Boom in car sales in Australia leads to an increase in car loans

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Melbourne, Australia, August 16, 2021 / PRNewswire / – National car sales plummeted last year. Under the influence of the COVID-19 pandemic, purchasing activity and inquiries to dealerships were at an all-time low. Leading financial broker National Loans providing asset finance including boat financing and financing of caravans, says the auto industry is plunged into chaos due to restrictions both here and abroad.

The encouraging signs for the industry are recent data released by the Australian Bureau of Statistics (ABS), which shows car loan commitments have grown 4.7% annually. May 2021 and the total amount of new loan commitments for the month increased to $ 1.296 billion

According to National Loans, the cost of new car loans reflects consumer confidence and activity, helped by attractive interest rates and a number of other economic indicators.

In addition, the latest data from the Federal Chamber of the Automobile Industry (FCAI) show good results for new car sales in June, with over 100,000 sales recorded. This represents an increase of 0.04 percent over the same period last year. National Loans says the figure could be even higher if dealerships across the country were not hampered by a shortage of new cars due to plant closures around the world during the lockdown.

The renaissance of the new car market is being driven by skyrocketing sales of SUVs and conventional vehicles with private buyers. According to National Loans, given the long waiting time for new cars, there is a possibility of delayed market demand, which could be reflected in higher growth in the auto industry in the second half of the year.

National Loans explains that for consumers considering a car loan to buy a new car, there are various aspects to consider, including how much the buyer can afford to repay, interest rates, and the type of loan. If the buyer wants to reduce the recurring payments, balloon car loans option.

While there are many services available for new car loans, the National Loans team invests additional time and energy with each client, providing all the resources to help the buyer make an informed decision and find what works best for their individual circumstances.

National Loans can also help you get a boat loan or caravan loan… For more information, contact National Loans directly.

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SOURCE National Loans

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