Vehicle Finance at Finance One
If you have a bad credit history, contact the team at Finance One for further information — we take a minty fresh approach to finance.
Apply Online NowEOFY car sales tips
Look out for low-interest rates
It’s almost a guarantee that when EOFYs car sales roll around, so do interest rates from car dealers. Look out for low-interest rates in both senses; you may seek them out to save money, but also look out because low-interest rates can be a trap some car dealers offer to lure you in and get you to spend more.
Be prepared and do your research
When shopping at EOFY car sales, it is wise to do your homework. Spend time looking online into which vehicle may be best for your requirements and which dealers may have the best EOFY sales and service.
- Fuel efficiency
- Reliability
- How easy the vehicle may be to repair and maintain
- The space you need
- The ‘pep’ of the vehicle
- Insurance
- How long you plan to keep the vehicle
- Warranty
- Servicing
- Roadside assistance
- The benefits of an EOFY ex-demo car
Get ready to negotiate
Car dealers are keen to move their old stock at this time of year, so it can be the best time to get a few added extras.
- Familiarise yourself with pricing — The best and easiest way to negotiate a better price on your second-hand car is to have all the information ready, including the realistic price of the car you’re looking to purchase. Do some research on the difference between the invoice price, sticker price and dealer holdback price.
- Be prepared to walk away — Just because the EOFY sales are for a limited time, it doesn’t mean you need to feel pressured to buy a car the day you head to the dealer. Many salespeople may try to convince you that their special offers have an expiry date, but this isn’t always the case.
- Visit more than one dealership — It’s recommended that buyers visit at least three dealerships before deciding where to buy. When visiting a dealership, get a written quote from the salesperson to compare prices. It might even be worth asking other dealers if they would be willing to price match or provide a better offer.
Tax changes
Thanks to the pandemic, a few things have changed in the last year or so. It may be important to stay up to date with Australian tax concessions for business owners before you splash out at the EOFY car sales.
Traps to look out for
EOFY sales are one of the busiest times of year for many businesses, especially for car dealerships. The end of the financial year is when most dealers try to sell off old stock and can become more aggressive with their sales tactics — giving rise to many EOFY car sales traps for the average buyer.
- Know what you’re looking for — While end-of-financial-year car sales spell good news for buyers, it’s also an opportunity for dealerships to make big profits. A salesperson can tell when a potential buyer looks underprepared, so do your research to have a firm idea of what you’re looking for.
- Consider selling privately — Business owners typically look to trade in their existing vehicles during EOFY car sales for an upgrade. However, many dealers may lowball the value of your vehicle. There are other ways to sell your vehicle, like selling privately. If you’re willing to offer a competitive deal, you could sell your old vehicle in no time!
- Understand your borrowing capacity — If you are planning to use a business loan to purchase your car, it’s important to understand your financial situation before heading to the EOFY car sales. Speak to a lender about your borrowing capacity and determine how much you can afford to borrow. This will keep you from overspending at the dealership and ensures you purchase a car within your budget.
Who to talk to
Whether you’re looking to purchase your first company car or upgrade your existing car, purchasing a vehicle during the end-of-financial-year car sales can be a great way to secure a better quality ride at a fraction of the cost. If you are considering a business loan to help cover the cost, Finance One is here to help.
We are here to help...
We specialise in providing business loans for applicants with bad credit. We take a personal and compassionate approach to our lending and take the time to understand every applicant’s individual circumstances. So long as you are over 21, receive a regular income and are looking to borrow within our required loan amounts, we can help you find a solution that works for you.
Apply Online NowOur business car loans offer flexible loan terms and features, including:
- Loans between $8,000 and $150,000*.
- Loan terms between 3-7 years.
- 48-hour approval**.
- Ability to make extra repayments or increase repayments at any time.
If you would like more information about navigating your funding options for the EOFY car sales, feel free to get in touch today.
**48-hour approvals are subject to satisfactory documentation being received to assess the application.
*Loans between $75,000 – $150,000 must be property backed.
Finance One means:
Fin One Pty Ltd – ABN: 80 139 719 903
Australian Credit Licence: 387528
Disclaimer: The information above is of a general nature only and does not consider your personal objectives, financial situation or particular needs. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your particular circumstances. We do not accept responsibility for any loss arising from the use of, or reliance on, the information. Please note that approvals for loan applications are subject to satisfactory documentation being received to properly assess the application. Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.
