The average lifespan of a car today is around 12 years, but this can be drastically reduced if it’s involved in an accident or not properly looked after. There will come a time in every auto owner’s life when they need to buy a new car. No matter how well you look after your vehicle, it won’t last forever.
When it does come time for you to take the plunge, you won’t always be in the ideal financial standing to do so. This is why so many people have to take out a loan to buy a car.
But not all car loans are created equal. Read on to learn some tactics on how to get a car loan and how to save money on a car loan now.
1. Shop Around
When you’re trying to find the best car loan possible, a little market research never hurts. Interest rates and terms will differ from lender to lender, and these are important metrics to keep an eye on. By getting multiple different quotes, you can compare them all and see which is best suited to you.
2. Read Up
Before you sign anything, you need to make sure you’ve read the fine print. This is true of any document but especially one that involves thousands of dollars. You should make sure you’ve thoroughly read the Product Disclosure Statement and Target Market Determination before you settle on any one loan.
3. Go Green
If the car you’re planning on buying is electric, hybrid, or otherwise good for the environment, then you might be entitled to certain credits from your lender. For example, there are certain lenders that will offer you a more competitive interest rate based on an electric vehicle with a green loan. You should always ask potential lenders to see what incentives they have on offer.
4. Get Online
The internet is a great resource in many situations, including when you need a car loan. There are lots of online lending platforms and tools that can help to save you money. In some cases, it’s even possible to be approved for a loan with less than stellar credit.
5. Check the Total Amount
There are various tactics that lenders will use to make their terms seem more agreeable. One of these is emphasising the monthly repayment over the total amount. When you’re shopping around, always make sure to look at both.
Get Approved for a Loan to Buy a Car Today
Hunting for a loan to buy a car can often feel stressful, especially if your credit’s not the best. But this shouldn’t be the case. Make finding a car loan simple with our easy-to-use online lending platform.
To apply, simply enter the loan amount, the car you want, and how long you’ll need to pay it all back. We consider all financial circumstances. Fill out our form to see how we can help you out now.
