Car loan interest rates range from low to very hig

Buying a car – new or used – can be expensive, but there are simple steps you can take to avoid paying too much. Commsec reports car affordability is very high, meaning historically low prices.

Car loan interest rates range from about 5.8 per cent right up to 17.5 per cent. So work out what you can afford to repay and factor in registration fees, insurance, roadside assistance and fuel as well as regular repairs and maintenance.

A car is a depreciating asset so you could end up owing more than the car is worth so do not pay more than you can afford to repay.

Source: Courier Mail