Expensive Car Brands – What Drives Consumers to Look for Them?

Expensive car brands

Do you know what kind of car you would buy if money wasn’t an issue? You’ll need pretty deep pockets to get your hands on any luxury vehicle in Australia. But one can dream, right? An expensive, luxury car can offer speed and comfort but most of all it represents a lavish lifestyle to most people. 

You’ve probably landed on this page because you have a taste in expensive cars. And we get that! That’s why this blog will be devoted to explaining what lures people to buy expensive cars. We’ll also cover the best luxury cars on the Australian market and how much they cost. Interested? Let’s get started. 

Why do people buy luxury cars? 

Attention

Those who own a luxury car know exactly what we’re talking about. The feeling of having everyone eyeball you in envy is a special feeling, to say the least. There’s a large percentage of people who are not impressed by luxury or expensive cars. Although this may be true, when a Porsche or a Ferrari speeds past anyone, their attention is immediately drawn to that car. 

Reputation

Owning an expensive, luxury car is, for some, also a symbol of wealth and success. The high-end features of expensive cars go beyond the average necessities. luxury vehicles are equipped with better interiors, performance capabilities and all of the latest technology and safety features. 

Expensive car brands have a higher perceived value than lower-end cars. Consumers are willing to pay more for a car when they feel the price reflects the value they are getting in return. For some, the value of the car lies in the design, the limited production volume, superior quality parts, and the fact that they’re made from more expensive materials.

Adrenaline rush

Car enthusiasts are typically drawn to expensive cars because they offer a unique experience and top-level performance. These car enthusiasts are not looking for a car to get from point A to point B, but rather how the car contributes to the way they enjoy their free time. Additionally, some people look for high-end car brands as a way to boost their self-esteem. Furthermore, the status symbol some people feel they get when purchasing an expensive car may increase confidence. For many people, there is a lot of emotion connected to the purchase of not only expensive cars but also other high-end, luxury items. 

Some fun facts about luxury cars

Did you know that the engine in a Ferrari car is upgraded to bring ‘music’ to the ears of owners by synchronizing the sounds from the air pipe to create a flute or organ-like hum? We certainly didn’t! But that’s nothing compared to this next one. 

If you buy a BMW in South Africa, drivers are given the option to add flamethrowers under the doors as a defence to carjackings. Unfortunately, because of the high costs, only a few hundred people ended up purchasing the additional feature. 

Expensive car brands – an investment or just a costly hobby?

Is buying a luxury car or fancy additional features worth it? It really depends on the buyer. If you want to splurge on a car, who can tell you to do otherwise? However below we have listed a number of additional features that are worth the extra expense:

  • Knee airbags;
  • Curtain airbags for rear passengers;
  • Brake assist and seat belt tensioning;
  • Adaptive cruise control as well as;
  • Collision warning;
  • Automatic braking.

Of course, adding all of these safety features would be extremely and most likely a bit unnecessary. 

Things to keep in mind

The value of a car depreciates with time and mileage, however, the resale value of expensive car brands depreciates at a slower pace than average cars. Nevertheless, people are happy to invest in expensive cars because they are convinced that it will give them value in the form of status and accomplishment. Also, consumers have a lot of trust in expensive car brands like, for example, BMW and Audi. This trust creates significant added value to these expensive car brands.

Looking for expensive car brands?

If you’re dreaming of prestige, elegance, comfort and speed all rolled into one, there are a number of available options of luxury cars in Australia. Here are the top five most expensive cars in Australia:

  1. Bentley Continental Supersports: $626,474
  2. Ferrari 812 Superfast: $610,000
  3. Rolls-Royce Ghost: $595,000
  4. Ferrari GTC4Lusso: $578,000
  5. Bentley Mulsanne Speed: $569,522

Despite increasing economic pressures in Australia, the luxury car market is outperforming the moderately priced car market. Sales of new cars have fallen approximately 10% in 2020. However, there is a different pattern among expensive cars. Ultra-luxury brands have done well and are increasing sales. Maserati went up 21%, Ferrari up 21% and Rolls-Royce up 150%!

Apply for a car loan

There is only a small percentage of people in Australia who can afford to purchase luxury car brands outright. However, with the help of a car loan, you could be driving away in your dream car in no time! 

However, finding the right lender can be a struggle and car loans can be confusing to wrap your head around. This is where a lender-finder service like Pocket Cash comes in. When you apply with Pocket Cash, we’ll show your application to a range of lenders to give you the best chance of approval. 

All you have to do is scroll up to the top of this page to apply now! If you have questions about what we do, visit our FAQ page for more info. Alternatively, you can get in touch with the Pocket Cash team directly. 

If you’re looking for a car loan to finance either a new or used car, you can look to Pocket Cash! Want to learn more about car loans or car loan interest rates? We have the low down. Read more today!

Use a car loan repayment calculator to estimate your monthly repayments.

How To Get a Loan With Bad Credit

How to Get a Loan with Bad Credit

Looking for a loan?

