15 May These Four Misconceptions About Car Finance on The Gold Coast Are Canceled
Most of us will seek the advice of friends, family and colleagues when choosing a new product or service, and acquiring financing is no different. Sometimes these conversations can be enlightening, while other times, they may spread misinformation. If you’ve ever had such a chat about getting car finance on the Gold Coast, you may want to clarify that you’ve got the right end of the stick. Our expert team have examined some of the most common misconceptions about car finance and have debunked them for you.
Myth #1: Bad Credit Equals No Car Finance
We’ll start by saying that a bad credit record isn’t a life sentence. Lenders are required to be responsible in their dealings, which means they might turn you away while your credit is still bad. However, that doesn’t mean you’re condemned to never getting the leg-up you need. Seek financial advice that will help improve your credit record and explore various financing options before you give up.
Myth #2: Lenders Will Only Finance The Purchase Of A Brand New Car
Nothing could be further from the truth. Many people buy pre-owned cars through financial institutions. As long as the car you apply for is less than ten years old, you’re in the clear. Just make sure that it’s in good condition.
Myth #3: The Balloon Payment Option Is A No-No
Anytime you mention a balloon payment in casual conversation; you’re bound to be met with resistance. This is because many people misunderstand the purpose of financing packages that include this feature. If you’re buying a car that you can’t fully afford yet, you can opt for a balloon payment while you prepare yourself financially over the course of the loan repayment. Proper planning and discipline are all it takes to get it right.
Myth #4: An Upfront Deposit Is Needed When You Apply
You may need a deposit once your financing is approved, but it’s not a prerequisite for the application process. Don’t find yourself short-changed on options because you’re afraid you need a lump sum that isn’t required as yet.
Chat To An Expert In Car Finance & Get All The Facts
There’s a lot you can learn from speaking to the right people. Learn more about your Gold Coast car financing options by contacting Jade Finance today.