We answer your car finance 101 questions

cars, utes

Hansy Mannil Jul 27, 2023

Looking for a car loan? You've found the right place! We've put together some of the most frequently asked questions we get about car finance from our customers to help you get up to speed quick smart. If you're new to car finance or well accustomed to the ins and outs of loans but want a quick refresh, we have you covered. Watch the below video where Rich-one of our finance experts - talks through our 3 step process that makes it easy to get your car, boat, caravan or commercial asset loan!

If you're ready to get get approved quick smart, or if you have any questions that aren't covered in this article please feel free to give us a call on 1300 787 288 and our friendly team can assist you with your query.

What are the common finance mistakes people make?

We’ve been in this game for over 25 years and as a result know many of the car financing mistakes people commonly make and therefore the ones to avoid. Here’s a quick summary of key points we cover in our full guide to avoiding the common mistakes.

Not understanding and recognising ‘pricing levers’ being pulled
Not realising you have options
Not fully understanding fees and charges
Not asking the right questions
Not shopping around

There are many reasons people make the decisions they do, but one way to avoid making a bad one is to learn from other peoples mistakes and look at an expert like us to help guide you.

Why should I use a car finance broker?

For many, car finance is something that is added on at the car dealership or arranged with their bank of choice. But utilising a car finance broker can provide you with the power of more choice and peace of mind that an experienced broker has done all the hard yards for you and found the right finance solution for you.

We break down all the key benefits of using a car finance broker in our full article. Some key benefits from the article include:

You'll have a better chance of getting approved
Expert advice at your fingertips
You can save (quite a lot of) time and money
Your financing option will be tailored specifically for you

Backed by two decades of industry experience and an overwhelming amount of positive customer reviews, discover how Stratton Finance brokers can help you finance your new car today.

Is dealer finance the best option?

Don't be fooled by the very low rates that most car dealerships advertise (1-2%). These numbers seem appealing but they're usually a hook to get you on board and disguise the underlying upfront/ongoing fees attached.

We break down our top tips for navigating car dealerships, including negotiating with car dealers and determining the benefits of using a broker compared to dealer finance.

Here's a quick summary:

Do your research
Get pre-approved for finance
Leave emotions at the door
Be ready to walk away
Don't trade in
It's all about the timing

Call us for a chat now on 1300 787 288, apply online or touch base with our new car buying specialists at carconnect and find out how we can simplify the process and get you driving your new car sooner – for less!

What's the process of upgrading my car when I have existing finance on it?

If you don't already know this, you can actually choose to refinance with either the same lender or a different one. Depending on your current situation, you can go through a few steps to distinguish whether it's beneficial to upgrade your car with existing finance.

We covered all the aspects you need to know about getting the best refinancing deal whilst upgrading your car, below are a few points of summary:

Do plenty of research on car financing deals
Get a broker to take care of all the groundwork
Trade in and get a completely new car with a new finance agreement

Trading in now and upgrading to a new car can even mean lower monthly repayments with your new finance agreement. If you’re in the market for some new wheels, look no further than our new car buying partner carconnect. So, if refinancing is on your mind, call us on 1300 787 288 - we might just be able to get you into a newer, nicer car and help you reduce your monthly repayments.