Whether it's FOMO, the increase in on-demand services or just human nature, whatever the reason, more and more people want everything in a hurry. Instantly if not earlier. When you're buying a new car, motorbike, caravan and boat, we fully understand that once you’ve made your decision about what to buy, you want your loan sorted asap so you can take delivery.
But in the area of your finances, when you’re signing up to a loan for 4 or 5 years, acting hastily can end up costing you a lot more over the term of the loan. Yes, there are ways and channels to get your loan organised fast and there are issues which, we advise, you should avoid.
At Jade Finance we have been operating in the consumer finance space for over 20 years so we know the market, we know who’s lending, we know how each lender and loan source operates and we’re sharing our tips and professional advice with you.
Legal Requirements
When you’re sourcing a car, bike or a boat loan that is consumer finance, there is a set process which the loan provider must follow. The processes and procedures governing this sector are governed by ASIC and credit providers such as Jade and including banks and finance companies must adhere strictly to these rules.
Some steps will take a certain amount of time to cover, but that is unavoidable.
Choosing the Right ‘Fast’ Lane
When sourcing consumer finance you have several options and each will vary in the speed of securing loan but should be consider in relation to other factors. Just remember as you read this - an impulsive decision to sign up to the first available or quick loan that comes along might end up costing you in paying too much.
We’ve collated a number of dos and don’ts for you to consider.
- Most people will want to get a number of loan quotes so they can see which is the most suitable for them. If you’re going to go through that process yourself you need to know – it will take you time. Waiting for the bank or finance company to call you back could take - who knows how long.
- A ‘quick quote’ may not actually be a confirmed quote or a loan offer. For example, using our Personal Loan Calculator will give you a rough estimate of loan repayments but we clearly state that this is not a quote or an offer.
- In order to get a proper quote of exactly what you will be up for and have your loan approved, the bank or lender will have to go through the full application process. If you’re doing this yourself it means going through the process several times.
- As a finance broker, Jade Finance is accredited with multiple banks and lenders so we can source you the cheapest quote from multiple sources much faster than you can do it yourself.
- Large organisations such as banks and finance companies usually have stringent loan processes and by the very nature of their organisations, these can sometimes be time-consuming procedures.
- With our smaller and more nimble set-up, Jade Finance can react and act much faster than most lenders.
- Many buyers get very tempted to jump in and sign up for the dealer offer of a loan as they think it will be faster as it’s conveniently placed right in front of them – right where they are buying their goods. Please, read this first: many dealer loans are structured to include higher fees and charges than a bank or some other lenders charge and often include commissions. Sellers like to be able to offer a finance service as they may think buyers will be faster to commit to their purchase.
- If it looks too good to be true, it probably is. A boring cliché yes, but when it comes to some loan offers such as 0% interest rate loans – it’s highly likely to be true. These loan advertisements are often used as a promotional strategy and conceal higher fees or higher priced goods or they are only for a short period and then a much higher rate kicks in. Look into them closely and please get a quote from Jade as well.
If you do want to get your loan sorted as quickly as possible there are things that you can do yourself in preparation:
- Have your financials and paperwork all organised. You will need to provide payslips and other information to any lender.
- Do your budget beforehand so you definitely know what you can manage in monthly repayments.
Jade Finance: Fast, Personalised Service
At Jade Finance we’ve structured our loan service to provide:
- Online calculator for instant rough estimates
- Quick quotes that are more than a promotional gimmick
- Fast approvals of loan applications
- Prompt settlement with assistance with the paperwork so you take delivery of your chosen goods as quickly as possible.
And we ensure we source you the cheapest loan with the best interest rate.
For a loan for a car, boat, bike or caravan with swift service, please contact Jade Finance on 1300 000 008
DISCLAIMER: THE INFORMATION PROVIDED IS FOR GENERAL CONSIDERATION. ANY REFERENCE TO OFFICIAL GOVERNMENT POLICIES HAS BEEN SOURCED FROM AUSTRALIAN GOVERNMENT AND STATE GOVERNMENT SOURCES. INFORMATION ON INDIVIDUAL VEHICLE SPECS IS SOURCED FROM THE MANUFACTURER WEBSITE. NO LIABILITY IS ACCEPTED FOR ANY ERRORS IN PRESENTATION OR INTERPRETATION OF THE FACTS AS PROVIDED BY THESE SOURCES. WE ADVISE ALL INDIVIDUALS AND BUSINESSES TO REFER TO THEIR ACCOUNTANT OR FINANCIAL ADVISOR FOR PROFESSIONAL ADVICE SPECIFIC TO THEIR INDIVIDUAL CIRCUMSTANCES.
