"...we always put our clients first and make sure they are adequately protected if anything unforeseen should occur, we ensure they get the best finance package available and do our best to ensure the quality of asset they are purchasing, our motto is and always will be “Clients before Commissions”..."Read More
Check out our latest Blog post about how working with a finance broker can put the power in your court giving you multiple finance options to choose from, no longer do you need to be tied to your bank.Read More
Multiple applications for credit affect our ability to get the best deal, by all means it is your God given right to shop around however don't go overboard. If at first you don't succeed, don't try, try again until you've determined why you were rejected and have taken steps to address it. Credit scores are the primary determinant of who gets approved for loans, and if you didn't check your credit score before you applied the first time, it behooves you to do so before applying again. Many loan applications automatically trigger a credit check, each of which can knock a few more points off your credit score, making what might have been a bad situation even worse.
If your credit score is accurate and you've taken all possible steps to improve it, you're ready to do what we recommend for all car buyers: Shop around for a good interest rate before returning to a dealership. RCKFS have years of experience we know how to get the best deal we can help you find your dream ride then we will negotiate on your behalf with the vendor, that is the RCKFS difference. Why not sign up for a free quote Enter your details here for a call back from one of our finance professionals within 4 business hours !
All too often, people come to us because they’re caught in negative equity with an existing car loan. Just imagine: the new car you bought just a few years ago has depreciated so quickly, that its trade-in value has fallen lower than the amount of the loan you took out to buy it. In other words, even if you sell the car, you’ll still be left owing money. This is one of the reasons we recommend against taking out long term loans, and encourage you to make as large a down payment as possible on a new car. The biggest problem is that most car owners don’t find out until it's time to refinance and buy a different car. By this time, the problem already exists and you’re faced with a dilemma. What should you do if you find yourself in this situation?
- First, if you have the means, you can pay the difference out of your pocket. This is the simplest way to make the problem go away, leaving you free to look at another car.
- Another option is to increase your monthly repayments, so that the loan is paid off earlier. This works, providing your existing loan doesn’t have any early repayment penalties in the contract. If it doesn’t, you can pay more and catch up with the problem, so that it does not get any worse. You’ll then be free to sell the car without worrying about an ongoing debt for a vehicle you no longer have.
- The final option is to roll the negative equity into a new finance deal. Many dealers will allow you to do this, but it can come with some problems. The biggest is that you may find yourself in negative equity once again, only this time it will happen even quicker. So if you're looking at this option, it’s important to consider the amount of money you still owe. It’s only a safe option if the amount is fairly modest.
When you decide to refinance and trade in the car, we recommend making a down payment of at least 10% on the next vehicle. If you can afford more, even better, as this way you’re better protected from falling into negative equity again. This may mean you have to change your choice of car to fit in with your revised budget. At RCK Financial Services, we offer a range of tailored finance, insurance and warranty solutions, finding you the best deals, lowest interest rates and a greater chance of being approved for a loan that will help you to buy a car, problem-free.
A tactic employed by some of the major franchised car dealerships is the Finance Manager will provide the customer who has just bought a vehicle through them with a finance package which includes a ridiculously high interest rate I.e 12-14%. The Finance Manger is hoping 1 of 2 things, you're too excited to even bother shopping around and you sign on the dotted line. If you know you can achieve a better rate by looking elsewhere then the Finance Manager lets you go and source a better deal elsewhere. As soon as you let them know you have found a better deal they will ask you "what interest rate did you obtain" you reply with, as an example "8%" and all of a sudden they can get you a better deal of 7.7% and you end up proceeding with their lower rate after wasting yours and another financiers time getting you that better deal! One thing you must ask yourself, does the dealership finance deserve your business? Especially when they were willing to charge you 12-14% only a day or two beforehand
RCKFS prides itself on being as open and transparent as possible you can be assured we will give you the best deal from the get go.
For more details do not hesitate to contact us
A common occurrence when financing a new asset especially a new vehicle or boat from a dealership is the consumer gets caught up in the emotion of buying the new item and tend to overlook what's important - the finer details of the purchase & finance contracts!! The salesman are trained to expose this to maximise their companies’ profits, they know your excited and play on the fact "you can get your new asset today, just sign here, here & here and it's not until you make the first payment a month later that it hits home and you look at what you signed, you soon realise you have been taken for a ride not only in the purchase of the car but also the finance package.
A RCKFS broker has the experience and knowledge to get to the bottom of your finance agreement making sure you only get the best deal possible, without all the add ons leaving more money in your back pocket. See what our clients have to say about us here.
Or click here to apply online for finance today.