Changes afoot for Australian car imports?
When you make a move to obtain new car finance, whether it's through a low or no doc car loan or a more traditional form of lending, you likely have your eyes on a particular type of car. Working with AAA Finance means you get the benefits of a panel of more than 23 lenders, which is likely to mean you find exactly the type of financing you need for that purchase.
But as the automotive manufacturing industry in Australia faces tougher times, can you still buy with certainty? Recent items in the news point to a few changes for Australia's car market that are worth looking at if you are considering purchasing such a vehicle.
Improved affordability on foreign imports
As the 2014 Productivity Commission report into the national automotive industry noted, a trio of major manufacturers - Ford, Holden and Toyota - are going to cease local production before the end of 2017. That's less than two years left of this scale of production, and in light of this, the government is looking at changes to the industry that ensure you can still purchase your desired vehicle.
In an April 16 media release from Federal Minister for Infrastructure Jamie Briggs, it was noted that updates have been made to the ongoing review of the Motor Vehicle Standards Act (MSVA). The review is considering how to make the import of new cars more affordable, which could have significant benefits for you as a vehicle buyer.
"Any potential changes in this area will be focused on ensuring consumers have access to the lowest cost, safest and youngest car fleet possible," the release stated. A final decision will be made later this year, but red tape and costs could be removed from the process of importation.
With numerous insurance options and extremely flexible loan product setups, working with AAA Finance is a surefire way to get all your costs covered in one simple arrangement. On top of this, our teams can secure your financing in as little as 24 hours.
The reduced costs and red tape involved with importing cars could be covered in a package with AAA Finance, and this review of the MSVA should pique the interest of many a motorist. The decline of car manufacturing does not have to mean a decline in your options when you choose new car finance.
To find out more about what you can afford, make sure to get in touch with one of our specialists.
About the author
Peter Watman has extensive finance and automotive experience having worked in both industries for over 30 years. Peter founded AAA Finance and Insurance in 2012. He leads an experienced team that provides quick and easy finance solutions along with exceptional customer service.