Gold Coast, Queensland Jul 5, 2022 (Issuewire.com) – There is an innovative technology solution that is helping Australians overcome the challenges of finding the best car loan. Car loan broker specialist Ausloans Finance, Australia’s largest independent car finance broker, has just launched its new car loan comparison software, and it is proving to be a big hit with customers looking to find the best rate finance to match both their choice of vehicle and credit profile.
When you are in the market for a new car one of the first considerations is often, how much can I borrow? Let us face it, buying a car is not a cheap exercise. The median average price of a new car in Australia is around $40 000, so for most of us, that means finding a financial solution. But where to start? Traditionally, customers start with their local bank or scour the web visiting multiple lenders and loan comparison websites to learn about the best rates available for car finance, but now there is a better, faster way to find the best car loans for you.
Zink, a new technology by Ausloans Finance uses your credit profile and advanced lender matching algorithms to search the lending criteria of over 40 lenders to find the best car loan solution for your personal circumstances. With over 40 lenders in the car finance marketplace comparing car loans and finding the right solution for your needs can be both a daunting and confusing exercise. Finding the right car loan is not only about the rate. Car loan lenders all set different lending criteria, firstly around your credit profile but also around the vehicle, you are looking to finance. This creates several challenges for consumers when basing lender choices on traditional car loan comparison sites.
The first challenge is choosing your lender based on the interest rates displayed on a car loan comparison website. The rates displayed on car loan comparison sites are usually the best rates offered by the lender and not necessarily the rate the lender will offer you. Actual car loan rates are based on the traditional5c’s of credit
- Credit profile – your score, repayment history, and other information
- Capacity – how much you earn and how much is left after your bills are paid
- Collateral – what’s the asset you are buying and how does the valuation stack up against the loan you want
- Character – how stable you have been in your employment and residency including what loans have you taken and paid back well
- Conditions – to be met around supplying proof of documents and other various mandates.
Ultimately a lender is looking to understand your profile and reduce their risk against you and this is not factored in with an off-the-shelf base rate that comparison sites use to hook you in,
So, while you may see a lender offering car loans from 4.99%, depending on your credit profile, the rate they may offer you could be much higher, maybe 12.99%.
The second challenge has to do with the type of car you want to finance. When deciding whether to lend you the money to finance your vehicle, and the rate on offer for the loan, different lenders will consider variables like car make and model, age, kilometers, and condition to name a few.
So, while you may visit a comparison site to find the best rates on offer from different lenders, you could find that the vehicle you are interested in doesn’t fit your preferred lender’s lending criteria. If you submit a loan application to the wrong lender this could impact your credit score and damage your chances of getting approved by another lender. Fortunately, Ausloans Zink’s lender comparison engine can help you overcome these challenges without damage to your credit score.
Ausloans car finance customer Arron More describes the process of finding and securing the best rate car loan for his needs as follows.
“My experience with Ausloans was very fast, very efficient, and very simple. I recommend them to anyone looking for finance for a car. They make the process so much easier.”
So how does Ausloans car loan comparison work?
Ausloans Zink is the new, simple, online way to compare lenders. Just complete the online application (it only takes a few minutes), and the system will run a soft credit check that won’t affect your credit score and deliver an instant credit assessment evaluation on the display screen. If the credit assessment display shows green or orange, you are good to proceed to the next step and upload your documents. The software will then use your credit profile to search and compare over 40 lenders and display a list of lenders and the rates for which you qualify.
Shortly after, usually within two hours, or sooner, one of Ausloan’s professional customer service team will call you to verify your personal details and confirm your desire to proceed with the loan. Once verified an Ausloans specialist car finance broker will submit your application to the lender. Throughout the entire process, you are kept informed with next step actions and updates via SMS.
According to Ausloans customer Lucinda Collins, the Zink experience is “absolutely friggin amazing! I recently got a car loan from Ausloans and it was tremendous” says Lucinda. The customer service and the way they help you with everything made the whole experience so easy!”
Ausloans Zink is revolutionising the way consumers compare car loans, saving them hours of research and with interest rates on the rise, there is no better time to give Ausloans personalised car loan comparison a try. Get your personalized rare finance offer today and lock in your best rate before the next interest rate hike.
If you have not found your perfect vehicle yet do not worry, organize your finance first and lock in your best rate before the next interest rate hike. Once approved the lender loan offer will be available for the next 30 days, even if rates do increase. So, you will have plenty of time to find your perfect new car.
With Ausloans comparison engine you have nothing to lose. It’s obligation and damage-free, try it for yourself.
Visit Ausloans today.
Ausloans Finance Australia
Source :Ausloans Finance Australia
This article was originally published by IssueWire. Read the original article here.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Fortune Bulletin journalist was involved in the writing and production of this article.