Three Things You Should Know About New Car Finance Deals

When you are shopping for a new car, it is likely that you will need some form of finance to cover the bulk of the cost. However, before you rush into dealership new car finance offers, it is important that you are familiar with these three points.

Companies Want to Make Profits:

Whether you are negotiating with a dealer or speaking to your bank, these companies are out to make profits. Most businesses operating today have their sights firmly fixed on the bottom line, so it is important that you not let any feelings of loyalty hit you in the pocket. Don’t feel that you ought to give your bank more business, simply because you have held an account with them for years. Likewise, the car dealership is not going to offer you a better price on your new car because you are using their finance. You may find that many dealerships “allow” you to add in the on the road costs to the loan, which means that you will be paying interest on this sum for years. However, when you use a new car finance calculator from a reputable broker, you can have confidence that everything is transparent. The broker is paid their fees as a commission from the lenders, so they are keen to help you get a great deal. 

Quotes Don’t Affect Your Credit Rating:

Many people are worried about shopping around as they think that when they obtain a quote, it affects their credit rating. This concern is not unfounded as applying for loans and finance is often recorded on your credit history. However, providing you obtain quotes rather than apply for finance, there should be no adverse effects on your credit report. If you are using an online new finance calculator to check out new car finance deals, be sure that you are obtaining quotes rather than applying. This should be stated clearly on the calculator. If you are unsure, don’t input your information.  The purpose of obtaining quotes for new car finance offers is so you can compare deals and have all the information needed to consider the deal with no obligation. If you are concerned about obtaining quotes, you should speak to a reputable broker who can help you to find a great deal.

Pre-Approval Can Make Things Simple:

When shopping for a new car, you are likely to find that pre-approval can make the whole process simpler. By arranging your finance before you begin shopping, you will know exactly how much you can afford to spend and what car options are available to you. Additionally, by arranging your finance in advance, you will find that you are in a stronger negotiating position with the dealership. Once you are no longer relying on the dealer to arrange your finance, you can play hardball to get the best price. 

If you are looking for great new car finance in Australia, contact us. We are a specialist broker with access to a diverse panel of lenders, with the latest new car finance offers. We have several online tools including a new car finance calculator or our experienced team are available to assist you with your enquiry.