It’s a familiar tale. Billy walks determinedly into a car dealership to take on the latest SUV that’s been lauded as the hottest auto sensation today, and after one test drive it not only stands up to his expectations, it’s the revelation of his dreams. Billy reckons it serves up enough style and roar to be worth the whole sum of $35,000 with all the optional extras plus it was bundled in one ‘convenient car finance loan’ the car dealer has offered to arrange for him.

A week later whilst some mates of Billy’s were admiring his new wheels at a barbecue, one of them who was curious at what he paid for his new car almost spit out his beer. “Mate, you’ve been ripped off”. In addition to the worst hangover the next morning, was the worst nightmare and realisation that both Billy’s new car and car loan were far from competitive.

Have you ever let the euphoria of owning your dream car get in the way of making sound financial decisions? Unfortunately many have, and it’s hard for some even to avoid the same mistake twice or more at times, when buying a car is usually very much tied to our emotions than our rationality. It’s often the same when buying a home. And yet chances are that these two assets are the biggest single purchases we’re likely to make in our lifetime.

3 speed racing toys in a battle
Car finance the right way

Rather than the shortcut most take at their own peril, why not take the long way when it’s worth your while to spend more time doing much needed homework, researching on two key things:

  1. How to get the best price on the car you want.
  2. How to get the best credit deal (car loan).

By poking around a bit online and making lots of phone calls, you’re less likely to be blinded by the dazzling lights of that dream car. In other words, check out your most competitive car loan options way BEFORE you start going car shopping. It’s the same as buying a house. You’ll want to get a pre-approval for a loan to know where you stand and a budget in mind to keep you focused on what you can or can’t afford.

The truth is that we humans are by nature impatient creatures of habit. We’ve overspent our energies on the type of car and optional extras we desire to have. When it comes to matters like car financing, most people just want it over and done with rather than spend a considerable amount of time weighing their options.

Find out more about the different types of financing options a competitively low rate car finance broker like 360 Finance offers here—consumer loans, finance lease, novated leasing, chattel mortgages, hire purchase

Are there any advantages to using the services of a middle man like a car finance broker? Well, contrary to popular belief, they don’t cost more and can take the painful guesswork out of your vehicle financing research. Acting as your agent, they tailor make a loan to suit your unique needs and help best determine how to go about getting you approved with repayments options that suit you. More importantly, they can help you get access to a larger network of lenders that you may not be able to reach on your own accord.

Here is a useful list of more reasons to tap into the services of a car finance broker that is available to you as a car buyer:

Specialised Knowledge

A car finance broker has the specialised knowledge, experience and expertise to offer you a unique comprehensive service focused on nothing else but to get you the quickest approval that you require based on your needs.

Access To More Lenders & Products

While car dealers may offer finance options, a car finance broker has access to a larger network of lenders and financial products, usually at more competitive interest rates.

Free Assessment & Legwork Done On Your Behalf

At virtually no cost to you, the car finance broker’s assistance helps make your car-buying transaction stress and hassle-free by doing the legwork for you. They usually provide a car buying service along with their finance loans, to help you make it happen quickly and efficiently.

Quick Approvals & Settlements

Most applications can be completed conveniently over the phone and email to facilitate quick and easy settlements as fast as the very day an enquiry is made.

Get Approved Even With Previous Credit Issues

If you face difficulties getting approvals due to a bad credit history or situations such as previous bankruptcies, are ‘a new or temporary arrival’ into Australia, it isn’t the end. Speaking to experienced and knowledgeable car finance companies such as 360 Finance with specialised key knowledge about lenders, could be your best bet in determining the best way to go about getting you approved for the loan you need.

Car Loans For Private Sale

Perhaps one main advantage of the car finance broker that stands out from the car dealership is this: even if you are buying a vehicle through a private sale, a car finance broker is still able to assist you not just with providing you with a wider range of loan options, they can also carry out the necessary checks to ensure your are protected and any finance owing on the asset is paid out fully at settlement stage. The car dealership will only help you finance the vehicle you are buying from their car yard.

Bank On A Reputable Car Finance Broker

Just ensure that the loan broker you’re engaging is a registered, reputable and trustworthy entity licensed with ASIC, or is an authorised representative of one who is licensed. It’s also crucial to find out who the credit provider is—a name is provided in your credit contract that you should look for and ascertain. When in doubt, ask the person you’re dealing with to point this out to you.

Never feel pressured to sign up with a car dealer’s in-house finance personnel or any car finance brokers. As the customer, you’re entitled to shop for the best deal and for a service provider who is competent, experienced, and a trustworthy entity who will best meet your needs and who can get you the most competitively priced loans.

At 360 Finance, we’re proud to be a part of the AHG’s group of diversified companies. Automotive Holdings Group Limited (ASX:AHE) is a public-listed diversified logistics and motoring group that operates in retailing, logistics, warehousing and distribution systems in the auto industry in Western Australia, New South Wales, Victoria, Queensland and New Zealand.

As part of Australia’s leading automotive and logistics group we’re well-placed to assist you in your car financing loan requirements and beyond, including loan financing for caravans, boats, trucks, equipment financing and more. Speak to us today for a hassle-free, stress-free vehicle buying experience.