Private buyers and businesses, large and small, can apply for a loan and other finance options to buy either a new or a used car, and if they already drive a vehicle, they can use those funds to finance it. While there are many car loans available on the market, not all will be suitable for your current financial situation; that is why discussing the matter with an experienced broker or financial advisor can help you get the right loan and save you money at the same time.
Getting your car finance from an independent broker gives you a wider array of options as compared to what you can get from a motor dealer. Moreover, the broker or advisor will help you all the way, from finding a lender and submitting your loan application to designing a suitable plan to pay off what you owe. So these are the top most benefits of using the services of the broker.
Together, you will establish the number of months you will likely need to repay your loan; this depends largely on your credit rating, as well as on the cost of your chosen car. The websites of many specialized car finance providers feature a calculator that can help you get a general idea of how much these repayments will be. To get an exact price, however, you must submit an application; note that the quote you get is typically obligation free, so this is an option worth considering.
Some of the finance options for private buyers
Therefore, to get a personalized quote and request the funds necessary for your dream car, you will have to fill in an application form, usually online, but it can also be done over the phone, depending on your situation. At this point, most finance institutions will enquire about your employment status and other personal details; anyone over 18 is free to apply, but young drivers who have no credit history might be required to get a guarantor who will pay their debt in case they fail to do so. Finally, once the application is processed, you should get a decision, usually in a matter of hours or days.
Private buyers have additional options, including consumer mortgages and novated leasing. A novated lease is an option that employees earning a salary have that enables them to save on taxes and car-related costs, like fuel and tires, since the employer pays for the car monthly, at an affordable interest rate, from the salary earned by the employee.