Getting a car loan is a big financial decision that your clients want to make sure to get right.
The majority of people considering buying a car today, whether looking at a brand-new car from a dealership or a second-hand car via a private sale, are likely to require a car loan to finance the vehicle.
So, before they submit their finance application at a car dealership or through their bank please read the following checklist we have put together to ensure they are prepared and get the best financing available.
Pre-approved car loans
If they're looking to head out to buy a car from a car dealership, it’s wise to apply for the car loan finance before they set foot in a dealership. Having finance pre-approved can increase their bargaining power at the sales desk and ensure that they can buy a car on the day.
This enables them to explore the market with confidence, armed with the assurance that their finance is in place.
New car versus second hand car
It’s true, new car loans can sometimes be easier to get approved than if they are looking at purchasing a used vehicle.
If the repayments for a new car fit within their budget, then they may be able to get a lower interest rate as the financial institution sees it as more reliable purchase and has a manufacturer warranty covering them for years to come. Finance companies know older vehicles are harder to sell if the customer defaults on their loan obligations, hence harder for them to recoup their money.
Partners Wealth Group car buying program
We can work on our client's behalf to take the stress out of negotiating the price of a new car away from them. In many cases we can save them thousands off the retail price of their new car by negotiating pricing on their behalf. We’ll find them the most competitive interest rates available in the market with financing tailored to their needs. We can then work with our dedicated network of car dealerships to help them find the right car, as part of our car buying service, while providing expert advice every step of the way.
If you have any queries on how to assist your clients in their next car purchase, please contact your Partners Wealth Group advisor.