Buying a new car should be pretty much a smooth transaction. There’s not much to check except for the usual specs that you look for in the car. And you probably have looked into the specs way before you decided to buy the car and so you must have memorized it but still have a few questions to ask the dealership. If a new car comes with flaws, the dealer might offer you a discount or perhaps even offer a better solution.
However, buying a used car is a whole different story. It may be used, but it doesn’t mean that it is not as good as a new car. You’ll have to factor in the odometer reading of the car and whether it is a 7-seater or not. These are just a few of the many things that need to be considered when buying a car. After all, it must serve its purpose. If it’s a family car, then it should be able to accommodate everyone in the family and must come with a lot of space for things too. If it’s for business, then it should be something that could carry a heavy load like a pick-up truck or utility.
And yet there are more pressing concerns to take care of before you make the purchase. Unless you are paying for the car in cash with the money from your savings, the best next option is to buy through car financing. This is something you’ll have to sort out before shopping for the car that you want. Although you have the option to pick the car that you want and get financing after. This is where ApprovalBuddy comes in very handy. Our team will help you through the process of car finance Brisbane application. Once you have picked the car, it is easier to consider how much you can pay on weekly or monthly terms with the lender.
How do you pay for the car?
There are a handful of options when it comes to paying for the car that you want. Deciding on whether to buy it in cash or to get help from car finance Brisbane is indeed something to think carefully about. What’s the difference?
- Paying in cash
Pro: If you decide to pay for the car outright, it would mean not paying for any interest at all.
Cons: However, you will have to have enough to pay off the entire cost of the car. And when you take it all out of your savings, you might be left with nothing in case of an emergency.
- Dealership Financing. This is the kind of financing you get direct from the car dealership. The dealer is the third-party lender and plays as the middleman too. Typically, both the lender and the dealer earn money from the interest that you pay.
Pro: Convenience is the only thing that this type of financing provides. You are getting the car paid through the people who are selling you the car.
Con: It might not be the most economical decision to make. Dealers might charge you more for their incentive than the actual interest. Also, you will be taking out a loan from a high-pressure sales environment, so it might be a bit difficult to say No.
- Finance from a broker. This is when the broker will help you find the financial institution that will lend you the money.
Pro: A broker can represent you to the finance companies and it wouldn’t be a problem discussing with them your bad credit history. Although the red flags are up for bad credit rating, this doesn’t stop the broker from negotiating on your behalf.
Con: You will have to provide all the documents necessary to prove you’re fit to pay off the loan.
Whichever you choose to end up using, it is a must that you understand what you are getting yourself into. Buying a car is an opportunity for you to add more convenience and comfort to how you live your life. More importantly, it teaches you the value of independence and responsibility.
There are a lot of ways you can get that car loan approval. At ApprovalBuddy, we make sure that your financial credentials are highlighted in the application process. Do not worry if you have bad credit rating at the moment. Most of the lenders that we work with are willing to give you a second chance at it. We can help you identify the ways you can make this happen with utmost ease and convenience.
How do you pick the car to buy?
Buying a car should not be taken lightly. In fact, you must spend a lot of time considering all the other options. It may be tempting to buy the first car you took for a text drive, but you know you shouldn’t. here are some tips to help you find the right car.
Tip 1: Buy the car that you need.
What will you use the vehicle for? Conduct your own research on what the market has to offer. It is important to know what you can expect of the vehicle as well as its value for money. Do your homework and make a short list of cars that meet your needs. Narrow down your search and start the comparison from there.
Tip 2: Shop around for competitive finance rates.
Never go for a loan just because it offers convenience. At ApprovalBuddy, we make sure that you understand the financial agreement before you sign up for it. We also conduct an independent evaluation of your financial status and credit rating before the actual application to ensure that a potential negative rating will not affect your current credit rating status.
Tip 3: Get protection.
It is a must that you know what you are getting yourself into. Don’t be afraid to ask how much the interest rates are and how they are computed. Go for licensed dealers or car loan brokers like ApprovalBuddy. Not only will you get quality services, but you know that you are in safe hands.
Tip 4: Safety should always be a priority.
Look for good car insurance coverage as well. If you can, get at least three quotations from three different insurance companies. This number should be enough to help you get a picture of what you need to get protected and at a rate of how much.
Tip 5: Get it checked.
The car may look like it’s perfect, but only a trusted mechanic can tell you that you have nothing to worry about. A qualified mechanic conducting an inspection should give you peace of mind that the car you’re buying is totally safe for you and your family.
Driving your dream car will truly be a rewarding experience. After all, it is not just about having a car. It is a realization of your dreams.