Are you looking for a loan but worried you’re less than perfect credit score is holding you back. It may be true that traditional lenders like banks and credit unions consider a bad credit score a huge red flag. But it’s 2020! These lenders aren’t your only option. Fortunately, there are several online lenders on the market that can look past a bad credit score. So, if you’re wondering how to get a loan with bad credit, we’ve got all the details you need to read! 

What is bad credit?

Bad credit refers to a bad credit score. Your credit score is a numerical representation of the information in your credit report. Your credit score gives a strong indication to lenders and credit providers of your credit creditworthiness and reliability in paying your bills. It also allows them to preview future performance. 

Often, having bad credit can damage your chances of accessing competitive interest rates. Either that or it could hurt your chances of getting approved for a loan at all. Therefore, it’s recommended that you stay on top of your bills and credit repayments. 

Do I have bad credit? 

Do you know your credit score? If you don’t, don’t stress! You can access a free annual credit report from each of the following credit agencies:

The following table shows Equifax’s rating scales from an ‘excellent’ to a ‘below average’ credit score. 

Credit ScoreRating
833 and aboveExcellent
726 to 832Very Good
622 to 725Good
510 to 621Average
510 and belowBelow Average

How can I get a loan with bad credit?

Good question (and we’re glad you asked)! Despite what you might think, you can get approved for a loan with bad credit. How? Well, these days, there are many online lenders that can look past your credit score. Instead of rejecting you solely on the basis of a credit check, lenders can now look for other reasons to approve you. If you’ve been staying on top of your finances recently, this could show your potential lender that you’re responsible with money. 

Pocket Cash can do the hard work of finding a lender for you! Instead of submitting multiple loan applications hoping to get approved, apply with Pocket Cash’s lender finding service! We submit your application to multiple lenders to give you the best chance of approval – bad credit and all! 

What affects my credit score?

There are several factors that contribute to calculating your credit score. We’ve listed some of these below:

Payment History 

Payment history is the most important factor that affects your credit score. Lenders look at your credit history to see how you have managed your previous debt. They want to see how reliable you have been with your repayments. If you have missed some of your repayments or failed to pay back your loan on agreed terms, your credit history will be negatively impacted. This is not just for loans however, you should be consistent with paying all your bills- credit cards, utilities, telco etc. 

Credit history length

Credit history length includes the age of your oldest credit account. The history length accounts for approximately 15% of your credit score in total. The longer your credit history length is, the better your credit score will be. 

Credit utilization

If you divide the total revolving credit you are currently using by the total of all your revolving credit limits, you will have your credit utilization ratio. Your credit utilization ratio plays a big role in calculating your credit score. Examples of revolving credit are credit cards and personal lines of credit. Your ability to repay these on time indicates how reliable you are with on-cash funds. You should not use more than 30% of your available credit. 

Credit mix

Ever heard the saying ‘don’t put all your eggs in one basket?’ of course you have. Well that phrase can be used to describe credit mix. The more diverse portfolio of credit accounts you have, the better your credit score will be. This could for example be, a car loan, credit card, mortgage or student loan. the more the merrier! 

New credit

When you apply for new credit or a loan, a hard inquiry is created on your credit report. Several hard inquiries will cause your credit score to drop. Additionally, the number of your current credit accounts will indicate to lenders that you may be a higher risk, because you are managing too many outstanding balances at once. 

Why is it hard to get a loan with bad credit?

If you have bad credit or no credit it can be tough to get a loan application approved, especially with traditional lenders and big banks. Bad credit indicates the likelihood that you will default on a loan obligation. Because of this, lenders will see you as a riskier borrower than people with higher credit scores. That is why many lenders will reject you for a loan with bad credit, because they assume there is a higher chance that you’ll not make the repayments on the agreed terms. However, it is possible to get bad credit loans, but first you should consider improving your credit score for a higher chance at approval. 

Easy tips for improving your credit score

Although some lenders can offer bad credit loans, it definitely won’t hurt to improve your credit score. Not only will this improve your chances of approval but it also means you could be offered more competitive interest rates. Check out this handy Pocket cash guide to improving your credit score. Unfortunately, there is no ‘quick fix’ when it comes to improving your credit score. However if you implement these tips below and change your financial behaviours, your score will begin to rise over time. 

  1. Know your credit score: You can access a free annual credit report from the following agencies: Illion, Experian and Equifax. Make sure there are no inaccuracies on your credit report. If there is, you need to rectify these immediately. Knowing your credit score will give you an idea of your general financial standing. Additionally, it can help you determine what to look for in a loan offer.
  2. Pay off your debt: Your level of debt, expressed as your credit utilization ratio, is an important factor contributing to calculating your credit score. A low credit utilization ratio will tell lenders you haven’t maxed out any credit cards and you likely manage credit well. 
  3. Don’t apply for too much credit: When you apply for new credit, whether it be a loan or a credit card, it will create a hard inquiry on your credit report. Too many hard inquiries will cause your credit score to drop and these inquiries remain on your credit report for up to 2 years. 
  4. Pay your bills on time and focus on paying off your debt: When you apply for a loan, lenders want to see your reliability at repaying your bills as this is generally a good indicator of future performance. Your credit utilization ratio is a number that reflects your level of debt and also plays a large role in calculating your credit score. The more outstanding debt you have, the higher ratio you will have. People with the highest credit scores will typically have the lowest credit utilization ratios. You should either start by paying off your smallest account or the account with the highest interest rate.

