It’s June and for bargain hunters, it is bonanza time. In both the consumer goods and business equipment markets, the traditional end of financial year sales can represent excellent opportunities to buy much-wanted or much-needed items at a reduced price. After a year of seemingly rolling lockdowns and restrictions and the 2020 EOFY sale events primarily moving online, 2021 offers the chance to get out and about and actually see in person what is available.
But before rushing out the door, it’s time to offer some reminders to those seeking to nail the sale. Sale time should not be an excuse to act irrationally or out of character with total disregard for one’s usual attention to detail when making major purchases. Following all the usual due diligence and best practice guidelines is essential to optimising a cut-price deal.
The key to being able to act quickly to snare items with limited stock availability is having your vehicle loan with Jade Finance Australia sorted ahead of time. In our annual EOFY issue, we offer tips, hints and ideas to ensure you get the most from this year’s EOFY sales.
Finding a Car Finance Deal
Where will you find the best deals this year? Traditionally, most sectors are up for an EOFY sale but the effects of the coronavirus pandemic on certain industries over the past year may change the scenario.
The motor vehicle sector is a usually big up-taker of the EOFY sale. Car sale signs can be usually seen across many makes and models and in the motorcycle market and it can be expected that would happen again this year. As a result of the Federal Budget measures, there will be the major promotion of IAWO and temporary full expensing for buyers of business vehicles.
The opportunity to take advantage of these measures does not represent a ‘sale’. These measures are available to eligible businesses for eligible asset acquisitions. But the vehicles need to be financed with the appropriate finance product and that is Chattel Mortgage.
The same applies to truck purchases. The accelerated asset depreciation benefits apply regardless of from which dealer or manufacturer you purchase the equipment. Eligibility is based on business turnover, aspects of the equipment and the finance product used. Several manufacturers are already advertising EOFY sales and more will emerge in the coming weeks.
The caravan industry and the boat market have both experienced record sales over the past year due to a surge in demand as a result of COVID-19 restricting the travel plans for many. Stock is reportedly low from some manufacturers, so you may not find the usual sales in these areas. But with our low interest rate loans, we can make even everyday prices an affordable option.
Equipment dealers usually want to move stock rather than count it, as they say, for their end of year stocktake. The construction sector has been exceptionally busy over the past year as governments continue to invest in home building and infrastructure to stimulate the economy. Many equipment manufacturers across construction, agriculture and other heavy equipment markets have continued to launch new products into the market over the past year. That could mean sales are in the offering.
Car Buyer Beware Tips
When approaching an EOFY or any other sale, it is always worthwhile to keep the classic buyer beware messages in mind. Here are just a few to get you in the right mindset:
- Buying online is convenient but is not always without its pitfalls. Frauds and scams are always happening and checking with the ACCC for the latest news and updates can be a good way to stay aware. By using our lender services to arrange your finance, we can provide assistance with checking seller ID and verifying the rightful owner of the goods and their authenticity.
- Checking the specific detail of the deal should be standard practice for sale surfers. There are often reports of sellers inflating prices prior to sale time, so the discount offered appears more significant than it actually is. Comparing prices across the market can pay off.
- Ensure you fully understand what you are getting for less or for free in the deal. Is it just free servicing or some optional accessories and extras that you wouldn’t normally order and don’t actually want. If so, you could do a better deal by buying the full-priced standard model rather than the optioned-up sale model.
- If it looks and sounds too good to be true, chances are – it is!
Vehicle Dealer Finance Pitfalls
One of the ‘sale’ types that always catches our attention are those in relation to finance and loans. Please refer to us for a quote to compare before signing up for finance offered by the seller. Often these promotions will be for a very low or zero interest rate. But the fine print reveals that rate is only for a very short time after which an over-what-you-can-get-elsewhere rate kicks in. Overall you end up paying far more in total interest.
Always ask for the total cost of the loan so you have real figures to compare and know how much total interest you will pay over the term of the finance.
Pre-Arranging Car Finance
Being prepared is key to snaring the deal. We offering pre-approved finance and loans across all our finance categories and on all our loan types and finance products. It’s obligation-free so if you change your mind and don’t buy, it’s not a problem.
Car Loans for Discounted Goods
The same consumer loans and business finance products are available for full-priced goods as for those purchased during a sale event.
Our selection includes:
- Secured Car Loans
- Personal Car Loan Options
- Chattel Mortgage for business vehicles, trucks and equipment
- Leasing for business vehicles, trucks and equipment
- Commercial Hire Purchase for business vehicles, trucks and equipment
- Motor vehicle, truck and equipment Rent to Own
- Low Doc and No Doc business finance across all our markets
Jade Finance provides quick quotes and fast approvals to assist our customers to secure EOFY sale items as quickly and efficiently as possible. Nail the sale using our car finance repayment calculator and our Australia wide lending services.
To prepare for EOFY sale, contact Jade Finance 1300 000 008 for pre-approved low interest rate finance
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.