The most usual means of shopping for car finance in Australia are the telephone and the Internet. However, the more serious buyers make appointments with loan officers. There are various options from where to get car finance in Australia. The options range from individual lenders to banks and financial organizations.
Buying the vehicle and obtaining finance for it are two different activities in Australia. Buyers are advised to shop confidently for obtaining finance. They should research the different rates on offer, comprehensively and ask the lenders for their best rates. The whole process should not be viewed as asking for help.
The buyers should not discuss financing details before a fixed price for the vehicle has been decided on. The buyers should not agree on monthly payments for their cars. In Australia it pays to visit an accountant before buying a car, as the income and employment status of a buyer could help in bringing forth certain tax breaks which do help in reducing the expenses. The finance companies in Australia could be categorized into the ones associated to car manufacturers and the ones affiliated to banks.
Esanda is a financing company, owned fully by the ANZ Bank. Companies like GMAC and Ford Credit are linked to car manufacturers.
The Vendor Finance Companies, or the ones linked to car manufacturing companies offer a wider range of services than the companies associated with banks, as their focus is only on automobile finance. The interest rates, however are not too different.
Both these types of financing companies provide customized services. They usually are more elastic compared to the banks in Australia.
In Australia car finance could be had from the dealers, the moment a vehicle is purchased. The approvals are also given in short spans of time.In Australia the dealers are often provided with subsidies by car manufacturers and this allows them the luxury of scoring over the lenders.
The one-stop deal is the best dealership offer in Australia. It is possible to get finance approved from the dealer himself.
People with accounts in banks in Australia are able to get car finance at lower rates. The members of Credit Unions also stand to gain as they offer lower rates of interest compared to other finance sources. The employees of finance companies, direct or through dealerships, can get finance for their cars at comparatively lower rates of interest.
Last Updated on : 1st August 2013