It’s the question we get asked at SPA a lot. How do I get the best car loan?
However, the question that customers should look at is how do I get the best car loan for my situation?
This question is far more appropriate, as comparing loans on interest rate alone can be treading a dangerous path. Whilst it’s a great way of measuring payment, it doesn’t necessarily take into account an individual’s situation.
In many cases, and industry studies, more than half of all applicants have to use a “non-conforming” credit facility.
So what does this really mean? Remember that power bill that was forgotten about when you moved rental properties or telco bill you disputed that took months to solve about being overcharged? Well, two to three of the major banks won’t even consider your loan.
This is why talking to a broker is a lot better than talking to a car dealer.
Most brokers will look into seven to nine lenders on a panel compared to a car dealer that only has one or two.
It’s always good to get a second opinion and look at what options and credit criteria meet your personal or business needs. Quite simply it’s the broker’s job to make sure they get the best rate and approval for your situation. If a 5 to 10-minute chat can save you a $1000 on your loan via reduced fees or rate, it’s well worth the phone call.
Additionally, a second opinion is recommended in most situations whether it be medical, purchasing or financial decisions. If you can’t find 5 minutes in your day, stop scrolling through Facebook looking for cat videos – give us a call on 1300 786 664, or email us at email@example.com. Or if you would like more information on SPA car loans, click here.
Remember it’s your money. Make the most of it.