Your-Finance-Options-Explained

Finding the perfect car for your needs is obviously one of the most important parts of the car-buying journey, and usually the part that comes first. But if you wait until you’ve test driven the car and are ready to buy before considering your finance options, you could be selling yourself short with what you can afford.

For most buyers, paying for your brand-new vehicle up front just isn't an option. Or even if you’ve got the money, with interest rates at an all-time low, why use your money when you can use ours? Thankfully, there are many affordable financing alternatives to choose from that can help you get you behind the wheel of a car you love- quickly and easily.

We recommend getting your pre-approval before heading into the dealership, then you can freely shop with the assurance that whatever car you find can be yours. It takes less than 3 minutes to start the pre-approval process, and only 5 simple steps. Get your pre-approval started now.For a limited time, we’re also offering to pay your first month’s loan repayment if you get pre-approved and buy a car through Cricks!

There are a few types of financing options including:

Dealer FinancePersonal/Consumer LoanLeasingNovated Lease (Businesses only)Commercial Use (Businesses only)

Let's break them down..

Dealer Finance

Our in-store businesses managers are here to talk with you at any time about the best payment size and schedule for you and your family. You can book an appointment to meet with them via video conference, over the phone or in person.

You are not by any means obligated to finance your loan through us and our trusted financial lenders, however it can be a great option for those who are looking for that extra peace of mind and ease when handling such an important part of the deal. Not only is it significantly faster than acquiring a personal loan but our interest rates are competitively low due to the wholesale offers available to us from being a large and long withstanding dealership partner to the Sunshine Coast’s favourite brands for over 25 years. Our team will walk you through the entire process to make purchasing your car as easy and stress free as possible, which makes this an ideal avenue for first time buyers in particular.

To rehash the basics - A car loan is a sum of money borrowed from a financer to spend on a vehicle. You then repay the amount + interest in instalments over a period of time, usually between 3-7 years. To get a loan through the dealership you will need to have 100 points of identification which could include anything like your Licence, Medicare card or Passport. You will also need to show a proof of income, proof of assets as well as documentation of any other acquired loans and debts.

Why do we need this information? Well, our trusted lenders, including Macquarie and St. George Bank, need to gain a clear understanding of your financial welfare to calculate an accurate and fair interest rate for your situation. The team will work alongside you to negotiate a payment plan and term that is best suited for you and your family. Finally, you need to have a deposit saved that will be paid up front prior to your delivery day.

Financing and insuring through a dealership can even afford you extras or extended manufacturer warranties, depending on the brand of the vehicle. You can also discuss adding on comprehensive insurance coverage for that extra piece of mind.

Benefits

Low interest rates on your monthly repaymentSupported and advised by our team from start to finishFast and hassle-free contract negotiationFactors in future finance valueDeals on extras available when financed through dealership (dependent on brand)

Personal/Consumer Loan

A personal or consumer loan is financed independently through your bank or another trustworthy source. You are able to tailor your loan with a choice of 2-7 year terms. On terms 5 years or less, a residual payment can be added to your loan, which means your repayments will be less but there will be a lump sum at the end of your term.

With personal unsecured loans you can arrange to make fixed or flexible repayments. Fixed payments involving repaying a set sum every month and flexible payments that allow you to make extra payments when convenient to you. These types of loans can run the risk of having higher interest rates in comparison to dealer finance and will require more autonomous research and experience to negotiate a suitable repayment contract with your external lender.

Lease

Leasing draws similarities to renting. A lease is repayment to the financer for the use of a vehicle for a period, usually 36 or 48 months. While our business managers can walk you through the process, a lease is acquired through a third-party company. Our team can refer you to commonly used and trusted names to get the process started. This is a great option for those who enjoy changing up their car more frequently and/or are apprehensive about the monthly cost of a standard loan. This is because a lease has substantially lower repayment rates, which also gives you an opportunity to afford a higher classed vehicle. Considering the negatives as well, customization is highly discouraged as any damage to the car can be penalised with a fee as according to your contract

After a lease term ends, the driver has three options:

Pay the residual value on the lease (last installment) and take ownership of the vehicle. Trade in the car, Re-finance the remaining residual value and continue the lease

Our Business Managers are specialists in the automotive field and for that reason, can offer your business the best and most competitive options available. When it comes to researching the right financing option for your requirements, our team have you covered.

Novated Lease (business only)

A novated lease is an arrangement with three parties – the dealership, the customer, and their respective employer. The arrangement involves reducing the employee’s wage in substitute for the use of a chosen vehicle. The benefits of the car must hold the same financial value as that of the salary sacrifice. In short, the employee leases the car, and the employer pays the dealership directly according to the amount on the novated deed. Any operating costs such as registration, servicing, insurance, tyres, etc - are covered by the motorist themselves.

Benefits

Fixed repayments with your choice of term and vehicle.Possible tax benefits even though the vehicle may be predominately for private use

Commercial Use

Customers that use their vehicle predominately for business use can negotiate a flexible payment structure that suits your business and its current cash flow conditions. We understand that circumstances can change and therefore your financing constraints; we will structure an individual solution that matches your business and personal needs.

For Company and ABN Holders Registered for GST and businesses that utilise a cash accounting system, this option may allow you to claim back the Input Tax Credit (ITC) up front via the business activity statement rather than over the life of the loan.

Benefits

Flexible payment structure with or without a residual which allows you to free up cash flow/working capital.Highly competitive fixed rate for the term of the loan.

So they're your options! Why not get pre-approved before even setting foot in the dealership, so you can shop comfortably for the car of your dreams? We have super competitive finance packages and rates tailored to your credit profile. Take the stress out of arranging finance and start the pre-approval process online now!