Get help from a lender-finder to find bad credit loans

If you are looking to apply for a loan, but you’re worried bad credit will hold you back, it can be hard to know where to start. A quick Google search for ‘how to get a loan with bad credit’ will show you pages and pages of Google results. The market is flooded with lenders – far too many to choose from. 

That’s where Pocket Cash can help! Our lender finding service does the hard work for you! Simply submit an application and we will show your application to a number of lenders to give you the best chance of approval. Not only is this super convenient, but it means you won’t have to submit multiple applications before getting approved – benefiting your credit score! 

If you’ve got questions, head to our FAQ page. Alternatively, you can get in touch with the Pocket Cash team for more information.

Wedding loans for Your Big Day

Wedding Loans

Looking for affordable wedding loans?

Your wedding is meant to be one of the best days of your life. It’s a magical occasion spent with your family, friends and most importantly your husband/wife! However, making your big day an extravagant success certainly doesn’t come cheap! In fact, the average Aussie wedding costs a $36,000. Fortunately, Pocket Cash can find you affordable wedding loans. We’ve here to cover the costs, so you can focus on the more important things like the dress, the tux, the cake, the venue and more!  

What are wedding loans?

A wedding loan is a personal loan that can cover some of the costs involved with your wedding. Despite what people might think, personal loans are not only associated with emergencies. Personal loans can cover a variety of expenses, including your wedding, your honeymoon, or treating yourself to an extravagant wedding gift. Wedding loans can be helpful for when you accidentally go over your budget or when unexpected expenses pop up and you need a financial boost right before your big day.

With a wedding loan, you can focus on the more important things such as where you’ll host the ceremony and reception, what you’ll wear and who you’ll invite. A wedding is just one day – and it should be planned out to perfection. 

Get started with your wedding plans

Whether your wedding is in 3 months or two years, the key is to start planning as soon as possible. Additionally, by starting early it is easier to plan for the costs that come with the wedding. To ensure you’re staying within a reasonable budget, make a list of the things you might want for your wedding in order of importance. Figure out how much each thing will cost and then save accordingly.

The wedding venue is usually the biggest cost you’ll have for your wedding. The average venue cost for weddings in Australia is $14,500. Most couples spend 45% of their entire budget on the venue alone. On top of that comes catering, entertainment, dress and suit, car hire and much more. So, wedding loans may assist with covering what you can’t afford up front. Nevertheless, you can have a simple but amazing wedding with just a bit of planning. 

Things to consider when planning your wedding 

The planning involved in coordinating such a memorable day can be extremely stressful and demanding. So, focus on the most important parts that will make your wedding beautiful, but not overly expensive. Some important details you should prioritize are:

  • Location of the ceremony;
  • The Bride and Grooms court;
  • Dresses and attire;
  • Tuxedos and attire;
  • A photographer;
  • Florist and decor.

How can you find the best wedding loans?

When you begin your search for lenders that offer wedding loans, you will find that there is an endless list of lenders out there. A quick Google search for wedding loans will show you pages and pages of results. This can be confusing and downright overwhelming. How are you supposed to know which lender is right for you? This is especially true if it is the first time you are borrowing or the first time applying for a loan. This is when a lender finder like Pocket Cash can be very helpful. 

Pocket Cash could help you find wedding loans from $100 to $10,000. A lender-finder service like us will do the hard work for you in finding a suitable lender based on your individual and financial circumstances. The advantage of using our lender-finding service is that we know what we’re doing. Our application process is 100% online, that means no paperwork and you can apply anytime, anywhere. 

The benefits of using Pocket Cash 

Saves you time and effort

Pocket Cash is a lender finder. That means, although we cannot lend the money to you directly, we can find a lender who will. This will potentially save spending hours submitting multiple loan applications to multiple different lenders. 

Can be beneficial for your credit score

When you apply for a loan, a hard inquiry is created on your credit report. Several hard inquiries will damage your credit over time. Therefore, applying with Pocket Cash could be beneficial for your credit score as we’ll do our best to match you with a lender willing to give you a loan. 

Fast application 

When planning your wedding, you can’t afford to wait days or even weeks to find out if you’ve been approved or not. The best thing with an online lender-finder like Pocket Cash, is that our application is super fast and simple. Submitting an application can take you just a few minutes, and we’ll do our best to match you with a lender that very same day! If that’s not fast we don’t know what is! 

Ready to apply? 

Wedding loans with Pocket Cash up to $10,000! 

Are you up to speed? If so, you can scroll up to the top of this page to begin your application! If you’ve got any questions, feel free to visit our FAQ page, or alternatively get in touch with the Pocket Cash team!

Check out this Pocket Cash guide for how to get a loan with bad credit!