lenders were offering home loans up to 120% LVR (loan-to-value ratio). This means that if you had a $300,000 home then the lender would lend you 120% of that value or $360,000. The excess funds were intended to help cover costs such as stamp duty. Nowadays, lenders required LVR generally range between 80% – 97%. The 97% LVR products are generally for ...
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Some pros and cons of refinancing
02 Aug 2016
  The economic market is changing all the time. Lenders are constantly changing their buying appetite and interest rates. This can be due to market conditions, government regulation etc. A typical car loan runs for around 5 years, so the deal you locked in years ago might not be reflective of current market conditions. The same can be said for home loans. Home loan rates can be fixed for 4 or 5 years and a lot can happen in that time. Reasons for refinancing Interest rate – the interest rate you received years ago may be too high. Refinancing at a lower rate can save ...
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What to look for when getting a bad credit car loan
26 Jul 2016
So you have tried to get a car loan only to find out that you have bad credit. All is not lost. There are plenty of lenders that specialise in helping people with credit issues. These lenders try and look beyond your immediate credit history and focus on the positive points of your application. If you are considering a bad credit car loan, there are a few features you should be aware of. The lender The truth is that most big banks do not accept applications with bad credit or defaults. To get approved for a car loan through a bank, you need to have a reasonable employment ...
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The truth about 0% car loans
21 Jul 2016
  Often you will see car manufacturers advertising 0% or 1% car loans at their dealerships and through TV and radio marketing. We often receive questions about these offers and are asked “How do they work?”. The truth is if something sounds too good to be true, then it generally is. We have provided a guide to help explain the story behind 0% car loans. Inflated Purchase Price of Vehicles Regularly you will see car manufacturers offering free finance on “selected vehicles”. These vehicles are usually old stock or run-out models. The purchase price of the vehicle is ...
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Motorbike Loan – a general overview
19 Jul 2016
  If you are eyeing off your dream motorbike in the showroom, you may be wondering how motorbike loans work. Although they are very similar to a normal car loan, there are some differences. We have created this guide about motorbike finance to help you navigate your way through the process. Secured or Unsecured? As with car loans, most motorbike loans are considered secured finance. This means that if you cannot make your repayments, then the lender has the right to repossess the vehicle and recover their losses. The good thing about secured finance products is that ...
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Picking the right car + car loan for your family
18 Jul 2016
  The family car is a very important part of any Australian family. It means dropping the kids off to school, heading to the holiday house for the weekend or teaching the youngsters how to drive. Not having a car for some time can be a huge inconvenience and also a very costly expense. Choosing the right car loan can be as important as choosing the right car. After all, it is one of the biggest purchases the average Australian family will make. Car loans are not all made the same. Each lender has their own guidelines and costs. Similiarly, each family has their own ...
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Fixed Rate vs Variable Rate Home Loans
15 Jul 2016
  The difference between a fixed and variable rate home loan can have a huge impact on your repayments. The bigger the loan amount, the bigger the affect an increase/decrease in rate will have on interest charges. It is very important to compare your options and chose the right loan product for you. Fixed Rate Loan A fixed rate loan is exactly what it sounds like, it is a loan product with a fixed interest rate. The rate can be fixed for the entire life of the loan (typical for a car loan) or it can be fixed for a given period of time. For example, you may lock in a ...
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To car loan or not to car loan
12 Jul 2016
 Shakespeare once said “To car loan or not to car loan”. That is the question. Buying a new car is one of life’s biggest purchases. It is something that needs to be thought through and you need to be ready for it. Everyone loves that new car feeling but it’s a decision that needs to be made with your head as well as your heart. Should I pay in cash? Advantages Obviously the biggest advantage of paying cash for your new vehicle is you do not have to worry about making future repayments. If you pay cash, then you own the vehicle outright. You do not have ...
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Some common home loan myths debunked
07 Jul 2016
  Do I need a 20% deposit to get a home loan? Most people think the general rule is that you need a 20% deposit to get a home loan. This is not true. If you can afford a 20% deposit, that is great. This will obviously lower your repayments because you are borrowing less and you may not need to purchase LMI (Lenders Mortgage Insurance) but it is not must. Some specialist lenders will lend up to 95% LVR + LMI. I have bad credit so I can’t get a home loan. Most of the big bank do not like to approve home loans when someone has credit issues. These credit issues could be ...
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Car Review – 2016 Ferrari GTC Lusso
05 Jul 2016
  The 2016 Ferrari GTC Lusso is the latest edition to Ferraris new line of 4 seater sports cars. The car it directly replaces is the Ferarri FF, which was the first Ferrari to have all-wheel drive. The FF was quite a controversial machine. It looks were unlike anything else that we had seen and who ever thought of a 4 seater Ferrari? The FF proved to be a great GT car and a red hot sports car when you wanted it to be, so the Lusso has a lot to live up to. At the front is the latest version of Ferrari’s astonishing 6.3litre v12 boasting 680bhp. This screamer of an ...
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Bad Credit Loans
23 Jun 2016
Obtaining a bad credit loan can be difficult. Your ability to get approved depends on a number of factors including your employment status, residential situation and credit history. All types of bad credit loans (and prime-loans for that matter) are rate-for risk. Generally, the lower the risk to the lender, the lower the interest rate. Alternatively, the higher the risk, the higher the rate. Makes sense right?! This is why bad credit loans generally attract a higher interest rate than good credit loans. If someone has a default on their credit file, in the eyes of the ...
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Bad Credit Car Loan – Am i Eligible?
20 Jun 2016
Am I eligible for a bad credit car loan? Obtaining finance for a bad credit car loan can be difficult when you have credit issues. For this reason, the consultants at Lendo have compiled this article to help you assess whether you would be eligible for a bad credit car loan and provide you with some helpful insights. If you have been declined by your bank it can be very frustrating. Normally a bank will simply tell you that they cannot assist without actually giving you a specific reason. They are also unlikely to tell you what you can do to improve your situation. 2 of ...
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What to look for when shopping for a car loan?
16 Jun 2016
The car loan market can seem very daunting at times. For this reason, Lendo’s finance professionals have compiled some easy to understand points to help you compare options and choose the right car loan product. First of all, it is important to understand that with most car loans, the lender has an interest in the vehicle you are financing. As a car loan is a “secured” finance product, the age, type and value of the vehicle is of concern to the lender. All lenders are different and each have their own guidelines. For example, some will finance older cars and others will ...
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What is my credit score and how can i improve it?
09 Jun 2016
The business of credit files and credit ratings are not well known to the average person. Most people know that they exist but have no idea how they work. The “Credit Score” is one factor that lenders look at on any credit file. Lendo has provided some general tips to help people understand how their “Credit Scores” and how they work. Every credit file has a score which ranges from 0 to 1,200. There are many factors that determine your credit score but they main ones are:Historical credit application information – generally, finance enquiries are listed on your credit ...
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Car Review: 2016 Audi S4
09 Jun 2016
  The brand-new 2016 Audi S4 is the latest offering from the German car manufacturer. The top of the line RS4 is still sometime away so this latest version of Audi’s 4 door saloon will have to do for now. Engine The engine in the 2016 Audi S4 model has been heavily revised by Audi and is brand new. It is the first in a range of brand new engines developed both by Audi and Porsche. We can expect to see more of these jointly developed engines, in both V6 and V8 forms, in the years to come. The 2016 Audi S4 boasts a new turbocharger with greater levels of ...
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