When it comes to large purchases you know you’re going to need finance for, whether it’s a car, boat, motorbike, caravan or any kind of leisure vehicle, it’s advisable to arrange a pre-approved loan before you start shopping.
What is a pre-approved loan you ask?
It doesn’t mean you get given the cash to go shopping for your desired item, though it’s almost the same. A pre-approved loan is where you apply now, we look at your financial position and conditionally approve a loan that you can afford, for the type of purchase that you’re shopping for.
Once you’ve been approved for this finance, we can maintain and hold the approval for 31 days, giving you the time you need to shop around. If you haven’t found what you’re looking for in this time you can just call us and we’ll extend the approval, provided your circumstances haven’t changed.
Once you’ve found what you’re looking for and have agreed on a price, contact us and we can finalise the transfer of funds directly to the seller. We’ll also help you with things like the transfer of ownership paperwork in the case of private sales if applicable to your purchase.
Why get a pre-approved loan?
When you’ve been pre-approved for a loan before you start shopping, you already know how much you can borrow. You can access it quickly when you need it. Since you’ve already gone through the application process, the only delay now is finding the right vehicle.
This helps you narrow down your search, giving you the confidence to test drive the car/boat/motorbike/caravan that you’re interested in. Because you know what you can afford and know you can access it on the day, you’ll have an extra edge when it comes to negotiating on the price, without the worry of missing out as you wait for loan approvals.
Sellers will also be more likely to take a lower price because you can pay on the day.
Avoiding dealership finance
Another advantage of a pre-approved loan is it can help you avoid the pitfalls of dealership finance.
While applying for a pre-approved loan with a broker, like FinanceEzi, we shop through a broad range of financiers. We find the best loan that suits you. Dealership finance is often based just on agreements the dealership has with one or two finance providers. Often not getting the best possible deal or rate.
Dealerships will also like to include things in with the finance. Such as offering to tack on custom paint jobs, tinting, fancy tyres, and all kinds of unnecessary extras. Mostly the things you may not have wanted in the first place.
So what are you waiting for? Contact us today to sort out your car, boat or leisure vehicle finance. Once you have the pre-approved loan under your belt you can start shopping. To find what you want, within what you can afford.