Hamilton finance options if you’re keen on a new car before 30 June

Posted on 19/06/2019 by Andrew Morris in Finance, Mortgage Broking, News
Andrew Morris
Andrew joined Sinclair Wilson in May 2017 as Mortgage Broker, having spent the past 10 years in the banking industry. With a small business background - in hospitality, no less...

The End of Financial Year (EOFY) is coming at us fast, and it’s hard to switch on the tv or radio without hearing about those ‘end of finanicial year run out’ sales that are on.

But Hamilton buyers, beware! It’s easy to get so caught up trying to grab a bargain, that you forget to look for a great deal on your car finance – which can have expensive consequences if you’re not careful, and paying even closer attention to the fine print than you are the big numbers on the ‘for sale’ sticker.

BUT… what if you’ve already been caught out?

What if you’ve been stuck with a whopping car finance interest rate for quite a while?

The good news is you CAN refinance an existing car loan, with our support, and finish with a much more affordable means of paying off your dream set of wheels.

Some of the benefits we can offer in regards to your car finance are:

1.Lower interest rates

This is one of the most popular reasons why people want to refinance a car loan. Interest rates on car finance can vary,  depending on where you have sourced your loan.

For example, car dealership finance is often a one-size-fits-all package, rather than something that’s tailored to just your situation and needs.

Also, there are specialist lenders that we have access to that may not be on your radar, who can offer better car finance deals than those offered by the big banks.

When someone offers you a car loan, it pays to ask us to see if you could be getting a better deal elsewhere – one that’s tailored to your personal financial circumstances and goals. Our market comparisons come free, and rest assured that if we think the deal you are being offered is a good one, we’ll tell you to take it.

2. More manageable repayments

If your car loan repayments are sky-high and you’re struggling to meet them, you may want to consider refinancing.

Changing the terms of your loan from three years to five, for example, means your regular repayments will reduce and become more manageable.  It’s important to know this may mean you pay a bit more interest overall, but that may be better than suffering financial hardship or selling your car.

3. Access different features

Refinancing has the potential to get you better features on your car loan.

For example, you may be interested in a loan with a redraw facility. It lets you make extra repayments to reduce the interest you pay, but still access those funds if needed. Different lenders offer different packages, so ask us to shop around and find one that’s suitable for your needs.

4. Finance the balloon payment

You can get a car lease or loan that gives you the option to make lower repayments and pay a balloon payment at the end of the loan term. If you need help with that, we can potentially arrange a refinance that lets you pay off the balloon payment, instead of having to come up with a lump sum.

5. To ensure your loan suits your current situation

Life happens and things may have changed since you originally took out your car loan.

For example, you may have started your own business and you now use your vehicle primarily for business purposes. If that’s the case, we can potentially arrange refinance, so you can take advantage of any tax breaks available. Because we are part of a larger group that has Accountants working alongside us, we can also speak to the experts about how to help you maximise any tax benefits.

Why choose Sinclair Wilson to refinance a car loan?

You can rely on us to put your interests first. We offer tailored finance solutions for both new and second-hand vehicles and have access to a large panel of lending specialists, including some you may not be able to access through other outlets. We’re also happy to check any car finance you’ve been offered, just so you can be sure you’re getting a good deal. So, don’t wait to speak to us about your car finance, call us for a chat today.