START HERE
Get a free car loan eligibility assessment and compare offers tailored specifically to your circumstances.
Loan Amount:
$
Postcode:
All finance quotes are provided free (via our secure server) and without obligation. We respect your privacy.
Any Purpose
New car purchase
Used car buyers
Refinancing
Private sale
Dealer purchase
Any Situation
Refused by Banks
Self-employed
Bad Credit History
Low/No Deposit
No Savings History
Ex-bankrupt
All Features
Secured Car Loans
Unsecured Finance
Vehicle Leasing
Hire Purchase
Chattel Mortgage
Major Banks
Non-bank Lenders
Lo/No-doc Loans
Knowledgebase
Personal Loan:
A personal loan is usually made by a financial institution to an individual person without the need for the provision of asset security. Personal loans can generally be obtained for any worthwhile purpose subject to the lending criteria of the financ
Car Loans Australia :: Articles

Car Loans Australia Articles

Get Rid of Your Debt Troubles

People borrow for a variety of reasons. But as long as they are able to meet repayment obligations, things are fine. Trouble erupts when commitments go awry and payment defaults occur.

Debts accumulated over time can push borrowers into a very difficult situation.

There is nothing wrong with borrowing provided the borrower has the capacity to repay. But when you keep borrowing to repay someone else, sometimes far beyond your means, you get stuck in what is called a debt trap.

Creditors start pressing for repayments and debtors increasingly resort to a cycle of reckless borrowing.

A good way to get out of this situation is to opt for debt consolidation.

Break the vicious cycle

It is easy to visualize a scenario where a debtor gets stuck in a trap.

When you do not have enough cash to meet existing obligations, you just go and borrow to make up for the shortfall.

When the payment on the new debt becomes due, you go and get a new loan.

The problem is that as you pay an interest on each loan, the situation keeps getting worse, until you are neck deep in debt.

The only way to get out of the situation is to break this vicious cycle of new debts to repay old ones through one decisive move.

Consolidate debt

You can consolidate all your debts so that you get the advantage of the best possible interest rate that you can avail given your past credit history.

An average person may not even be aware that there are avenues open to him/her to reduce the interest burden. It is here that a reputed debt consolidation agency can help you out.

Once you have presented your debt position to the agency along with that of your current assets and earnings, the agency will come up with the best solution to make your debt more manageable.

Typically, it involves using your home or some other asset as collateral to take a new loan that will be used to repay all of your existing debts. The new loan comes at a low interest rate, especially if it uses an asset, usually a house, as collateral.

This reduces lenders' risk and they would be willing to pass on the benefit to you in terms of lower interest rates.

The rate that you'll get on this loan will be significantly lower than unsecured loans like credit card debt or personal loans.
 
Consolidating your debt can thus result in huge savings because of lower interest cost.

Do it now

The important thing about high interest debt is that the longer you stay in it, the more difficult your situation becomes.

Credit card interest can pile up rapidly before you even realize how much trouble you are in.

It is prudent to act fast the moment you get a hint that things could be getting out of your hands.

Look for a good debt consolidation agency in your area and start planning your way out of your financial problems.


Finance Articles

Tackle Bad Credit With These Simple Ideas!
Bad credit can make it difficult to do business with certain types of companies. Poor credit impacts your ability to move forward... read more

Rash of rate rises not necessary
Felt by many home buyers, the current interest rate level has sure applied pressure..., but was it necessary - asks Robert Projeski,... read more

Be Credit Wise - Tips For Credit Cards In Australia
These days, life without a credit card would be hard to imagine. We have become so used to the convenience of "plastic", we don't... read more


Finance News

Personal Loans to help Australians in need: FSO
Oct 29 :: As Australia prepares to clean up following devastating fires and floods, Financial Services Online CEO, Andrew Clark, has announced... read more

Small business loans to help Aussie businesses through tough times
Nov 27 :: Financial Services Online has today announced a new credit facility for Australian business customers who are seeking loans for... read more

Police issue warning about bank scam
Nov 20 :: Melbourne police are warning people about a scam in which fraudsters pose as bankers and ask for money.They say they... read more