Car Loans: Is it Better to go to a Broker or a Dealership?

25 March , 2021

Car Loans Made Easy

While we all love researching makes and models to find our ‘one true love,’ what’s often overlooked is how you can save money on the car loan itself.

Many of us make the mistake of financing our car through the ‘convenience’ of a dealership, while potentially paying thousands of dollars in hidden fees and high-interest rates. While it seems all too easy to get both your car and the loan for it under one roof, is it really the best idea?

What’s the difference between a car loan and dealership finance?

At face value, the two are very similar – A secured loan bound to a vehicle.
Broker-managed car loans mean you deal directly with the broker or lender to find the most suitable loan structure for your needs.

Dealership finance, however, essentially promotes a one size fits all ‘white label’ offering. While it may seem quick and convenient at the time, dealership loans are filled with fine print conditions, balloon payments and hidden costs to the customer that you often aren’t privy to until it’s too late.

Working with a finance broker can help provide you with:

– Low & personalised rates
– Flexible loan terms to fit your goals (6 months to 5 years)
– Fast approval (often as quick as 24 hours)
PLUS, if you’re already a BCP customer, information acquisition is a simple process as we are already familiar with many of your circumstances.

Applying for and having your loan approved BEFORE you hunt around, can help you save thousands of dollars on your dream car.

Here’s how getting your loan pre-approved will help you save money:

– You won’t have to rush your finance and make the potentially fatal decision of signing up for an ‘on-site’ dealership loan that’s plagued by high-interest rates and fees.
– You’ll know your exact budget and can plan your repayments.
– You won’t have to negotiate the loan terms with the dealership, only the final price of the car.

At BCP, we make finance easy for you. We work with you to find the best car loan for your needs and current circumstances. We guide you every step of the way to make sure your loan arrangement is transparent, understood, and optimised, both for now and for the future.

For those who do have a current loan with a car dealership, don’t despair, we can provide a car loan health check at any time, just drop us a line.

Get your dream car and save money in the process. That’s car loans made easy.

Contact us today to find out how.

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