So you’ve made that last minute decision that this summer holiday will be a road trip. But get your plans into action, you need a new car and a cheap car loan. There may not be a lot of time, but it can be possible to achieve a cheap car loan in a short timeframe.
When in a hurry to make a deadline, it can result in kneejerk reactions and potentially poor decisions. When those poor decisions involve finance, there can potentially be long-term negative outcomes. Especially if that decision is to sign up for a car loan which is not as suitable or as cheap as may have been attained if a few basic steps were followed.
For starters, note that there should be no surcharge or premium when a car loan is required quickly. But Licensed Credit Providers such as Jade Car Loans, must adhere to the Consumer Laws as regulated by ASIC. This does involve set procedures, which we will prepare you for with our check list.
Also note that the same interest rate would apply regardless of the need for a quick loan approval. We can provide quick quotes, fast approvals and prompt settlements for all our customers.
A pre-approved car loan which could save some time in the buying process and should be considered as a possibility. With finance secured before commencing the purchase price, the buyer knows the budget and can look for vehicles in a precise price range. This can save a lot of time.
Buyers with pre-approved finance are ready to say ‘yes’ on the first test drive and save those follow-up contacts and visits to the dealership. When the desired vehicle is low in stock, a pre-approved car loan can place the buyer in a great position to avoid missing out.
Our checklist may assist buyers looking to source a cheap car loan in a short timeframe to buy a new vehicle for an upcoming holiday or other urgent purpose. We’ve included tips and hints to assist in avoiding pitfalls that may present when making major finance decisions quickly.
Car Loan Options
The same types of car loans will apply whether the buyer has loads of time or needs to purchase ASAP.
For buyers of cars for private use, the Secured Car Loan will suit most buyers and most cars.
While we’re focussing on road trip cars in this article, many business owners will also be using their business vehicles for personal use. If the vehicle is to be used primarily in a business, the selection of finance options include sole trader car finance, Lease, and Commercial Hire Purchase. Business owners are strongly advised to spending that little extra time to discuss the finance options with their accountant.
With supply issues still persisting in some new car markets, buyers may look to the used car market to purchase a vehicle quickly. There can be differences in loans for used cars and new cars. The differences will depend on the age and condition of the vehicle. Differences may include a higher interest rate, a cap on the total loan amount and other lender requirements with a secured loan.
Where the lender does not accept the vehicle as security, buyers may consider an Unsecured Personal Loan.
While the actual types of loan are relatively universal, there can be significant differences in the interest rates, depending on the lenders. Car loans are available from a number of lender categories including banks, finance companies, many car dealers and manufacturers and through specialist motor vehicle finance brokers such as Jade Car Loans.
Deciding from which lender to source the loan is an area where buyers in a hurry can potentially lose their way when it comes to achieving a cheap car loan. It may appear a time saving move to accept the finance offered from the car dealer. But that seemingly savings in time may not be matched in saving in interest.
With so many lenders in this market, using our services provides buyers with the advantage of having a wide choice of lenders covers and the cheapest car loan offer achieved. It may sound like the process of using a broker will take a long time. But be assured, we can provide quick quotes and fast approvals AND at better interest rates.
The commercial car finance rates offered on car finance do vary across the lender market. When calculated over the full term of the finance, those seemingly small variations can represent significant amounts in some cases.
The interest rate offered on a car loan will be based on a number of factors including the credit rating of the applicant. How fast the finance is required should not have a bearing on the rate in the car loan offer.
So achieving a cheap car loan with our better rates, may represent a significant saving over the longer term. Savings to go towards more holidays possibly! So while time may be a factor, choosing the lender and achieving the cheapest interest rate car loan is not a step which should be short-cut.
Getting a Loan in Time for Holidays
With that overview done, here’s a check list of tips and hints:-
- Before applying for a car loan, set a realistic budget in regard to car loan payments.
- Use our calculator to convert car prices to estimated loan repayments to establish a price range of cars to look for.
- If using the advertised car price, check the details for what would be added to that price and include it in the loan amount to ensure you are prepared. Eg is a full year of registration included.
- Allow for comprehensive car insurance as this will be required as a condition of the finance. Your Jade consultant may be able to assist you with this.
- The application for a personal car loan is Consumer Finance and as such, we will require certain information and documents. Get these ready ahead of time to streamline that stage. These include financials, income details, employment history, residential details and a list of regular expenses.
- Start the finance process asap. We can be sourcing a quote based on an estimate of what the car is expected to cost. Pre-approved finance can be sought ahead of time or in conjunction with the car search process.
Your Jade consultant handles not only the quotes, but also handles the paperwork and settlement to ensure the entire car finance process is streamlined. A cheap car loan can be possible even when finance is required quickly to meet a tight deadline such as heading off on a holiday. Follow the due process and utilising our services can be of great assistance.
Contact Jade Car Loans 1300 000 003 for a cheap car loan to make road trip holiday plans a reality.
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.