Got something to sell to cut the loan?
The cheapest dollar to borrow is the one you never need to. An item sitting unused could shrink your loan.
Why it works
Interest is charged on what you borrow. Reduce the amount and you reduce both the repayment and the total interest. An old trailer, spare vehicle or unused equipment could become part of the deposit.
A worked example
You need $40,000 and plan to borrow it over 5 years at an illustrative 8.50% p.a. By selling an unused item for $8,000, you only borrow $32,000.
| Loan | Monthly repayment | Total interest |
|---|---|---|
| $40,000 | $820.66 | $9,239.68 |
| $32,000 | $656.53 | $7,391.74 |
| Difference | $164.13 | $1,847.94 |
The sale price is yours to realise, so factor in selling costs and the time it takes to find a buyer.
List it here. Anything Marketplace is a place to list vehicles, trailers, machinery and more. Listing is separate from this site and from any finance enquiry.
List an item for sale Test your own loan numbers
Before you sell
- Check whether the item is financed. You generally need to settle any loan against it first.
- Be realistic about price and timing.
- Keep your finance timing in mind if you are waiting on sale proceeds.
Once you know how much you need, you can start a finance enquiry.