We do the hard work for you with various lenders
No hidden fees
At Sanomi Finance, we ensure there are no hidden costs. Every fee and charge is comprehensively broken down, providing you with a clear understanding of exactly what you’re paying and when. This level of transparency makes it easy for you to compare and make well-informed decisions.
Your choice
We present you with a range of options, each with complete price visibility and transparency. This empowers you to make choices that are best suited to your needs and circumstances.
Dedicated Personalised Service
Our team of skilled asset finance brokers is committed to working alongside you throughout the entire process, ensuring your car loan is settled smoothly and efficiently.
Competitive Low Rates
Thanks to our extensive lending panel, we’re positioned to offer some of the most competitive finance rates in Australia, ensuring you get a great deal on your loan.
FAQ about Comparing Car Loan Rates
Which lender offers the most competitive loan rates?
The best loan rates can’t be determined solely by advertised starting rates. They vary due to multiple factors including your credit score, the vehicle’s age, your living situation, and the loan’s term. Even unsecured personal loan rates are subject to change based on individual circumstances. The most accurate way to compare rates for car loans is by using a personalised comparison rate, which includes all fees and charges. It’s key to remember that the most competitive lender can differ for each person, so it’s crucial to compare rates from multiple lenders.
What is a car loan comparison rate?
A comparison rate in car loans is a more comprehensive measure than just the interest rate. It combines the interest rate with all associated fees and charges of a financial product. This rate, mainly used in advertising, helps borrowers compare different lenders’ offers more effectively. It’s different from the interest rate listed on finance contracts, which is used to calculate repayments.
Balloon payments– effect on comparison rates?
Balloon payments in car loans, which are portions of the loan amount deferred to the end of the loan term, don’t affect the comparison rate. They are an ongoing cost, with the borrower required to pay a lump sum at the loan’s conclusion. While they can reduce regular repayments, financing the balloon amount with another loan might lead to higher interest costs.
Will getting a quote negatively impact my rating?
Direct applications to lenders often involve a hard credit check, which can affect your credit score. However, at Sanomi, we perform a ‘soft credit check’ to provide accurate loan interest rates without impacting your credit file.
Which lenders do you partner with?
Our partnerships extend across a diverse network of over 30 lenders. This broad range ensures that we can offer options that best suit the vehicle you’re interested in and are tailored to your unique personal circumstances, providing you with confidence in your choice.
Does Sanomi’s lenders charge fees?
Yes, all lenders charge fees, and it’s important to consider these when choosing a lender. The fees and charges from lenders (including those paid to us) are incorporated into your personalised quote. The monthly repayment amount you see reflects the total am
Sanomi’s rate quotes are higher than what I’ve seen elsewhere!
Comparison rates can differ based on loan amount, vehicle age, credit score, and other factors. Sanomi is committed to working in your best interest to secure the most advantageous rate based on your individual circumstances.
What is an APR?
The APR, or Annual Percentage Rate, is the lender’s quoted rate on your loan amount, exclusive of fees and charges. Be cautious with APRs, as they often don’t reflect the total cost of the loan, including lender fees. Comparison rates and monthly repayments are more effective for comparing lenders.
How does my credit score affect my interest rate?
A higher credit score generally leads to loan approval with lower interest rates and more favourable terms, as it indicates a lower risk of default. Conversely, a lower credit score may result in difficulty obtaining a loan or less favorable terms, as it suggests a higher risk to the lender.
I have bad credit, can I get a car loan with a comparison rate?
Yes, even with bad credit, you can obtain a car loan. At Sanomi, we assist individuals with bad credit and provide comparison rates to ensure clear understanding of the loan costs.
How do lenders decide what rate to charge me?
Lenders consider a variety of factors to determine eligibility for a loan and the corresponding rate. Elements like the age of the vehicle, your credit score, any past defaults, housing status, and employment stability can all influence your rate. Different lenders have preferences for different customer profiles. At Sanomi, we diligently work to match you with the lender best suited to your specific situation, ensuring you receive the most favourable options.
How does Sanomi get paid?
Sanomi’s compensation varies among lenders, but there are no direct costs to you upon finalising your loan. We earn our fee by connecting lenders with high-quality customers. These fees are integrated into the monthly repayments you are quoted. We maintain complete transparency with no hidden fees, ensuring you have a detailed breakdown of all charges in your quotes.
What is a comparison rate?
A comparison rate helps you understand the true cost of a loan. It includes most lender fees and is an essential metric for comparing car or personal loan quotes. At Sanomi, we always clarify the comparison rate for each quote, allowing you to easily identify which loan offers a lower overall cost. We recommend focusing on the comparison rate or monthly repayment figure rather than the APR or interest rate, which can be misleading.
What is a Balloon payment?
A balloon payment is the final lump sum paid at the end of your loan, usually a percentage of the total loan value. Opting for a higher balloon payment can lead to lower monthly repayments but more interest overall, as you defer the balloon amount until the loan’s end. However, if the value of your car at the loan’s end is expected to exceed the balloon payment plus accrued interest, a balloon payment might be beneficial. Lenders often set a maximum limit for balloon payments, particularly for older vehicles, to manage risk.
