Car loans in Australia is a very competitive market, which is great if you are the borrower, as this means there are many options available to get a really good deal.
The only confusing part of this is all the car loan financiers will apply their interest rates differently and would have a huge difference in their own lending criteria and guidelines.
This can be very daunting for the borrower and sometimes hard for them to know if they are getting the right deal or the best deal based on their circumstances.
With the internet and technology, this has opened up a whole lot of other options in regards to having the ability to research car loans. There are many sites available which will provide extensive information and what to look out for when applying for a car loan. There are also many businesses that operate predominantly online now, such as CarLoans.com.au, who can provide you a great deal, which is reviewed through a number of lenders that they would have relationships with.
This saves the hassle of having to walk into your bank and feeling that this is your only option, as your bank may not necessarily approve your loan due to their own criteria, where many other lenders would and more than likely there are much better deals available than what your bank is offering directly and by using a good car loan broker, they can analyse this information for you within minutes.
Not only would a car loan broker know if you fit the lender’s criteria, which could be based on your own situation or the type of vehicle you are purchasing, a broker can also minimise the risk of applying for a loan that you were never going to get approved for and prevent any unnecessary enquiries being placed on your own credit file, which is a lenders usual first look at your application and as most know, first impressions are only given one shot.
There are many options for car loans in Australia and whilst you could do the legwork yourself by contacting multiple lenders to establish what the best deal available is, you won’t know if you fit their criteria unless you formally apply to them, which involves enquiring on your credit file.
This is why now with the internet and technology many professionals do this daily and can save you your time and money by working this out quickly for you without enquiring on your credit file and to add value to this, a broker will often be able to provide you a better deal than what the same lender directly is offering you, due to the volumes of business they provide their lenders, even if it is your own bank.
CarLoans.com.au can provide you a free car loan assessment, this assessment will determine what loan product suits your needs best as well as providing you with the interest repayments - click here to get a free assessment