Overview of Car Finance in Australia – MyCarLoan.net.au – (*Car Finance Australia*)

Hi, my name is Brenton Hunt and I’m a Car
Finance broker. You know, I am really frustrated with all
the bad stories I hear about in the Car Finance industry. I am so frustrated that I am going to take
you behind the scenes And give you a frank overview of the down
and dirty dealings That can go on in Car Finance. By watching this video I hope to save you
some REAL MONEY When taking out your next Car Loan. Welcome to MyCarLoan.net.au Cars are incredible things. They represent your personality and style. No longer are they merely a machine that gets
you from A to B. They are much more than that. A car is all about YOU, something that is
very personal And something that is extremely special. We all want to drive the car we need, Not necessarily the car we can afford. And that’s where Car Finance comes in. In simple terms, Car Finance is the SOLUTION
to resolving The difference between YOUR current bank account
balance And the car YOU want to drive. These days nearly everyone needs or wants
to finance their next car. BMW is famous for getting around the fact That their cars are expensive. All they do is simply advertised the weekly
cost of the vehicle. This makes owning a prestigious brand Feel more affordable to the average person. Our commonsense brain knows That we are going to pay more to finance a
car. But most of us are happy to pay A little extra to get the car we want. Car Finance gives us That OPPORTUNITY and CHOICE. Whether your car has just died on the side
of the road, Or you need to accommodate a growing family, Or maybe a vehicle is essential for your work, Car Finance is going to be something that
YOU may need to consider. If YOU want to SAVE money, YOU need to be careful. I get people calling me everyday Wanting to get a car loan For a vehicle they have just found. The main question they have in their head
is Do I qualify for a loan? And how much is it going to cost me? When it comes to getting the best finance
deal, You need to work with someone Who WORKS for YOU. Someone who has experience And who is actively looking to SAVE you money! Congratulations, you are qualified! We’ve got you a great rate! Now here’s what you need to do next. But let’s back up a bit… You’ve probably been on the internet for
ages. FINALLY you’ve found the car With all the features that you have been looking
for. You’ve gone and seen it, Driven it, maybe you’ve even had a friend
look at it. Yeah, you’ve found your dream car. The salesman has told you How much it will cost per week And you know you can afford it. That’s the hard work done you think All you need to do now is sign the papers. Well actually, if you stop focusing right
now Your new car might COST you much more than
you think. Here’s some things to think about. What is the principal amount the payments
are based on? What fees and commissions has the Salesman
declared? Have you gone through the finance details As thoroughly as the features of the car itself? You see, some car salesmen are not working
to get YOU The best deal that they can, They are working to make the most money for
THEMSELVES. You might understand that the Salesman is Making $3,000 or $4,000 profit on selling
the car. But they can easily be making 50% or more
again On the financing and other extras. Before you sign up with the car salesman You need to ask yourself a simple question Do you want to spend a little extra time That could save you thousands of dollars over
the next 3 or 4 years? Because if you are prepared to take a little
extra time YOU WILL SAVE MONEY!! Just by making one easy phone call YOU can get a comparison offer in minutes. YOU will immediately see the difference. You will not believe how shonky Some car salesmen are. I’ve seen contracts where the sticker price Of the vehicle was $50,000, And the loan payments we based on $55,000. Yes, they increased the price by $5,000 Because the car was getting financed! I’ve seen examples where the interest rate Was supposed to be %0, but the car salesman Simply added the full 3 years of interest
to the car price! I’ve even seen some finance companies charge Interest rates of up to 29.9% On top of $1,000 application fees That the buyer paid interest on as well! Oh, and there is also a beauty Called a risk fee of up to 9% of the loan
amount Again you will pay interest on this fee For the life of the loan as well! So it really pays to look closely At the details of the deal in front of you. If you don’t read and understand What you’re signing You might pay a LOT more than you really need
to. And this is the advantage of working with
an independent broker. There’s is something that I will Never understand when buying a car. Why is it that you can get a cash price From a car salesman it is $1,000 or $2,000 Cheaper than if you finance it? It is not like the car salesman Is financing your loan himself. He gets paid by cheque from the lender Before he gives you the keys? So why is there a difference in the price? Here’s another thought. Just because you are approved to a certain
amount It doesn’t mean that you have to spend it
all! There is nothing wrong with going back To the salesmen and trying To renegotiate the price once you are approved. He might not change his price But then again once approved You are now a cash buyer and his might drop
his price. Even if he comes down $500 Remember that you will be saving $500 PLUS the interest over the life of the loan. You may even find an identical car elsewhere
for much less. It is also worth noting That cars purchased from private sellers CAN
be financed. It might take a couple days longer Just so the details can be verified But this only adds to your own security. I will explain more about this in Video 3
of this series. My aim in this video has been To make you aware of areas where You can save yourself REAL MONEY When thinking about your next Car Loan! In the next video I am going to Go through why car salesmen LOVE car finance. I will tell you about some of the Real life stories we have come across. You will be gobsmacked to hear what can go
on. I’ll give You some valuable tips on how To get the best deal possible on your next
car purchase. If you have found the information valuable Please place a comment in the section below. We would love to read your feedback about What you found interesting or important in
this video. I’ll see you in the next video.

Paul Whisler

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