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5 Expert Tips on Choosing a Car Finance Provider

Car Finance

If you can't afford to buy a new car, or if you are having trouble to qualify for car financing, you know how frustrating it is. Without a car, traveling can be a bit of an inconvenience than others may think, and people with cars don't know what you're dealing with. It is not as simple to just save up until you can afford to buy one.

Well, forgive them because they don't remember what it's like to get by these days without a car. There are so many reasons for owning a vehicle. Some of it includes:

  • Travelling to and from your workplace

  • Going out to shop for grocery

  • Visiting relatives from far distances

  • For medical and other emergencies

Without an automobile, these are made more difficult.

The best way to acquire a car is via a good car financing solutions provider. There are various decisions you need to make before you find a lender and sign on a deal. Most of these decisions relate to the loan terms, including the period of payment and rate of interest. Others will depend upon the lender, the amount of the down payment, and how much research you did before you go with any lending institution.

Here are 5 tips on choosing a car finance provider:

Tip #1 Learn Your Credit Score

This is the most crucial part that influences the interest rate that you can qualify for, and whether you qualify for a loan initially. The score is calculated by three major credit reporting agencies. These agencies use the same formula to calculate credit score. But, they have access to different information about you, so the scores vary. Make sure that you look into all three scores.

Tip #2 Compare Offers from Different Lending Companies

Some people who are on search for a car loan make the error of just looking into one credit union or bank. This one is a mistake. Just like other things in life, making a choice is better if you compare them with others. You can have a better chance of receiving loan offers at different rates of interest. The competition is now among the lenders.

Tip #3 Consider Your Local Bank or Credit Union

Before you walk into a car dealership and ask for a loan, stop by the bank or credit union and inquire with their loan officer. There are credit unions that have special car loan programs for the members.

Tip #4 Don't Accept The First Offer You Receive

If you are applying from multiple lending companies, you have to be careful not to accept the first offer that you get. Even if you have found the best one, there is still a chance that this offer is not the best on. Keep in mind: the goal of these companies is to make money. Be upfront and ask if they have a better offer. You have nothing to lose.

Tip #5 Buy A Vehicle That's Within Your Means

This final tip should be at the very top. But nonetheless, you need to ensure that you are purchasing a car that is within your means - the one that you can afford. It can be tempting to buy something that you can't afford. But, every thousand dollars you can shave off the price will mean savings for you when it comes to monthly payments, as well as the overall cost of the car loan.

Aussie Loans is 100% Australian owned and we have been operating since March 2000. We currently have eight offices conveniently located in Queensland,New South Wales and Victoria. We are looking to expand Australia wide in the very near future.

Our experienced staff are committed to providing fast friendly service, helpful advice, flexible options and great deals.

We have direct links with over 20 major Australian Financial products which means we can tailor a loan facility that best suits your needs.

We are here for you and we wish to build a long lasting relationship with you. If it's a personal, used car finance , business loan, whether it's a Motorbike, Car or Boat you need, we are able to cater to your needs.