As we watch with eagerness as the counter clicks up to the targeted 70-80% fully vaccinated and the promised less restrictions than we are currently experiencing, many are preparing wish lists of purchases. Denied from purchasing our desired goods by lockdowns, showroom closures, border closures and other restrictions, many of us will be ready to get out and finally get that in-person experience to purchase.
It’s highly likely that the rush will be on to buy cars, boats, caravans and motor bikes in the weeks and months ahead. While there have been many options available to purchase via online platforms, for many people and many purchases, that in-person buying experience is key. Test driving cars and motorbikes and enjoying a full demo of a boat can be essential and sometimes makers or breakers in the buying process.
But also key is being totally prepared to buy or place your order with your finance in place. And that preparedness is made possible through our Jade Finance pre-approved loans.
Why the need for speed? Well there are a number of other factors playing out that may result in limited availability of the make or model that you have your sights set on. Issues with supply of components such as computer chips is hitting the motor vehicle manufacturing sector on a global basis. This has led to many large-scale car makers including the big names – BMW, VW, Mercedes-Benz, Toyota to name a few, having to cut back or slow production. Only recently Toyota announced a 40% cut in production in some factories due to the issues.
As designers of cars, bikes and other goods up-spec their tech, the demand for computer chips in many components of today’s vehicles is increasing. With production behind schedule, so is the availability of many makes and models on the local market. New model launches are still happening but you will notice delays and postponements from many brands.
With stocks low, competition will be fierce to capture what is available. That means buyers will want to be 100% ready to sign the sales contract on their first showroom visit. A delay in having to see the goods then go away to organise a loan might mean missing out.
Jade Finance assists buyers with pre-approved loans so they are prepared to commit immediately. We explain what this service offers and how you can apply today for a pre-approved loan.
Pre-Approved Loans across All Categories
We provide pre-approved loans across all our loan categories and for both business and private buyers:-
- Pre-Approved Secured Car Loans
- Pre-Approved Secured Boat Loans
- Pre-Approved Secured Motorbike Loans
- Pre-Approved Secured Caravan Finance
- Pre-Approved Business Vehicle Finance
- Pre-Approved Truck Loans
- Pre-Approved Equipment Finance
The interest rates achieved on pre-approved loans are the same as for loans applied for after purchase. The interest rate offered by a lender on a particular loan is assessed on review of the application and not the timing of when the application was made.
Interest rates differ across the categories of goods and for personal and business purchasers. That means a different interest rate may be available on motorbike loans compared with cars or boats or caravans. These variations reflect differing aspects around those markets.
You can use our loan calculators to calculate repayment estimates for pre-approved loans, ensuring you are using the right calculator with the appropriate interest rates for that market.
All features and benefits of each our loans are consistent for pre-approved and post-purchase loans across our portfolio. The main business finance facilities – Chattel Mortgage, Leasing, Rent-to-Own and Commercial Hire Purchase are all available as pre-approved finance.
The main difference with pre-approved loans is in knowing ahead of time the exact amount you will require for the loan total. We address that in the next section.
Fast, Simple and Easy Process
Pre-approved loans are applied for using the same loan application process and criteria as for loans applied for after you’ve made a deal with a seller. The key difference, as alluded to above, is in nominating the exact loan amount.
When a buyer negotiates a final purchase price with the dealer and then applies for a loan, the exact amount they require for the loan is known. Most new goods dealers will provide a written quote with the specifics detailed.
At the time of applying for a pre-approved loan that information is not known. So an estimate of the loan amount can be made for the application. The RRP of many cars, boats, caravans and bikes can be easily sourced either online or by a quick phone call to a dealer. That estimate can be used when applying for a pre-approved loan. The buyer can then proceed with their purchase process with their loan approved to that amount.
When the deal is done with the seller and the seller’s invoice presented to our Jade Finance consultant, the loan amount is amended to the exact amount required and the loan finalised..
Our quick quotes and fast approvals service is available for pre-approved loans so you will know asap how much you are approved for and can then proceed to buy.
There is no obligation with pre-approved loans. So if you change your mind or can’t secure the goods you want in the timeframe of the pre-approved loan - that is not a problem.
How to Apply for Pre-Approved Loans
The same eligibility and criteria apply for pre-approved loans. For consumer loans you will need to be over the age of 18 years and provide information and documentation around employment, residential situation, finances and other matters as set out under Consumer Credit Law.
You can apply via our online application form or quite easily over the phone with one of our consultants.
Our full service, broker-style lender service applies to pre-approved loans. You will have one of our consultants handling all aspects of your loan and negotiating hard with lenders on your behalf to achieve the cheapest interest rate and most amenable loan term and conditions for your requirements.
So if you want to be well-prepared for the post-lockdown purchase, speak with us about how we can assist with pre-approved finance.
Contact Jade Finance 1300 000 008 to discuss pre-approved loans.
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.