Car Loans – The Basics

Car Loans – The Basics

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Car finance isn’t exactly exciting to those who don’t work in the industry. However, it’s important if you plan on purchasing a car at any point. You must become familiar with car finance terms such as interest rates, finance period, and you must find it within yourself to read every last word of the fine print on any car finance note you sign. This is one of the primary reasons so many consumers feel less than thrilled about shopping for a new vehicle, but there are a few tips that make the car finance process a little less stressful.

Find Your Own Car Finance Options 

If you’re going to finance a new vehicle, find your own lender. While dealerships have lenders they work with by allowing you to come to the dealer and sign paperwork to find financing, it’s not a great idea. Anyone who knows anything about car finance knows finding your own financing is the best option. Dealers don’t look for the best rates or options for you. They work with the companies they have contracts with, and that’s where they offer you a car finance option. You want to look at your own financial institution or others you’re familiar with to see if their car finance options are a better fit for you. Another option would be to get a Stratton Finance Novated Lease (however this is only available if you are employed by somebody else).

Know Where You’re Getting the Best Rate 

Most people think they get a better deal and save a lot more money when they buy a second-hand car. Even if a second-hand car is a year or two old with very few miles on it, you’re getting a better interest rate with almost every car finance lender if you buy a brand-new car such as a Mazda Finance Stratton. Your job now is to do a little math to find out where you’re getting the best rates and saving the most money. You might be surprised how much you can save buying a new car rather than a second-hand car when you compare the rates your lender is offering. 

Your car buying process tedious, but you want to walk away from this deal with the best rates, the best payment options, and the best finance options. A vehicle is an expensive purchase no matter which kind you buy. You need to be sure you’re getting the most for your money, and you also need to be sure you really like what you’re driving. If you find your car isn’t what you want because you settled due to lack of finance options or high rates, you’re going to end up car shopping again a lot sooner than you anticipated.

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