2015 Personal and Car Loans – Star Ratings

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Many Aussies use personal loans to buy their first car – or their next car – or pay to go on a dream holiday. A personal loan can allow you to pay for something now, long before you could save up your pennies for it … as long you can afford to pay that debt off in monthly instalments.

These days, a popular use of a personal loan is to consolidate the debt we’ve accumulated on a credit card or store card. Reserve Bank data from 2015 confirms that our amount of personal debt has increased this year. Money is easy to spend, but we need to learn the age-old wisdom of only spending what we earn. When we’ve spent our way into debt, sometimes the only way out is to convert all your cards and debts into one personal loan and pay off the amount in full over the timeframe of the loan.

When it comes to finding a competitive interest rate, P2P lending is quickly becoming a new option for borrowers. After comments from ASIC this May about how they currently regulate P2P lending, we will be interested to observe how the market changes in years to come.

In this year’s Personal Loans Star Ratings report you will see that the favourable interest rate landscape at the moment translates to some well-priced loans on the market. We researched no less than 290 products from 78 lenders. We’ve separated these into car loans, secured and unsecured personal loans so it will be that much easier for you to find what you’re after.