How can anyone possibly guarantee the best loan or rate?
It’s truly difficult as there are so many lenders with so many loan types and whilst one may provide the lowest rate, it doesn’t necessarily mean it’s the cheapest or best loan. Getting beyond the marketing and sales pitch is the only real way to know you have gotten the best vehicle loan for you.
We’ve all heard the stories where borrowers take on a loan at a low rate to only be told 3 to 4 months into their term that the rate is being increased due to funding costs – talk about smoke and mirrors. Below, Direct Loans Australia has provided some practical and proven tips on how to save and get a great loan.
So how does one get the best loan?
You can’t be lazy and you have to put in the work in terms of your own due diligence. A sales person is never going to give you their best deal, they will always see what they can get away with. This is why it’s important for the borrower to take the TIME to do a bit of research.
At the end of the day, you can only get the best vehicle finance that is available in the market at the time you need to borrow. That being said, it’s important to follow these tips as a minimum.
- Use comparison sites…but don’t fall for the trick that one comparison site has access to all loans in the market and is able to compare all lenders. Comparison sites generally only show case lenders that are paying to be on their site.
- Speak to a loan broker as they will generally have access to the majority of lenders in the market. In the case that they don’t and you have found another lender with a lower rate, speak to them as they can most likely price or rate match and get you additional loan benefits. Brokers also gain access to exclusive rates which aren’t normally advertised!
- Once you have decided on a lender, check reviews on them. You don’t want to partner with a lender that has a bad reputation for changing rates, poor customer service or in flexible terms.
By following the above tips, you will find the best or most competitive vehicle loan for your needs. It only takes a few minutes to do the above and it can literally save you hundreds if not thousands depending on the type and size of loan.
