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6 Benefits of Refinancing Your Car Loan

Purchasing a new car is an exciting experience. After all, it is a purchase that has a long-lasting impact on your life. Whether you’re buying a new car to enhance your daily commute, provide extra space for family road trips, support your business needs, or give you the freedom to explore Australia’s stunning landscapes, choosing the right vehicle is undeniably a life-shaping decision.

Amid the excitement, it’s easy to rush ahead, and before you know it, you’re holding the keys in your hand—along with a new monthly commitment to manage. As the cost of living in Australia continues to rise, car loan repayments that initially felt manageable can start to stretch your monthly budget, especially when expenses like fuel and insurance have continued to climb. With transport costs up 10.5% in the financial year ending June 2024, many Australians have felt the pinch and are looking for ways to ease the financial pressure.

If this sounds familiar, now might be the perfect time to look into refinancing your car loan and taking the first steps towards relieving some financial pressure. Refinancing your car loan can positively impact your budget, lowering your repayments, saving you on interest, and even consolidating many debts into one easy-to-manage commitment.

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Improve & Protect Your Credit Score for First-Time Car Loan Approval

Take Control of Your Credit Score

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Feeling Lost and Overwhelmed? You’re Not Alone

With lenders required to ensure they are lending responsibly, bank statements have become a key part of car finance assessments over the past few years. This is primarily because bank statements show not only your monthly expenses and spending habits but also your account conduct, allowing lenders to better assess the likelihood of missed repayments in the future.

For most people, the thought of a lender looking through your bank statements might be overwhelming and confronting. With so much information about your spending and account habits displayed in your statements and each lender analysing and using the data differently, it’s natural to feel uncertain. Given that most lenders don’t make their bank statement assessment process available to view, people are often left wondering things like, “Will they find something I’ve overlooked?” and “Could this affect my chances of securing the loan I want & need?”

You’re not alone in feeling this way. Every day, our team hears from people who share similar anxieties about their Bank Statements. The good news is that here at Fox Finance Group, our experienced team of Lending Specialists can walk you through exactly what lenders look for and how they will assess your statements, removing any feelings of anxiety or confusion and giving you the clarity and confidence to secure the car finance you need!

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Smart Strategies to Save Money on Your Car Purchase

Smart Strategies to Save Money on Your Car Purchase (foxfinancegroup.com.au)

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Top 5 Features to Look for in Low-Rate Car Finance Deals

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