Tips for Finding an Automotive Loan

There’s a good chance that at some point you’re going to have to apply for an automotive loan, also known as a car loan. Auto financing has grown into one of the largest loan industries in the world today.

With the cost of new cars and trucks on the market today, it’s perfectly understandable why a person would likely need to finance their new vehicle. Of course, depending upon your credit score and the car or truck that you want to buy you might find it a bit difficult to find the automotive loan that you want with an interest rate that you can afford.

With a little bit of careful shopping and comparing of interest rates and loan terms it should be very easy to determine which automotive loan is right for you. Below you’ll find some basic tips to assist you in your search for a car loan.

Determine how much you can afford

The first thing that you should do when looking for a new car or truck is to determine exactly how much you can afford to spend, and how much you’ll need to borrow. The initial down payment that you make will affect both your interest rate and monthly payment, so you should put forth as much of an initial payment as you can.

After you’ve decided exactly how much you can afford to spend on your initial down payment, you should also figure out how much you can afford to spend on your monthly payments. If you might be cutting it close to not having enough money for a certain monthly payment, it would be best to cut back on the amount you think you can afford so as not to cause any financial problems down the line.

Choosing the right car or truck

Once you’ve started looking for your car or truck, there are a few things that you should be on the lookout for so as to avoid problems with your financing later.

If you’re going to apply for automotive financing, you should look at the new and used cars and trucks that are for sale from automotive dealers… lenders are much more likely to grant you a loan for a car or truck that’s purchased from a dealer than from an individual because of the assurances that a dealer can provide that the transaction is legal and legitimate. In addition, automotive dealers carry a much larger selection than most individuals would have access to.

Shopping for the best car loans

When you’ve found a car or truck that’s in good shape and is priced so that you can afford the payments, it’s time to start shopping for your loan. So as to find the best interest rate for your loan, it’s important to consider all of your options when looking for a lender… visit your local banks, finance companies, and even some online lenders so as to compare the interest rates that each offers.

Get quotes for both interest rates and loan terms, since some lenders may offer better repayment terms than others, and compare them individually in order to find your best deal.

Once you’ve found your best loan offer with the best interest rate, go ahead and submit your application for financing… make sure that you keep your next best offer on hand, though, just in case there is some problem with the lender or the dealership and you aren’t able to get the first loan that you apply for.

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Sell More Automotive Finance and Insurance Products

The automotive world can seem heartless and when you’re working in it you have to find meaning behind what you’re doing or you’ll drive yourself nuts! Here are some things to ask yourself so that you can have a better feeling about what you do for a living and make a better living on top of that!

Consider this a worksheet to figure out what makes you tick and how to make yourself more efficient at ticking instead of ticking yourself (or someone else) off.

1) Find out what your driving force behind doing a great job is!

-There has to be something out there that makes you want to do a great job. Mine is to support my wife and give her the lifestyle that she deserves (not what she wants because she’s perfectly content with what we have). Another great angle here is that I want people to be protected out there on the roads; so helping them purchase a service contract, tire protection, or GAP insurance really makes me feel great!

2) Find out what doing a great job is.

-A great job, to me, is maxing out my pay scale. If I sell more than 1.4 products per unit (on average) and average $800 per unit sold, I get 19% of the back-end profit! I average around $1100 per copy and 1.86 products per unit, so not only am I maxed out, but I don’t have to scramble to get more cars to make more money (simply because I’m making more off of less cars than some other business managers). If I’m having a slow month I’m still making a little over $200 per car, so if I put 40 cars on the road that’s still $8,000 per month, plus bonuses from the dealership and from the service contract company. Plus I still sell about four cars per month, so that eats away my draw throughout the month so when my monthly F&I check comes, there’s nothing being taken away from it!

3) Figure out your niche!

-My niche is coming across as being helpful instead of someone who’s trying to sell the crap out of anything to anyone. My fellow business managers tell me that I have a certain look about me that comes across as being someone who you can be open and honest with. Do I take advantage of this? You bet I do! Do I lie to people to sell them things? Heck no! Do I ask questions that make it hard for them to say no to me after I know the answers to them? Dang right! I know that if I get someone who’s straight to the numbers, I’m not the strongest so I will actually T.O. to another business manager who is stronger with them. But when they get someone who they’ve made upset by being too pushy, they’ll come and T.O. to me because I can build rapport very quickly and become a part of their shopping team instead of someone who’s pushing products.

Start with these three things, write out your answers and think about them. Once you figure out these three things you are on your way to making more money!

Is this the be all end all of lists to help you make more money? Absolutely not!

But will this help you to catch some momentum and build a happier work day? You hit the nail on the head!

The Best Options for Your Caravan Finance

Options for Your Caravan Finance

Buying a caravan can be a great way to organise more flexible holidays and weekend breaks. It can provide you with a home away from home, with all of your creature comforts. You can travel anywhere you would like to visit, spend one night or several without needing to worry about expensive hotel accommodation or costly restaurant bills. However, unless you are in a very fortunate financial position, it is likely that you will need to consider finance to fund the purchase.

Dealership Caravan Finance:

The most obvious place to look for your caravan finance is the dealership where you are purchasing the caravan. While this can be a great place to secure automotive finance, consumers should not assume that they are automatically obtaining the best auto finance rates. The dealership may have some attractive packages, but be sure to read the small print to check for any hidden fees or charges, and compare the rates with other providers before you commit. In many cases, the sticker price for the finance options are often based on longer term loans to make the monthly charges more attractive. Although this means that your monthly expenses will be less, you will be paying far more over the term of the loan. Always check the total finance cost in addition to the APR and monthly payment estimates.

Bank Loans:

Another source of financing is a loan from your high street bank. Most banks and financial institutions advertise some great loan deals for any purpose. However, you should be aware that since the global finance crisis, many banks are reluctant to lend to those without an excellent credit record. If you have less than perfect credit, you may not qualify for the advertised rate and will be offered a less competitive deal. Again, be sure to compare any quotes to check if it is the best possible deal.

Specialist Caravan Finance Broker:

A broker can be the best way to get a great deal on your caravan finance. Reputable brokers have access to a range of lenders who specialise in certain types of finance. The broker can search for the most competitive deals, allowing you to compare caravan finance rates without needing to fill out multiple forms and applications. A broker can assist you even if you have less than perfect credit as they will have access to a number of companies with more relaxed lending criteria. The broker can assist you with the paperwork, making the loan application process far less stressful and frustrating.

Finding caravan finance need not be stressful, but it can be a good idea to research your options before you commit to a purchase. This will allow you time to compare finance rates and find a great deal. You can then shop with confidence that you can comfortably afford your new purchase.

If you are considering caravan finance, Perth consumers should contact us. We specialise in all types of automotive finance and would be happy to discuss your requirements and assist you in obtaining the deal best suited to your particular circumstances.