The Pros and Cons of using Car Loans to Buy Your Dream Car


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Pros and cons of car finance

The Pros and Cons of using Car Loans to Buy Your Dream Car

Do you dream about racing down the motorway (at legal speed) in a Porsche or climbing mountain faces in a Range Rover? Or maybe you just want to cruise along in a Mercedes. Whatever your dream may be, you need to have cash to afford these cars.

It’s a crushing feeling when you can’t afford to get what you want, but does it have to be this way?

No! This is where car loans come in.

Car loans have been around for a long time now, and we’re sure you’ve heard of them. You might be wondering if it would be a smart decision to use car loans to buy your dream car.

Check out these pros and cons of car finance and make an informed decision.

Pros and Cons of Car Finance

This is by no means a complete list of all the pros and cons of car finance. Some factors not mentioned here might be individual and differ from person to person.

Pros of Car Finance

1. You Have More Options

Cars, especially new models, are not cheap at all. Unless you’ve got a lot of money in the bank, a lot of the car options will not fall within your cash payment range. You would probably have to make a few compromises in quality, features, and age of the car— hardly what you’d call buying your dream car.

As long as you can afford the repayments, car loans will allow you to afford cars of a higher tier. They’re more suitable for someone who wants to buy their dream car.

2. Helps Save Cash for a Rainy Day

One of the biggest problems with using cash when buying a car is that your cash leaves your bank account really fast. Once you’ve made the transaction, looking back at your bank account balance might be a scary thought. Plus, it’ll take you time to save up that money again.

Car loans allow you to avoid the risks associated with a lighter bank account. You can avoid tying up your liquid savings in your car and save them for a rainy day. A car finance plan will let you spread your car payments out over months or years. All you have to do is budget the repayments each month.

3. It Can Build Credit

If you’re someone who has a solid history of making debts and loan payments on time, a car loan could improve your credit rating. It’ll be easier for you to get a car loan, and paying it back on time will improve your credit even more. It will show future lenders that you aren’t a risky borrower.

You will find it easier to get approved for future loans, and you might even get some discounts.

Cons of Car Finance

1. It’s Probably More Expensive in The Long Run

Loans obviously aren’t free. You’ll have to pay interest charges and other fees on the amount you take out on your car finance.  It’s imperative that you do your research before you opt for a car loan. Different providers will have different charges and fees.

Your repayment structure will also depend on how big your down-payment is. Get loads of quotes and talk to lots of different places before making your decision.

2. Your Car Is Under Bank Ownership

Most auto loans will use your car as security for the loan. This means that the car is under bank ownership up until you make your last payment. The biggest risk here is that the lender would probably repossess the vehicle if you fail to make your repayments or default on the loan.

If you’re defaulting on a loan, you are by no means doing well financially. At this point, losing your car and the money you’d put into it could be devastating.

3. The Car Will Depreciate

Different cars will depreciate at different values over time. Some depreciate a lot faster than others. If the amount you still owe to the bank is higher than the car’s market value, this could be a problem if you want to upgrade to another car mid-term. You’ll have to cover the gap between what you owe and what you’re getting from the sale.

Looking For Car Loans in Australia?

Now that you know all the pros and cons of car finance, you’re probably looking for a reliable lender. The great thing about Cash on Your Mobile car loans is that we’ve got all sorts of auto lenders.  

They’re all vetted, so you can rest assured they have the appropriate licenses and provide competitive rates. If you apply now, you could get your loan approved in as little as 4 hours.


What is a Cash loan?

A cash loan is a short term loan which can be paid off over a short period of time upto 12 months

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You can apply for $400 to $2,000. The lender will tell you how much you qualify for when you application.

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A payday loan or cash advance is a short term loan. It provides the consumer with the needed cash to use until their next payday, or over a 12 month period. The loan, plus any applicable fees, is paid back on the consumer's next payday (This can be extended if required)

  • 18 years of age or older.
  • Australian Permenant Resident.
  • Valid check or savings account with direct deposit.
  • Regular income of at least $1,000 per month.
  • Bad Credit or Centrelink Customers are welcome to apply. (Centrelink)
  • *All Loans are subject to an assessment of suitability and affordability.

If approved, electronic transfer can be in as little as 4 hours. Most bank transactions will be received within 1 business day, although certain banks can take up to 48 hours to show the credit

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If your application is succesful you will be presented with a loan offer subject to terms and conditions shown on the offer.

We are a Licensed Finance Broker. We do not provide any kind of credit facilities. Your request will be referred to a third party that you can deal directly with.

You will be advised of the 3rd party lenders fees and charges before signing your contract. We may receive a small fee (amount unascertainable) from these third parties for the referral.

It is recommended that you take independent legal and financial advice before taking up any products that you are referred to.

Frequently asked questions

Normally within 24 hours of application approval. Bank holidays, weekends and certian banks can impact delivery time up to 48 hours

Our lenders costs are the same for all states. They charge an establishment fee which is 20% of the loan amount you borrow plus a 4% monthly fee.

Yes you can. Your credit score does not always play a factor in most of our lenders decisions.
All our lenders will perform credit checks but bad credit will not always preclude you from obtaining a loan

The loan amount and any fees will be electronically deducted from your bank account on the due dates. You do not have to do anything.

Please speak directly with your lender if you have any issues paying back the loan.

Fill out the easy online application and submit it. You are under no obligation at that point. You will be able to see the loan offer before agreeing to it.

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