(Newswire.net— March 31, 2014) Melbourne, Victoria.
Purchasing a new car is an exciting and emotional experience. However it is very easy to pay far more than you need to when arranging a car loan to finance your new purchase if you don’t make this essential check.
Nearly all Car Dealers offer car finance or can arrange a car loan. However Car Dealers are experts in cars, and neither an expert, nor qualified to assess whether the loan they are offering you is the right for your circumstances. To a certain extent, a car salesman is conflicted in the trust that comes with dealing with someone’s financial situation and the raw fact that they will only get paid when they sell you something.
We spoke we Mr Brenton Hunt from MyCarLoan.net.au about dealer financing. Mr Hunt is a licensed finance broker and has been in the finance industry for over 6 years.
Mr Hunt tells the story of a young couple who just had a baby and needed a larger car. They found a second hand 4×4 that met their needs. The car dealer’s offer was $125/week for the vehicle they wanted. Simply by getting a second offer the couple got their car loan down to $99/week. Over a 5 year loan term this is a savings of a staggering $6,760, just for getting a second quote.
Mr Hunt says he is extremely frustrated by the amount some car dealers overcharge their clients when arranging dealer finance. He is a strong advocate for his clients getting pre-approved for car finance so that they can go and negotiate hard on the cash price of the vehicle they are looking at.
Mr Hunt says “Look, anyone looking for a car loan would be crazy not to get a second quote to see how much they can potentially save. I tell my clients that if I can’t beat the monthly finance repayment rate from a Licensed Motor Vehicle Dealer, on a completely fair comparison, and where apples are compared to apples, then Ill give them a free $50 Fuel Card.”
The sentiment of what Mr Hunt says about Car Dealer finance is also backed up by the financial corporate regulator, ASIC. The ASIC website, www.MoneySmart.gov.au, says: “While dealer finance might seem convenient, it can be cheaper to get a loan elsewhere.’’ There must be good reason for the regulator to publish such strong words.
So if you are looking for a car loan in Melbourne, take the advice of a finance industry professional and get their offer on your car finance requirements.
Contact Information
Mr Brenton Hunt
Telephone: 1-300-24-1234
E-mail: brenton@MyCarLoan.net.au
Website: www.MyCarLoan.net.au
Facebook: www.facebook.com/MyCarLoan
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