It’s the new financial year, so it’s time to start planning how to make your money work for you. One way to do this is to save money on car financing.
Now, you might think you’ve already gotten a lot on your car 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 on terms that are much better suited to your financial situation. You just need to know what to look for and where to get help.
A good place to start is to learn about the different types of auto loans available and understand the pros and cons of each type.
Before choosing a loan, you should also compare interest rates, fees and repayment options. This is the first tip on our list of ways to save money on car financing in the new fiscal year.
Compare and contrast your options
There are many different lenders out there, 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 Drive 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 the interest rate for your loan.
You can do simple things to improve your credit rating, like consolidating your debts or controlling your credit card spending.
If you repay your current loan in full and on time, you may be listed as a lower risk borrower. And if you’re looking to improve your credit score, start by taking a closer look at your financial habits.
Making a few 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 have probably already obtained a car loan. This means you are probably paying more interest than necessary. Fortunately, there is a way to fix this problem.
Refinancing your car loan is one of the best ways to save money on car financing in the new fiscal year.
Essentially, refinancing is 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 because you’ll end up paying less interest.
Refinancing is a great option if you’ve improved your credit score since taking out your current loan.
Driveva is a new type of finance company dedicated to making the loan application process simple and transparent for its customers.
Driva was 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 rates and fees.
Driveva is committed to changing that by providing clear and personalized information auto finance rate from the start of the process.
Plus, Driva’s customer-centric approach means you’ll always be dealing with a real person, not a computer. So if you’re tired of getting lost in the twists and turns of traditional finance, Driva is here to help you find your way!