Driving away in a shiny new set of wheels can end up costing you a lot more if you don’t do your research first.
The last thing you should do is turn up at a dealership without a plan to pay for your new vehicle.
It can be very confusing to know whether you’ve scored a good car finance deal. Some lenders may offer enticing deals with interest rates of just 1 or 2 per cent, but it often can mean the car price has been inflated to make up for the lower finance offer.
Just like people should be working out their finance prior to buying a home, the same should apply to buying a car.
Many people do heaps of research on the car, but do the finance as an afterthought.
When caught up in the excitement of wanting to just grab the keys and drive away, many buyers fall victim to taking whatever the car dealer offers on finance. Trust me on this one – I have seen many clients literally taken for a ride!
My advice. Speak with a finance broker early in the process so they can do the research and help source you a competitive deal, or at the very least keep the car dealer honest with any finance terms they present you.
Have a read of the Top 8 reasons to use a car finance broker.
Jason Thomson is a Cairns based Finance Broker with access to over 10 top vehicle finance lenders.