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Trading Post Member
 
Group: Forum Members
Last Login: 6/20/2008 10:08 AM
Posts: 3,
Visits: 4
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I'm shopping around for the best deal with Car Finance.....
Where do I start?
Does anyone have any thoughts on who offers the best value financing?
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Trading Post Member
Group: Forum Members
Last Login: 9/17/2008 2:23 PM
Posts: 9,
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I recently purchased a new car - did a bit of research beforehand comparing the likes of RACV with a Personal Loan through my bank and a few other options, in the end I talked with the Car Dealer and ended up going through the financing company they use, I told them what I could afford in terms of monthly repayments and they worked to that which was handy.
Best place to start would just do a bit of research on the net most Car Financing sites have online calculators so you can easily compare different figures without any pressure to commit. Hope this helps.
David
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Trading Post Member
Group: Forum Members
Last Login: 6/23/2008 11:43 AM
Posts: 11,
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Best place to start would be to make sure you do your homework
Before you hit the streets and start test driving new vehicles do your homework, figure out how much you can comfortably afford to pay and set a budget for your new wheels.
Check out vehicle finance deals offered by your current credit providers so you have a starting point for your comparisons.
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Trading Post Member
Group: Forum Members
Last Login: 2/26/2007 11:19 AM
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| I've always gone through RACV for car financing never really looked into any other options there rates seem to be quite competitive.
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Trading Post Member
Group: Forum Members
Last Login: 9/17/2008 3:09 PM
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Best thing I could advise is to shop around don't be forced into a decision. Financing through Car Dealerships can quite often have a higher interest rate and come with extra terms and conditions so be sure to look over everything before signing anything.
Jeff
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Trading Post Member
Group: Forum Members
Last Login: 9/23/2008 7:31 AM
Posts: 22,
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When looking at different finance options make sure you consider the folowing:
- Term of the loan
- Interest Rates
- Other fees and Charges
- Insurance
- Repayments
And the obvious one only commit to a loan you can afford to repay.
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Trading Post Member
Group: Forum Members
Last Login: 9/15/2008 10:02 AM
Posts: 10,
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If you are currently paying off a mortgage you might also be able to borrow against the equity through a line of credit or home equity loan - just another option to consider.
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Trading Post Newbie
Group: Forum Members
Last Login: 12/3/2008 2:51 PM
Posts: 2,
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Well being in the Industry myself, below is the best advice you will get;
1) Take time to shop around
2) Do not instantly discount dealer finance, often dealers have access to a variety of lenders and can get you a better deal. Going direct to finance companies or banks may mean you pay a higher rate as the staff on the phone do not have the authority to discount the rates.
3) Have a weekly figure in mind, and stick to it.
4) Be aware of hidden costs such as account keeping fees.
5) Make sure you get a loan with low pay out fees as you can then change to another loan provider if unhappy, or can pay your loan out early without fuss.
Nowadays there are many online finance brokers that do the shopping around for you
We bought our last vehicle using finance from http://www.GetApproved.com.au and found their service great (although I am a little biased because my brother works there!)
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