The unbreakable HiLux
The Toyota HiLux is an all-rounder ute that's supposedly as tough as nails. There are models specifically for tradies or higher-end dual-cabs that will handle the commute and adventurous weekend trips.
Why the HiLux?
Why buy a HiLux? First, it's a well-respected ute with a badge that could suffer lower depreciation than lower demand rivals. Second, the HiLux does a lot of stuff really well. Third, it's generally highly-rated by car reviewers. Fourth, Toyota has an impressively extensive dealer network across the country.
Want to find out more about the HiLux? Read our HiLux comparison review, where we've combined the opinions of several motoring experts to give you a sense of what the HiLux is like to own.
Things to look for in a car loan
When comparing loans for your new HiLux, keep an eye out for the following features.
- A low-interest rate
- No application fee
- No monthly fees
- Affordable monthly repayments
- Payment flexibility, for example, if you wanted to pay back extra one month
The more of the above boxes that get ticked, the more competitive the loan will typically be.
How to compare car loans for the HiLux
First, you need to decide whether it's a private or business purchase. That will narrow down the type of loans you'll be looking at. We have a dedicated business car loan comparison page
Then, decide if you want to offer your HiLux as security against the loan.
With a secured car loan, the lender will register an interest in the vehicle and if you fail to make repayments, they'll reprocess it. However, the benefit is a generally lower rate of interest as this presents less of a gamble for them. If you don't want to offer the ute as security or want to be able to spend some of the loan on other expenses, think about an unsecured car loan. The interest rate (how much you pay back as a fee for borrowing the money) won't be as competitive, but you are then free to spend your money on things like modifications or On-Road-Costs (ORCs).
Also, remember to take into account things like application fees and early repayment charges. Given the choice, most people would probably go for a loan with no upfront charges.
How to use the above loan calculator
To see quotes for HiLux loans, input the amount you'd need to borrow and set your term. The longer the term, the lower the monthly repayments, which can make a new HiLux more affordable by spreading the cost over a greater time period. A $35,000 loan over three years versus seven is basically double the monthly repayment. Obviously, the longer you're repaying your loan, the more you'll pay in interest. That's something to weigh against the enticing lower monthly loan payments.
If you're able, it's often beneficial to have at least a small pot of savings you can put towards your HiLux purchase. That way, you don't have to borrow 100% of the car's value and you can cut your monthly outgoings. However, real-life doesn't always work like that and, when used wisely, you might view a loan as a necessary and acceptable commitment.
If you want to know more about how car loans work, as well as the requirements to apply for one, check out our detailed car loans guide.
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