The Australian Securities and Investments Commission calls the purchase of a car “one of the single biggest purchases you are likely to make,” and yet all car buyers (we’ve yet to hear of an exception) just want the process over and done with quickly. People in general are more likely to spend time and energy poring over their choices of car make and model and working out detailed running costs than they are to do the research and paperwork required to seek and secure the best finance arrangement. This is a missed opportunity, if ever there was one.
The sheer number of lenders (reputable and otherwise) offering car loans all over Australia just ups the chances of pitfalls and costly mistakes. But because buyers are so eager to drive off in their new cars, few bother to really read the fine print and make serious enquiries about more cost-effective financing options.
If you’re in the market for a vehicle, you’ll soon realise just how many finance options are open to the general community—direct bank loans, dealership finance, and other finance brokers, all of which are both highly visible and easily accessible. The trouble with these options is that they are often structured with complex arrangements and terms—a red light for the inexperienced car buyer.
We at Winquote have always believed in the value of professional counsel. Not just because we’re in the business of providing financial advice, but because we have seen firsthand how experienced, disinterested professionals can make decision-making easier by providing options that address the prospective buyer’s personal and specific requirements.
Which brings us to today’s featured case study, which is the case of the average Australian seeking affordable financing for a vehicle. There is nothing overly remarkable about our client’s situation, as you’ll see in a bit, but focus instead on how we go about solving the problem of car finance.
Dealership finance is a common option for car buyers because it can be relatively quick to obtain and is exceptionally convenient. The downside to this is that not all dealerships will take a holistic look at your entire financial situation, robbing you of the opportunity to explore all your real alternatives, much less find the optimal finance structure for your needs.
Keep in mind that just because you’re getting a good deal on a car doesn’t necessarily mean there aren’t better options out there. And your chances of seeing a disinterested presentation of your finance options are slim if you’re getting it straight from the dealer. This was a rather rude awakening for our client.
Having made our client realize the possibility of a better finance repayment arrangement than what the dealership could provide, we then proceeded to find it for him. Our client was staggered by the savings he gained through our financing: $12,000 over the term of the finance contract. What’s more, our price was competitive from the start, as our policy is to give our clients a great price upfront, saving him a lot of time and worry.
Winquote SME Finance isn’t limited to a particular type of vehicle. We offer solutions for buyers looking to finance new or used cars, trucks, forklifts, excavators, and all manner of electronic and mechanical equipment. Our services are open to individuals as well as business clients.
Through Winquote’s big-picture approach to car finance, our client was able to benefit from a package tailored to work comfortably with his monthly budget. We even managed to reduce interest by drawing equity from other sources, such as his property and other assets.
Finally, our client was able to walk away only 24 hours later knowing that because interest rates are all fixed for specific car finance, he could rest assured that there were no nasty surprises waiting for him in future.
Our goal in offering car finance is to provide value to the client: time for the time-poor, affordable options for the budget-constrained, solid advice for the inexperienced. Through our broad product range and accreditations with multiple lenders, Winquote is set to assist individuals and businesses with any financing need.
For help with car finance and other concerns, get in touch with our office by calling 02 9929 9733.