In a climate of rising inflation with price increases across a multitude of goods including fuel, who isn’t looking for the ‘cheapest’ everything to keep budgets in check. When it comes to buying a new car, for most buyers that means finding the cheapest car loans. Car loans can have loan terms of 4, 5 or 6 years. That can be a long time to regret not having taken the trouble to study the options and accept the assistance available to achieve the cheapest deal.
The motor vehicle finance market is one of the largest in the Australian lending sector and with size comes competition. There are many banks, finance companies, vehicle manufacturers and other lenders which offer car loans. In addition to going direct to a lender, specialist car finance brokers offer services which encompass a large number of lenders.
The interest rate is a major consideration when sourcing a car loan and they can vary considerably across the motor vehicle lending market. The RBA sets the official cash rate but banks and other lenders set the interest rates they choose to charge on different loans.
Online, self-service platforms provide easy access to information for those seeking car loans. Accessing these sites can be a great first step. But then comes the task of analysing and reviewing the information sourced, making enquiries and coming to a final decision as to which loan you think is best for your requirements.
Finance brokers on the other hand have access to many lenders plus they provide expertise and other valuable assistance especially when it comes to sourcing a tailored car loan which has been especially negotiated to suit your requirements.
In finding cheapest car loans should buyers rely solely on loan comparison sites or engage the assistance of a motor vehicle finance broker? We address that question in this comparison of car loan comparison sites and car loan broker lenders.
Car Loan Comparison Sites
There are many platforms which offer comparisons in many fields including loans. The format of these resources will vary but primarily they may display a list of which lenders are offering what interest rates on car loans. Similar to the Compare Interest Rates table provided by Jade Car Loans.
When reviewing these lists, it can be wise to check the * marked conditions and read the fine print. Do you fit the criteria? Does your vehicle fit the criteria? Check who has published the list or the site? Is it skewed in any particular direction? Is it possible to vary certain aspects of the loan? Can you get a different loan term? Want no deposit finance? Are all your questions addressed quickly and accurately?
These sites can be extremely helpful resources and a great starting point for those in the market for a car loan. But, once these comparisons have been reviewed, the buyer still has to go through the process of sourcing specific quotes which can mean completing a loan application and making all those enquiries themselves.
Referring to comparison sites can be helpful for a general overview but essentially they are general guides and don’t have the functionality to provide a custom service to source tailored motor vehicle finance.
Finance Broker Assistance
The other option to finding and securing the cheapest car loan which is also tailored to meet your requirements is to engage the services of a car finance broker, a lender such as Jade Car Loans. Our services are available to both individuals for personal car loans and to businesses for all types of motor vehicle finance.
The way we work is to take on what can be hard work for car buyers to do themselves – source and negotiate the cheapest car loan that is tailored to suit their requirements. On contacting us, customers are assigned a consultant who handles the process for them.
We discuss your requirements, request information in regard to the application, then source a no-obligation quote for you. During the process of sourcing the quote, our consultants negotiate with our lenders at the industry-level access we have, to achieve the cheapest quote and the most suitable loan terms.
Our accreditation with multiple banks and lenders and our industry level connections make what would be a time-consuming task for individuals, a quick and streamlined process.
When the quote is accepted, our consultants process the loan application and liaise between the car dealer and our lender to settle the deal. All with the highest level of expertise and experience in lending to provide explanations of loan conditions and other terms and details to our customers to save them worry, hassle and time.
Impacts on Car Loan Offers
Just a few extra points to consider in regard to sourcing car loans from generic comparison sites or from loan calculators alone. First, the interest rates for business car loans advertised widely by most lenders will be for applicants with a good credit profile and for purchases of brand new cars. Any variations from these criteria or standard loan application requirements can attract a different loan offer.
So credit rating and profile is a major consideration as is individual financial position and the type of vehicle. For businesses it can be more complex especially if a business is new or does not have all the documentation required. These are matters which your Jade Car Loans consultant will address and handle on your behalf.
So car loan comparison sites can be a good starting point to see what is available in the motor vehicle lending market. However, using a broker to actually source and negotiate the loan may result in the cheapest car loans.
Take the smooth road to finding the cheapest car loan - contact Jade Car Loans on 1300 000 003
DISCLAIMER: IN REGARD TO MISREPRESENTATIONS AND ERRORS CONTAINED IN THE MATERIAL AS PRESENTED, LIABILITY IS NOT ACCEPTED. THE DETAILS AND CONTENT IS PROVIDED FOR CAR BUYERS AND INDIVIDUALS AND BUSINESS SEEKING FINANCE PURELY AS GENERAL INFORMATION. THIS IS NOT PROVIDED AS THE ONLY SOURCE OF FINANCIAL INFORMATION. ANYONE THAT CONSIDERS THAT NEED FINANCIAL ADVICE ABOUT THEIR SPECIFIC REQUIREMENTS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.