Car Finance

Advantages of Car Finance Explained

Are you looking to buy a vehicle in Western Australia and are interested to know your options for second-hand car finance?

There are various ways to get good deals for auto car finance, and you could be driving away in your new car in just a few hours.

At Westside Auto Wholesale, we have a specialist car finance division, who can help make financing your dream car from dream to reality.

 If you would like more information, please just drop-in for a chat with our friendly team at your convenience.

Car finance is similar to any other loan product in that it can improve your lifestyle as long as it is managed properly.

 It is important not to mishandle a car loan as it can cause emotional and financial stress.

It is always best to talk to a car finance professional who will help you calculate what you can afford and get the best deal available.

What are some of the positives of using car financing?

One of the main benefits of car financing is that it gives you almost immediate access to a vehicle that you might not otherwise be able to afford or that you would need to save for.

 This can be extremely useful if you need an improved car for family or work reasons.

No deposit car finance is often available, and it can be an attractive option for times when your budget is stretched on taking care of other commitments.

Another positive of taking out car financing is that it can help you improve your credit score as long as you follow the repayment schedule on time.

This will be useful for applying for future loans such as a mortgage or for home improvements.

At this time, car finance is an extremely competitive business in Australia so you should be able to get a competitive deal which may allow you to buy a better quality vehicle than you expected.

Your auto car finance advisor will be able to show you the best deals available on the market.

One advantage of using a car wholesaler for car finance in Perth is that it is quick to organise.

There is also a wide selection of quality used vehicles on-site and car financing is straightforward to put together.

You could be driving away in your new car in a matter of hours!

 How does car finance work?

Simply stated, car financing is the funds you loan to buy a car. You can decide on your level of repayments, by putting down a higher or lower deposit and over how many years.

Once your car finance is agreed you will have an agreed amount of time to repay it following the terms that you have agreed with the lender.

Car Wholesaler Finance

Your car wholesaler can secure your funds through an outside lender, and they often have inside knowledge of the best finance deals on the market.

There may be some lower than usual finance rates available on specific makes and models. You should always ask specifically for any promotional rates available.

If you use your car wholesaler to organise finance it will be just like a regular car loan and you will make repayments over a set period, but you might be able to lower your monthly payments by negotiating a lump sum balloon payment for the end of your loan period.

Westside Auto Wholesalers are one of the best-established car wholesalers in Western Australia and can offer you great advice on car finance in Perth and the surrounding areas.…

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Car Finance

Buying a Car on Finance? Here’s what you should consider

Thinking about getting that new ride you’ve been thinking about? Like most car-buyers, you might have spent a lot of time researching and deliberating about which car model or make to purchase without giving much thought or even considering how you’re going to finance it. Many people understand the basics of car maintenance but have no clue what auto finance is all about. That explains why you’re likely to sign a loan in a hurry without taking your time to read the fine print first. 

It’s important that you understand what you’re agreeing to before you sign on that document. There are plenty of options available when it comes to car finance which is why you shouldn’t be in a hurry to make any decisions. Here are important things you should know about car finance. 

Know your Budget

The first question a car dealer is likely to ask you when you show up at their car lot is, “what budget are you working with?” Of course, there’s a reason as to why they’re asking this question. Focus on the final price tag of the vehicle including the total interest and monthly payments. Stick to what you can afford to pay every month. You don’t want to let the dealer to sell you the highest-priced car in the lot. 

Evaluate your Credit Score

When purchasing a car on finance, your credit score is the lifeblood of the loan. It’s what finance providers use to determine how safe you are as a borrower.  A poor credit score is going to negatively affect the amount you pay for car finance. Your application can either be rejected or you’ll be offered high interest rates. It’s, therefore, important that you raise your credit score before deciding to take the car finance road. 

Check the Interest Rates

Understand that car loan interests vary from one lender to the other. You should take your time to compare finance providers before settling on a loan offer. There are no standard interest rates for car loans. Long-term loans tend to attract higher interest rates, so you might want to choose a shorter one.

How Much to Put Down

Most car finance providers tend to ask for a down payment, which varies from lender to lender. Building a savings account for this initial deposit will save you money in the long run since your interest will be on a smaller loan. In cases where the lender offers no deposit car finance, the car buyer will have to pay back larger monthly deposits. Decide the option that best suits your situation. 

Pre-Closure Penalty

Before you sign up for car finance, find out if there are any fees that apply if the loan is repaid before the stipulated time. You can find all this information in the documents provided by the lender. Don’t be in a hurry to sign up. Different finance providers charge different pre-closure rates. 

The Cost of Deferred Payments

You’ve probably heard of the “no repayments for 6 months” package. It’s important that you read the fine print and know what you’re agreeing to. Such an offer would mean your loan will accrue interest all the while. Are you willing and ready to pay an extra six months of interest payments on your loan? That’s for you to decide. 

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