You have found a great car that has everything you need. It might be your first car or you might be upgrading to a family car. Now, you need help with car finance. Take a look at some of the most common car finance options available in Australia and find the best one for your situation.
Car Dealer Finance
If you’ve found your dream car through a car dealer, they may have offered their own finance option. Car dealer finance is arranged via the dealership. The dealer’s team will choose their own finance provider and apply for the loan on your behalf. This may seem attractive to some buyers, as it seems to take much of the stress and hassle out of arranging car finance. But tread carefully here. Basically, you do not have any control over the funding, and the terms and conditions are geared towards the car dealers — so they will choose the financing that suits their requirements rather than yours.
While you are gaining a degree of convenience and ease, you are handing over control of your financing to your dealer and their team. This makes it difficult for you to find a financing product that is tailored to your needs.
If you’ve been offered car dealer finance for your car, check the terms and conditions very carefully and feel free to reach out to our expert car loan finance team to see if we find you a better deal.
Finance Car from the Bank
Some people approach the bank they have an everyday account with to see if they can get car finance. This process appears streamlined and straightforward as your bank already has your information and handles your accounts, so they will be able to offer you financing products. You may also think that you are more likely to be approved for a loan from your own bank.
However, taking this route can be problematic. By choosing to finance from your bank directly, you are limiting your choice to just one car loan provider. Your bank may already be aware that you are not likely to head elsewhere, and so they do not have an incentive to provide you with competitive rates or attractive terms and conditions.
Even if you end up going with your current bank for car loan, it’s always a good idea to shop around. But, who has time for that, right? We do! Read on to find out why a finance broker is your best option for financing a car.
Finance Broker – best option for car finance
A finance broker is an impartial third party who can help you get the financing you need when you purchase a car. These third parties have the expertise and skill required to find the best deals in the market, as well as the professional responsibility to serve you and your needs.
When you buy a car, a finance broker represents your best option. You will retain control over the process, informing your broker of everything you need from your loan product. What’s more, they will act on your behalf and legally, they must work in your best interest as they look for funding that suits you. You may be able to access a great repayment structure and more beneficial terms and conditions than if you had sought funding from the dealer or your bank.
Fund Your Car Purchase with an Expert Broker
Reach out to our team to learn more about how a trusted vehicle finance brokers can help you find the deal you need.
