Understanding Car Finance

Understanding Car Finance and the Options Available

The process of purchasing a new car can be complicated. Before making a selection of a particular brand, the vehicle should fit the profile of the needs it ought to address. Once you settle for a particular choice, the issues of financing the vehicle’s purchase should be addressed. Any car finance option you opt for should be well within your financial means. Here is a look at some key auto finance considerations that are important for you to make a wise choice.

Pre-purchase Decisions

Developing a budget is the first ideal step for you to make a comprehensive assessment on how to finance the car you desire. Issues related to the vehicle that need careful consideration include the maintenance cost and the purchase price. In addition to this, you should account for the depreciating value of the car. New cars depreciate faster as compared to older vehicles. However, the maintenance bill for older cars is higher than newer automobiles. After analyzing all the above, you can then make an informed choice.

Car Financing Options

Traditionally, the purchase of a vehicle was made by cash proceeds. A significant portion of auto buyers still prefer a cash funding method. One advantage of this plan is the one-time payment feature that gives full ownership to the purchaser. Upon making the purchase, you can then dispose-off the vehicle whenever you deem it fit.

Taking up a loan as a Car Loans at Stratton Finance option offers you use with no ownership rights until the debt is cleared. At the end of the repayment period, the car title is transferred to you. This option favors those willing to buy the vehicle, but are unable to raise the initial asking amount. It involves making a down-payment and clearing the balance over the contractual period.

A car leasing option is similar to renting a car in the sense that the monthly fees paid cater for the depreciating value of the automobile. However, for the lease option, you have the option of buying the vehicle at a set price or opt to lease another at the end of the lease period.

The choice you make depends on your preference. If you would prefer to change your car every two years, leasing is the car finance option for you. If your plan involves retaining a vehicle for more than five years, go for the cash purchase option.

Get the Best Deal

Shopping around helps to give you a sense of the market trends. It also gives you an array of choices of the prices of the vehicles you intend to purchase. The same principle of shopping around should be applied in selecting a car finance option. Doing this helps broaden your choices in light of the discounts, loan interest rates, and payment plans available to you.

Understanding the Terms and Conditions

Every car finance method comes with a detailed set of requirements. It is therefore prudent to comprehend the stipulated terms before signing away.

Exercising prudence in all financial matters is important. This principle is equally important when acquiring a car. Ensure that the car finance plan you opt for does not create a dent in your financial plans.

Bankstown Wiley Park Motorcycle Club (BWPMCC)

Bankstown Wiley Park Motorcycle Club was established in 1951. The club has been actively running race meetings for the past 50 years. At present the club is involved in running trial meetings.

The club meets on the first Thursday of February, April, June, August, October and December at 7.30pm at Bankstown District Sports Club, 8 Greenfield Parade Bankstown.

Road Racing

  • Go to road racing page for dates and tracks.

For more information on road racing please contact

Great Car Finance Deal

How to Get a Great Car Finance Deal

When buying a car, you ought to shop for the right model, get a good price, and choose the affordable funding option. If you choose car finance as your funding option, then there are certain choices and considerations that you have to make. The two major benefits of borrowing money wisely to fund for your car’s purchase is that you’ll spend less on your vehicle and have flexibility in changing your vehicle and fund other projects within a few years. It’s prudent to plan ahead for your car finance before you even start window shopping for cars. Here are tips to guide in making a great car financing deal with confidence.

Manage your credit well

Your credit score and income will determine whether or not you’ll be approved for the Stratton Car Loans. Your borrowing history comes into play when lenders start reviewing your financial discipline and ability to repay the loan promptly without fail.

Having a good credit score is a big plus, because it gives you higher chances of approval and an allowance to pay lower rates and total interest costs based on your interest rates. Since all U.S. consumers are entitled to a free credit report under the law, you can check your credit and fix any errors as much as possible because lenders make decisions based on your credit score.

How much you intend to spend

Decide on how much you’ll spend on the car in terms of down payment and monthly payments before you start shopping for your desired car. This is very vital because salespeople are very good at convincing potential customers with fancy math, and most people end up purchasing too expensive cars that don’t even fit their lifestyles.

Although it may hurt to write a big check upfront when making a down payment, it’ll reduce the amount of monthly repayments in the long run. On the flip side, monthly payments are the regular payments that you’ll make on a monthly basis for several years. Therefore you should keep your monthly payments level as low as possible because you might face unexpected future expenses in the coming years.

Look at the picture

When car buyers lose perspective, they fall into the traps of buying an expensive car with features that don’t fit their budgets and focusing on the monthly payments instead of the purchase price and cumulative cost including interest. Surprisingly, some dealers encourage potential car buyers to focus on monthly payments. Hence, you can change the monthly payments to make them more flexible by stretching out a car finance to last for several years, even though it may cost higher interest costs.

Moreover, there is a chance of getting upside-down on your car finance when you owe more than the value of the vehicle. Always focus on protecting yourself and your loved ones financially when going for car financing because the lender is already protected and can repossess the vehicle if you fail to make repayments.

Finding a Car Loan

How to Experience Success in Finding a Car Loan

It seems like more people are debt-hungry in today’s world than ever before. Many people bite off more than they can chew, living above their means. They take out expensive mortgages on homes, put many transactions on credit cards, and take out car loans on pricey, new or near-new vehicles. However, although uncommon, it’s possible for some to responsibly take out a car loan https://www.strattonfinance.com.au/car-finance/options/car-loan.aspx

People who aren’t cash-strapped might not be able to afford the cash purchase of a vehicle, instead opting for a car loan. Vehicles are needed for virtually every day-to-day function, especially for those who live in rural areas.

Whether you plan on being responsible in taking out a car loan, or not, here are several ways to find successful terms on your upcoming car loan agreement.

Shop as many dealerships as possible

No matter how good a deal one dealership can provide to you, it’s a good idea to shop around at as many dealerships as possible. Many consumers trust the largest dealerships around to provide them good deals on vehicles. However, you’ll never know if other dealers have better deals if you don’t try.

Take written estimates from dealerships and banks

It’s often difficult to negotiate favorable car loan terms with dealerships without having proof of what other sources can provide. Get hard copies of offers that various car dealers can offer you, rather than simply writing them down yourself. Also, ask them if they can provide you printed estimates, rather than them writing it down by hand. For all that other dealers know, hand-written estimates could have been written yourself, rather than obtaining them legitimately.

Contact financial institutions to find a good car loan

Places that sell cars usually have agreements with specific banks to provide financing agreements. When you limit yourself to only one financier, you forego deals that other banks can provide. Contact financial institutions directly — and don’t forget to shop around — to find what car loan terms they offer.

Don’t be too concerned about monthly payments

Not everybody has gobs of cash to throw around on vehicles — and that’s fine. However, some consumers with financed items care more about minimum monthly payments than total value. It’s more important to weigh the entire agreement’s cost in deciding where to sign a vehicle loan agreement, as it will likely save you more in the long run.

Boost your credit score

Consumers with low credit scores get less favorable loan terms than people with high scores. If you have a low credit score, spend a few months raising it before going car shopping.

on’t let dealerships or banks perform many hard inquiries

Hard inquiries, or when banks and car dealers look at your credit score, reflect negatively on your ever-sensitive credit score. Only sign up for car loans after you’ve decided where to purchase one, as asking multiple businesses for financing agreements will likely make your credit score plummet.