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Holden Finance Deals: An Overview

Holden, while no longer manufacturing vehicles, still has a significant presence on Australian roads. Many individuals purchased Holden vehicles through financing options. Understanding these finance deals, even after Holden’s closure, remains relevant for those still paying off loans, considering purchasing a used Holden, or dealing with related financial obligations.

Types of Finance Deals Commonly Used

Typically, Holden buyers used various finance options offered directly through Holden Financial Services (operated by a partner finance company) or through external lenders. Common types included:

• Secured Car Loans: This was the most prevalent option. The car itself acted as collateral for the loan. These loans usually featured competitive interest rates due to the reduced risk for the lender.
• Personal Loans: Some buyers opted for unsecured personal loans to finance their Holden. While offering more flexibility (funds not specifically tied to the car), these typically came with higher interest rates.
• Novated Leases: Often used by employees, novated leases involved a three-way agreement between the employee, employer, and a finance company. Lease payments, including running costs, were deducted from the employee’s pre-tax salary, potentially offering tax benefits.
• Hire Purchase Agreements: In this arrangement, the buyer “hires” the car from the finance company and only gains ownership after all payments are made.

Factors Influencing Interest Rates and Loan Terms

Several factors influenced the interest rates and loan terms offered to Holden buyers:

• Credit Score: A higher credit score generally translated to lower interest rates.
• Loan Amount: Larger loan amounts sometimes attracted slightly higher interest rates.
• Loan Term: Longer loan terms resulted in lower monthly payments but higher overall interest paid.
• Deposit Amount: A larger deposit reduced the loan amount and, consequently, the interest paid.
• Promotional Offers: Holden, especially during sales periods, offered promotional finance deals with lower interest rates or other incentives.

Considerations After Holden’s Closure

Holden’s closure hasn’t fundamentally altered existing finance agreements. If you currently have a Holden car loan, you are still obligated to fulfill the terms of that agreement with the lending institution. However, some considerations arise:

• Resale Value: The resale value of used Holdens may have been affected by the closure. This is important to consider if you plan to sell or trade in your vehicle.
• Spare Parts and Servicing: While GM has committed to providing after-sales support and spare parts for Holden vehicles for a certain period, potential long-term availability and pricing could influence decisions related to keeping your Holden.
• Refinancing: If you’re struggling with your current Holden car loan, consider refinancing with a different lender. Compare interest rates and terms to potentially reduce your monthly payments or overall interest paid.
• Financial Hardship: If you’re experiencing financial hardship, contact your lender immediately. They may be able to offer options such as payment deferrals or restructuring of the loan.

Disclaimer: This information is for general guidance only and does not constitute financial advice. Consult with a qualified financial advisor for personalized advice regarding your specific circumstances.