Auto financing tips: How to get the best deal on your car loan
Car loans! How do you get the best deal on one? We know you just want to jump in your new car and drive away in it, but in order to do that you first have to finance it wisely.
How do you do that? Here are some of our best tips on how to get the best deal on your car loan.
Think short term
When you’re shopping around for a loan, think in the short term, like four years or less. A longer loan will take you longer to pay off and also result in you paying more interest – all the while your car value will be depreciating (the older the car the less the value). But while you should be thinking short-term loan, your payment plan should be tailored differently – this brings us to our next point.
Calculate the total, not the monthly
A classic car loan shopping mistake is made in the initial calculations. Most just want to know what they’re going to pay each month. If you want to get a better deal, make sure you only discuss your loan options based on the total loan amount.
Wait until the loan is closed
Once you’ve landed on the loan and car that are right for you, don’t close until everything is finalised. If your financing is in the “conditional approval” stage, the terms of your loan could change such as your interest rate. Before you sign off with the dealer, make sure your loan is finalised.
And don’t forget, here at Beyond Bank Australia, we can tailor your car loan so it fits your individual needs. Use our car loan comparison calculator to see which features, rates and repayment plans suit you best.
Contact our team today, and we’ll assist you in getting you the right car loan.