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Looking to buy your next vehicle? Right now, auto financing appears to be dirt cheap, but is it really?

Craig Ridley, Director of Loan Advisory at The Practice provides a more realistic perspective.

“Dealers offer rates that are often misleading, for example, a client looking for the best auto loan might see an advertisement on television offering ‘0% finance’ but in reality, this could mean there are only a handful of cars available for this appealing offer all on very specific loan terms, or worse still, the hidden fees mean you could pay significantly more over the life of the loan than you should,” said Craig Ridley, Director, Lending Advisory at The Practice.

When seeking vehicle finance, the deal that you will receive is mostly determined by these factors:

  • What is your credit history and credit score?
  • Are you buying a new or used vehicle?
  • How long will you take to pay off this loan?
  • Do you own property?

In general terms, the better your credit and the shorter the length of the loan, the better your rate.

Loans for new cars also attract better interest rates than used car loans. Just as you would shop around for the vehicle that best fits your lifestyle or business, you should also shop around for the auto loan and interest rate that suits your bank account.

“There are a different range of options that may or may not help you secure the best deal for your loan – give us the vehicle finance quote and we’ll find the truth, and review the fine print for you,” said Craig.

Our Top Tips to help you get the best auto loan:

  • Gather all the information – loan amount, fees and interest rates and then compare apples with apples
  • Compare all similar figures provided by lenders, then check the finer details of monthly repayments
  • Become familiar with your own credit history
  • Let us read the fine print and double check all calculations

Finding the best vehicle finance deal for your next purchase could be made easy by contacting The Lending Advisory team at The Practice by emailing  finance@thepractice.com.au or call (03) 8888 4000.