Addtional Car loan and Car finance information
The articles below are included to help you find out more about car loan and car finance options. If you have any questions, please contact us.
As confidence rises so too will car finance costs
November 2009
If we believe the recent polls, Queenslanders are becoming more confident that the worst of the financial crisis is behind us. A recent poll found that nearly two thirds of the people surveyed were either quite confident or very confident that the economy had turned and that it was safe to start spending. The survey even found that 19% were planning on buying a car (news.com.au survey) .
The good news is that consumer confidence quietly creeps into the business sector including the finance sector, so over time lenders should be more willing to lend money for car finance etc. The bad news is that increasing confidence and spending puts pressure on inflation which can signal to The Reserve Bank to put interest rates up.
The impact of rising consumer confidence on the car finance industry is twofold –
▪ Often, but not always, more readily available car finance
▪ Higher interest rates on car finance.
Car finance now or later?
For those looking to buy a car using car finance, it is a double edged sword. Buy now to get cheap interest rates or buy later when finance is easier to get.
Car Finance Option 1: Rush to get car finance now to purchase your new car – the upside is that you will be taking advantage of low interest rates. The downside is that lenders are still relatively risk adverse and getting approval on car finance can be tricky.
Car Finance Option 2: Hold off on purchasing your car now and wait until car finance is easier to get.
The best of both worlds
Ideally, if you want or need a new car, you shouldn’t need to wait. A smarter way of thinking about car finance is to match your car finance product to your situation NOW. Using a car finance broker can ease the application process leading to a successful outcome: approved finance on your car! So you might want to consider taking advantage of the relatively low interest rates on car finance now. Holding off on the hope that car finance will be easier to get doesn’t make sense in a rising interest rate environment when a broker who specialises in car finance can help you get an approval now.
Making the most of low interest rates
With interest rates likely to rise, ask your broker about car finance options that offer fixed interest for all or part of the term. This is the best way to ensure you maximise the current low interest rates.
Always match car finance to your needs
The key to getting approved car finance and also being able to repay your loan, is in matching the right finance to your individual situation. Of course it is hard to know all the different car finance options available on the market. This is where a broker can help. They have a stable of suppliers and hundreds of different car finance products that they can access. Using the broker’s knowledge you can quickly eliminate products that don’t suit and you can easily evaluate a larger number of suitable car finance alternatives.
360 Financial Services is a car finance broker. Their specialist consultants can match finance to your needs and can even help you find a car that meets your requirements. Contact 360 Financial Services today to discuss your car finance requirements.
Four easy steps to car loan approval
Getting approval on a car loan shouldn’t be stressful or difficult. Using a broker who specialises in car loans makes it so simple and ensures you get the best car loan for you. Here is an overview of the car loan process when you go through a broker:
Step 1: Financial assessment
The first step towards car loan approval involves familiarisation with your financial situation. Your broker will assess your financial situation so they use this information to find a car loan that suits you.
The most important consideration when looking at your financial situation is ensuring you borrow an amount that you can comfortably pay back. Your broker can help you work out an amount for your car loan that is realistic for you to manage and will easily get approved.
Step 2: Car loan search
The key to car loan approval is in matching the right car loan option to your circumstances and this is where a car loan broker is a specialist. Once you have established how much car finance you need, your broker will use their knowledge of the car loan industry and their extensive supplier network to find a suitable car loan.
Step 3: Car loan application
The car loan broker will then help you compile all the necessary paperwork for your application. Getting approved car finance is their business, so it in their interest to present your case to the lenders in the best possible light regardless of your credit history.
Don’t think that this means you can stretch the truth to get your car loan approved. Your car loan broker has a vested interest to ensure you can repay the loan to maintain their good relationships with car loan providers. Honesty is always the best policy. A professional car loan broker has been trained to ask questions that enable them to understand exactly what you can repay comfortably and then get an approved car loan for you.
Step 4: Car loan approval
Generally approval is straight forward because your broker has done all the ground work for you. Occasionally the car loan provider will ask for more information. Once your car loan is approved you broker arranges settlement and you get to drive away in your new car.
Getting started on your path to car loan approval
Even if you have a chequered credit history, the first step to getting approval is to find a reputable finance broker who specialises in car loans. Look for a car loan broker who is a member of the finance industry’s leading body, the MFAA (Mortgage & Finance Association of Australia). MFAA encourages quality service and professionalism of car loan broker who are their members.
Make sure you talk to the broker before you apply for your car loan. You need to familarise yourself with their services and feel comfortable that you are dealing with a professional and reliable broker. Look for value added services like a car finder service whereby the broker not only sources your car loan, but also searches their wholesale car dealer network to get you the best deal on a car according to your requirements.
360 Financial Services is a broker specialising in car loans. They are a member of MFAA and offer additional services such as their popular car finder service and insurance for your new vehicle. Contact 360 Financial Services today to discuss your car loan requirements.
Finding Car Loans brokers
If you have been planning to buy a new car, the first step is to contact car loan brokers who could help you get car loans on terms that best suit your needs and financial circumstances.
Car loans could be a big financial responsibility and so finding the most favourable deal is the objective of every car loan applicant. This is possible by finding the best car loan broker in the market. There are several online providers of car loans.
Why take a car Loan through a broker
Most Australians in today’s day and age prefer to take car loans through a broker. The reason is simple: Car loans brokers have access to numerous car finance options, including car loans, leasing and hire purchase. Also, in most cases, car loan brokers offer their services for free. Isn’t it great? They help you get car loans quickly without charging any money in return.
Find brokers providing Car Loans in Australia
With a plethora of car loans providers/brokers available online, the decision to choose one may not be all that easier. So, you need to act smart. Try to spend a little time, browsing through the websites of Australia’s leading car loans providers. It is advisable to find out what different car finance options they provide. This would allow you to know whether they could help you get a car loan suiting your needs. You would want your broker to provide you with affordable options in car loans. After all, you want to pay for the monthly car loan repayments comfortably, given your current income and monthly expenses.
Choose the best Broker for Car loans
A visit to the website of an online car broker would give you a fairly good idea about the various services offered by them whilst providing car loans. The most important service you need to look for is their expert advice pertaining to car loans. Since their services are offered for free, it is advisable to talk to them and see whether they could find the right car loans suiting your requirements. A reliable, and may be the best, car loan broker would always advise you to give the details of your income and expenses honestly in the very beginning. They never set wrong expectations and help you find a lender who is ready to give you a car loan on terms suiting your financial situation. If you start on the right note, you will get everything right in the end too! Try to avoid unrealistic car loans.
The best brokers in the market for car loans always begin by compiling all relevant information and knowing your expectations. They evaluate different car loans to offer you the best alternatives you could easily afford. They could help you get a car loan in spite of a bad credit history.
Most leading online car loans providers offer quick quotes to the loan applicants. You too could get a quick quote online by filling in some basic information like your name, phone number, email address, and the amount of car loan required.
If you like the quote, you may proceed further. Talk to their car loan specialists and seek their expert advice regarding various car loans available. You would also need to get all relevant documents like pay slips, rental statements, mortgage documentation, tax returns, identification etc. into place. A reliable online car loans provider usually has a simple car loan submission process. So, you could expect a speedy car loan approval.