How do you know if you are getting the best deal when financing?

How do you know if you are getting the best deal when financing?

Figuring out the most cost effective overall borrowing option and being structured with your decisions is the key to getting the best finance deal! But there are a few other things that you need to look at when financing your next car to make sure you get the best deal.

How do I know which finance deal best suits me?

So when it comes to getting the best car finance deal, the number one key is to do your research.  The best rate doesn’t necessarily mean the best deal.  You have to consider all the fees and charges associated with the loan.  Some companies have rather large loan establishment fees, ongoing monthly account keeping fees and large early exit fees.

Different financing options suit different people for various reasons. While interest rate is an essential thing to compare, it is definitely not the only thing you should look at. Make sure you're comparing apples with apples by ascertaining the total overall cost of the finance including establishment fees, early payout fees and monthly fees.

Make sure you do your vehicle research

Again, knowledge is key when it comes to choosing your desired vehicle. So before you decide upon a model, you need to make sure you are aware of the market value of your ideal car. Do your research; look up prices both from private sellers and dealerships in advance, this will give you a better outlook on what a reasonable price is from the multiple options available.

Keep in mind if you are pre-approved for the loan before you head to the dealership, you can concentrate on haggling for the lowest price for the car and highest amount for your trade-in without the added pressure of negotiating the interest rate and other details of your loan.

Make sure it fits your budget

Prior to applying for a car loan, make sure to consider how the repayments could affect you financially over time, and whether or not paying the loan could become a burden. Take into account your other outgoing expenses, such as insurance or other loans you’re paying off, before working out a repayment amount you can afford. This can help you establish what loan term suits you. Using the Approved Car Loans loan repayment calculator can help you to establish a suitable loan term as well as give you a general guide of what your loan repayments will likely be.

Approved Car Loans takes care of this for you, we have the buying power to get you the BEST deal not just the best rate.  For more information please contact our finance experts on 07 3340 6700 or email us on dealer@approvedcarloans.com.au.

Speak to your Approved Car Loans Finance Consultant today on 1300 4 CAR LOANS for more information or simply apply online.

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