After a house, buying a car is likely going to be one of the biggest expenses in your life. So you’ll want to know how to get the best deal before signing any paperwork. The team here at Loantec specialises in everything finance and we use our knowledge to help people secure the finances they need. To help you out, we’ve put together our top 4 tips for auto finance.
Of course, knowing how to get the best deal is one thing, but actually getting it is another. That’s where the expert team at Loantec comes in. Our team of Finance Technicians will apply their 40+ years of experience in the financial industry to ensure you get the best deal. Just fill in our pre-qualification form in order to find out how we can help you get auto finance today.
1 – Look at your Credit Score
Before you step into a dealership, take a look at your credit score. If you’ve got a poor credit rating you’ll most likely face high interest rates or even get outright rejected. Conversely, a good credit rating leads to lower interest rates and better terms. Either way, you’ll want to know what you’re getting into before taking a test drive.
Worried you have bad credit? Don’t be! We have helped many clients with less than perfect credit still secure great auto finance. Your first step is understanding your factual options, from there our Finance Technicians will show you exactly what you can or can’t do.
2 – Make the Loan Term as Short as You Can Afford
If you want to spend less in the long run, you’ll want to make the loan term as short as you can. Although your repayments will be higher, the total you’ll spend over the life of the loan will be less. Because the longer it takes to pay off the loan, the more you’ll pay in interest.
3 – Bigger Deposit = Spending Less
Expanding on the previous tip, the larger your deposit the less you’ll need to pay later on. This’ll also result in a shorter loan term, meaning you’ll have less interest to pay. However, having a deposit isn’t always possible, in those cases, our Finance Technicians are still able to help.
We have a range of no or low deposit car finance options available that can help you secure your new vehicle at an amazing rate! Just fill in our pre-qualification form and one of our Finance Technicians will be in touch to discuss your options.
4 – Compare Loan Policies
Dealerships are notorious for their unfavourable car loans. So your best option is usually to get financing from an outside lender. But with so many options, how can you be sure you’ll get the best deal? This is where we can help.
Here at Loantec, we operate a little differently from your typical lender. Our Finance Technicians have more than 40 years’ of experience, which allows us to compare the policies of more than 40 lenders to find auto finance options that fit your needs and budget. Using our unique system means we’re able to find the best deal possible, without needing to do hard credit checks or affecting your credit score.
If you want the experts in everything finance to secure the best loan for your new car, fill in our pre-qualification form. With our help, you’ll be driving away in your brand new car with the best auto financing option possible.