Scott Palazzi from Loan Market shares his tips on the best approach to getting a car loan.
When you buy your next vehicle, there are three different ways you can get a loan.
The first is through your car dealer. This can be convenient because the dealer can sell you a car and arrange a loan at the same time.
But there are a few things to consider when it comes problems with dealer finance.
Firstly, dealers generally work with just one lender, so they won’t compare the market for you.
Some dealers are incentivised to sell you a car, not find a loan that matches your long-term financial goals.
The second way to get a car loan is to go directly to your bank which may seem convenient as that’s where your accounts are right?
But there’s a downside, which is that banks will only tell you about their own products, even if they know other lenders are offering better loans with lower rates.
The third way is to get a loan through a broker. Many consumers regard this option as the best, because your broker will:
- Be a finance expert.
- Compare loans from a range of lenders, to help you get a great deal.
- Arrange a loan that suits your unique financial situation and goals.
Finance first, vehicle second
Before you start looking for a car, motorbike or any other vehicle, get in touch with me to discuss your loan.
I’ll calculate your borrowing capacity and present you with a range of options, so you’ll know, ahead of time, how much you can borrow and how much your loan will cost.
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