10 things to consider when looking for the best car finance option

1. What are your specific circumstances?

Are you an employee or do you have your own business? If you run your own business, products such as a Finance Lease, Chattel Mortgage or Novated Lease will most likely suit your needs. If you are an employee, a secured Car Loan or novated lease could be of most benefit.

 

2. Do you want to purchase 2nd hand or new?

If it’s a new car you’re after, we can obtain market leading fleet pricing through our dealer network. A new car will also give you access to a more competitive interest rate. If it’s a 2nd hand vehicle that you are after, no problem. We can still provide a competitive finance arrangement for both dealer 2nd hand and private sale vehicles.

 

3. How long do you want the car for?

The length of term will impact your finance repayment and vehicle resale value. We can also provide an option to establish a balloon payment at the end of the term. This can assist in managing your cash flow.

 

4. How much can you afford to pay?

This is probably the most important thing to consider when financing your car. Once you have determined how much you can afford on a weekly or monthly basis, our consultants can assist in providing financing options on various vehicle values and term lengths.

 

5. Interest rate

Interest rates can vary depending on vehicle age, credit rating, length of term and vehicle price. We have access to the most competitive rates in the market through our substantial panel of lenders. Our specialised consultants can assess your situation and determine which of our lenders will best fit your circumstances, therefore obtaining the best possible deal.

 

6. Establishment fees

Most financiers will charge a fee when establishing a finance agreement. Brokers may also charge a fee for their services. Ultimately the bottom line (monthly repayment) is the one determining factor which will remove the smoke screen and show you exactly what type of deal you have on the table.

 

7. Will you be using the vehicle for business use?

If so, you may be entitled to tax deductions either through your salary (novated lease) or when lodging a tax return. It is best to source your own financial advice when considering which finance option will best suit your individual circumstances.

 

8. Car dealership finance 

Be wary of dealer finance! Car dealerships thrive on impulse buyers, “you can drive away your brand new car today”. This will often lead to an inflated repayment and more money in the dealer’s pocket. Always consider your financing options. Online brokers can be a great source for competitive finance.

 

9. Comprehensive Insurance

Comprehensive insurance is a must for a secured car loan vehicle. We can obtain great comprehensive insurance premiums through our preferred providers. Don’t worry though, if you can source a better price then by all means you can use your own provider.

 

10. Online brokers

We can put together the most competitive all round package due to our expertise and buying power. We have an extensive panel of lenders with market leading finance rates. We have access to a national network of car dealerships giving us the ability to source the best vehicle pricing. If you want the very best deal then submit your details to the right and one of our consultants will be in touch shortly.