How Do I Go About Getting A Used Car Loan?

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http://www.platinumdirect.com.au/

How Do I Go About Getting a Used Car Loan?

While a used car is much cheaper than a new car, it’s still a fairly major purchase. Most Australians don’t have the cash to pay off an entire used car all at once. Fortunately, you can finance this purchase with a used car loan, exactly the same as if you were buying a new car. There are just a few points you should keep in mind as you prepare to go looking for cars.

Be Careful with Dealer Financing

When many people go shopping for a used car, they just plan on getting the financing through the car dealer. This often turns out to be a mistake. Dealer financing is typically more expensive than a loan from a bank or credit union. It also means you’ll have one more issue to negotiate while you’re shopping.

Have you ever tried winning a negotiation with a used car dealer? Few people do. If you prepare your financing ahead of time, you won’t get stuck in this tough situation. It also means you can shop from sellers that don’t offer financing so you’ll have more buying options.

Get Started Right with Pre-Approved Car Loans

A better way to pay for a used car is with a Platinum Direct pre-approved car loan. Creditors will accept a used car loan application even if you haven’t found the car you want to buy yet. If you are approved, you’ll either get a check for the amount of your loan or the bank will just tell you the maximum you can spend on your purchase.

This approach has a few key advantages. First of all, it takes the stress out of financing. Think of how frustrating it would be to find the perfect car only to lose out because you couldn’t get a loan. With pre-approved car loans, the financing is over so you can go into your search with confidence. Getting financing early also helps your search by giving you a budget. Since you have the loan already, you know exactly how much you can spend.

Shop Around for the Best Used Car Loan Rates

Your used car loan will be one of your biggest expenses going forward. It’s important to find the best deal possible so all your money doesn’t go towards car payments. The easiest way to compare loan rates is to work with a qualified used car loan broker. He’ll be able to quickly pull quotes from a wide selection of different creditors so you can see all your options. This way you’ll get the best loan without having to contact dozens of banks yourself.

If you aren’t prepared for the financing, it can be very frustrating to buy used cars. Contact Platinum Direct to get a pre-approved car loan set-up ahead of time so then all your energy can be focused on just finding the best car.