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How to Get a Car Loan the Easy Way

Chris Hopkins
Sep 27, 2021 3:47:05 PM

So you are in the market for a new car but not sure which lending option is the best for you? Should you get finance from your local bank, seek out finance at the dealership or look for a specialist car loan lender? 

Applying for a car loan can be a confusing experience, but it doesn't have to be, So keep reading as we are going to give you arguably the easiest way to get a car loan.  

Easy car loans - what are your options

When it comes to purchasing a new car the biggest challenge is always finance. Let's face it not too many people have the disposable income to purchase a vehicle with cash. So the question is what is the easiest way to get a car loan? 

There are basically three finance options for buying a new car, go through your bank or an alternative third-party lender, use the dealerships finance solution or use a brokered car loan aggregation service like Ausloans.  Each option has advantages but there is one solution that gives you the best chances of success without impacting your credit score. and that's using a car loan aggregator. Here's why. 

Bank car loans

Bank car loans are often the first choice solution for people in the market for car finance. The big banks are reputable and trusted lenders. They offer convenient terms and low-interest rates. but there is a catch. Banks are what we call prime lenders. and to qualify for their low-interest car finance you will need to have a strong credit history.  You can easily be approved if you have a strong credit history with the bank, however applying for a car loan through your local bank with a less than ideal credit profile could see you not only being refused finance by the bank but taking a hit on your credit profile. 

Dealership finance

The second car loan option is to apply for finance through the dealership. Dealerships often have their own in-house financing solution and can be ideal for those of you looking to purchase a brand new car. Like the big banks', dealership in-house financing offers new car buyers some of the lowest rate finance available in the market.

As an example, at the time of writing this article Toyota finance is offering a rate from 2.99% which is a very attractive proposition, however, once again there is a catch and that's the word "from".  In other words, 2.99% finance is the lowest rate however it does not mean you will qualify for this. Your rate may actually be much higher.

Similarly, Mazda dealerships also offer low rate finance, however on their website they don't talk rates, they talk tailored rates. In essence, this means their finance department will assess your credit profile and offer you a rate and loan terms that match your credit profile. Here's what Mazda finance says on their website.

Our interest rates do not follow a one size fits all approach. Instead, with our sophisticated software we calculate an interest rate based on your individual circumstances. Mazda Finance

While this sounds great, what it really means is the low rate they advertise is not available to all who apply and you may be offered finance at a state much higher than their advertised rate. More importantly, the rate being offered is from a sole lender so you're only getting a finance appraisal from one lender. 

 

Car loan broker

The third option and the easiest way to secure the best low rate car loan for your credit profile and circumstances is to use a car loan aggregation and brokerage service like Ausloans.

Unlike banks, individual third-party lenders, and dealership financing solutions, a car loan aggregator does things a little differently. Let me explain.

Here at Ausloans, we work for you, not the banks. When you submit a car finance application our advanced lender software will automatically match your credit profile against the lending criteria of over 40 lenders and only deliver loan options from real lenders who are prepared to help you finance your new vehicle. 

In other words, we remove the hassle of knowing which lender to choose by giving you instant access to all lenders without actually submitting a loan application.  The only time we put your credit profile at risk is when you choose the lender you wish to submit your full finance application to. 

Why is using Ausloans the easiest way to apply for a car loan?

The answer is simple. At Ausloans we do all the hard work on your behalf. We use a soft touch credit check to verify your personal details and credit history. We then use that information to assess your financial eligibility with our panel of over 40 car loan lenders before submitting your application to the lender who is most likely to accept your loan.

At Ausloans we find you the best loan at the best rate from a pool of car fiance lenders, all while protecting your credit score from unnecessary damage.  

For your information, every time you submit a loan application to the lender that is refused, your credit profile will take a hit.  This often makes it harder to obtain finance from another lender as they see you have been declined. 

In short, the easiest way to find out if you qualify for car finance and to learn exactly how much you can borrow and at what rate is to use a car loan broker. As I said earlier, we work for you, not the banks so if you're ready to get a car loan the easy way click the banner below and let us help you get into your new car today. 

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