Car Loan 101: 5 Quick Hacks to Get the Most Competitive Car Loan

22 Sep Car Loan 101: 5 Quick Hacks to Get the Most Competitive Car Loan

Earlier this year, Australia’s number of car owners grew by 2.1% and recorded 18.4 million registered motor vehicles. With a number this high, car ownership in the area proves some serious business. Although the commute here is relatively accessible, driving your own car is always a good way to go. It enables you to work more hours, alleviate stress, and build your credit rating.

There are many options available when purchasing a car and it could prove to be the second most expensive thing you’ll buy after a home, hence, you have to make sure you get the best finance deal.

All you need to do is find the type of car you wish to purchase and we can secure finance for you. Interest rates don’t have to be the lowest deal to be the most effective. With access to many different lenders, we are more than happy to compare the available car deals for you. Feel free to contact us. You find the car, we’ll do the rest.

 To help you get the most competitive car loan that will work for you and will suit your lifestyle, we are giving you 5 quick tips:

1. Get your pre-approval at the start of the month and purchase your car at the end of month.

During this period, car dealerships have targets to hit. You will more likely get a discount at this point.

2.  Don’t mix jobs with periods of unemployment and make sure you have a good credit history.

One of the most important criteria that lenders will evaluate you on is your income stability. If you’ve been employed consistently, banks will perceive you as financially stable.

Make sure you’re up to date on all your loan payments and that you pay your bills on time.

3.   Hold a deposit.

If you can provide a deposit from your savings, you can create equity in your asset. There are lenders/banks who are willing to lend you the entire amount of your car, plus fees.

4.   Shop around.

Never settle for the first car you come across. Find time to shop around and speak to a Soul Finance Group broker once ready to finance. From this point, we can negotiate the most competitive interest rate for you.

5.   Negotiate

It pays to know and compare all the deals because you can use this information in negotiating for the best purchase price of your car. Talk to your Soul Finance Group broker to negotiate the best financing deal for you.

 

Disclaimer:

Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.

Corporate Credit Representative (486927) is authorised under Australian Credit Licence 389328.