Every time I walk into a car salesroom, I do so with a sense of excitement, keen to check out the new features on my favourite car make or model, inquisitive about the ticket price to see if maybe I can afford to buy it, and ready to sit inside the vehicles on the floor and breathe in that new car smell. With this sensory overload comes the danger of getting carried away, caught up in the moment, and a willingness to say yes to just about anything, especially if you are actually there to make a new purchase.
Recently we had a client come to us for finance for their new car, a nice one, a Mercedes Benz, it looked the goods, was about 2 years old and a price for a merc that was pretty reasonable. The only problem was that he had been looking for a car for about two months and by the time we managed to submit a loan application, his credit score was butchered because 5 different car dealerships he had visited had all made a loan enquiry on his behalf. He had even been to a dealership on the day of our application, and they had lodged an application at the same time!
All this resulted in a credit score impact of up to 250 points and multiple enquiries that needed an explanation. Coincidently all 5 applications performed at the various dealerships were declined.
Thankfully as a fully accredited broker service, we were able to secure an approval for the finance within 24 hours and have our client driving away in his new car not more than two days later.
The point being of course, had our client come to us in the first instance we could have saved them a significant impact on their credit profile and potentially an even better deal.
Finch Asset Finance has access to up to 35 various asset finance lenders all of whom have their own place in the market, whereas a dealership (with no obligation to protect you) has access to perhaps a factory-backed finance offer, a mainstream finance provider and maybe one other lender who deals with tricky circumstances, and of course their ‘business manager’ has no obligation or credit licence to protect, they just have a sales target to meet, with bonuses for a successful sale of the paint protection as well!
By getting pre-approved before you get to the dealership, we can save you all this drama and we can also give you a price point so that you can negotiate with confidence and walk out with the best deal possible, without all the upsell.
Next time you’re looking for a new car or other asset such as a boat or caravan or campervan or even something for work like a truck or a van, remember to call Finch Asset Finance for pre-approval