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Financing Options for Your New Car


When you decided it is time to get your own car instead of renting or borrowing from your parents, put your mind in a state of research. The first step is to obviously understand your current financial situations, how much saving do you have? what is your weekly or monthly income after tax? Is your employment steady? Future income projections or any possible income that you are regularly generate. You need to understand all these factors to know your budget in purchasing a car, because if you are like most people in Australia, your new car purchase will be likely done through loans.

There are different options that people look into when deciding to obtain Sydney car loan. Here are some of the list where you can have your car loan financed.

Straight from the Dealers

It is very convenient to obtain your sydney car loan through a respectful car dealer. One thing, it is sometime faster and you can have your dream car within days of finalising your negotiations. There are many factors that you need to be aware when negotiating with a car dealer. Most of them are very savvy in sales and sometimes they can put you in a position that you can not say no, which result in your taking a loan that is not favorable to you. A good advice is to ask around 2 or 3 dealers and get a quote. You can use these quotes as your bargaining power with the car dealers.

When you walk into a car dealer, you can straight away see the price tag on the wind screen. It will tell you what the price include, and see if you can get the dealers to knock off the price by getting rid unnecessary add-ons on the car.

Banks and Credit Union

Another relatively easy way to obtain a loan for your sydney car loan is through bank or credit union institutions. Make an appointment with the bank loan managers, and be sure you are negotiating the loan face to face with the managers. The upside of going to the banks, they can provide additional add-ons on your loan free of charge, for example free insurance on your car. This feature can help you save your dollars on getting additional car insurance. The bank managers can also provide you a detail breakdown on monthly repayment basis on a spreadsheet. Be sure to get copy of this and study it at home.

As with dealers, make sure you shop around different banks in order to get the best loan deals.

Home Equity

If you already own a home and currently paying off a mortgage, you can approach your bank to get an additional loan and combine it with your current mortgage. In other words, you are basically extending your mortgage loan. These can be really attractive especially if you already paid a large chunk of the repayments off the mortgage, hence extending this with an extra loan included will not hurt your income or cash flows.

Loan Financiers

There are more financiers now offer a very competitive rate in sydney car loans. Most of them also provide you quote online so you can do your research at the comfort of your own home. The downside is, you can be spending unnecessary time doing just the research, and as we know it is not wise to make too many inquiry on your own, as this will hurt your credit standing, which result either the loan being rejected or higher interest rates. Many middle contact business services provide you with selections of different loan financiers. Lend 4 cars can provide you with selections of the best loan suppliers that wiill suit your current situation best. This will reduce the number of inquiries that you make, since Lend 4 Cars only provide options with the Loan Financiers that will most likely to accept your applications based on your financial situations.

Ready to get your dream car financed? Give our friendly Sydney Car Loans office a call on 1300 856 846.