It’s a new financial year, so it’s time to start planning how to make your money work harder for you. One way to do this is to save money on car financing.
You may think you’ve already gotten a great deal on your auto loan, but it’s always worth checking to see if you can get a better one.
The competitive nature of the auto finance industry can help you get a car loan with terms that are much better for your financial situation. You just need to know what to look for and where to go for help.
A good place to start is by educating yourself about the different types of car loans available and understanding the pros and cons of each type.
Before choosing a loan, you should also compare interest rates, fees and repayment options. Which is the first tip on our list of ways to save money on car finance in the new financial year.
Compare and contrast your options
There are many different lenders, so it’s important to shop around and see who can offer you the best rate.
The interest rate on your car loan can have a big impact on how much you end up paying for your car, so it’s important to get the best rate possible.
You can use an online platform like Driva to compare different lenders and find the best rates.
All you have to do is enter some basic information about yourself and the loan you’re looking for, and Driva will show you a list of lenders who can offer you competitive rates.
Consider your credit score
Your credit score is one of the factors that lenders will consider when determining your loan interest rate.
You can do simple things to improve your credit rating, such as consolidating your debt or controlling your credit card spending.
If you have been paying your current loan in full and on time, you may be listed as a less risky borrower. And if you want to improve your credit score, start by taking a closer look at your financial habits.
Some small changes can have a big impact on your credit rating.
Save thousands by refinancing your car loan
Like the vast majority of Australians, you’ve probably already taken out a car loan. That means you’re probably paying more interest than necessary. Fortunately, there is a way to fix this.
Refinancing your car loan is one of the best ways to save money on car finance in the new financial year.
Basically, refinancing means taking out a new loan with a lower interest rate to replace your current loan. This can help you save money in the long run, as you’ll end up paying less interest.
Refinancing is a great option if you’ve improved your credit score since taking out a current loan.
Driva is a new type of financial company that is committed to making the loan application process easy and transparent for its customers.
Driva is founded on the belief that the traditional financial system is unnecessarily complicated and often leaves customers in the dark about important details such as interest and fees.
Driva is committed to changing that by providing clear, personalized car finance rates right from the start of the process.
Additionally, Driva’s user-centric approach means you’ll always be dealing with a real person, not a computer. So if you are tired of feeling lost in the maze of traditional finance, Driva is here to help you find your way!