You need some solid strategies to negotiate the best deal on vehicle finance. WesBank, the leader in innovative vehicle finance and asset solutions, is empowering consumers with effective strategies to negotiate the best deal on vehicle finance to achieve the best price for their dream cars.
When it comes to purchasing a new or used vehicle, negotiating the terms of financing can make a substantial difference in the overall cost of ownership. With the following key strategies, car buyers can navigate the complexities of the financing process, ensuring a favourable deal that aligns with their budget and preferences:
Research, research, and research again: Do your homework. Thorough research is the first step towards negotiating the best deal on vehicle finance. Understand the current market prices for your desired car model, explore various financing options available, and gather information about interest rates.
Know your budget: Before entering into any negotiation, establish a clear understanding of your financial capabilities. Determine how much you can afford to spend each month and calculate the total cost of ownership, including insurance, maintenance, and fuel expenses. You don’t want any surprises down the road. Use WesBank’s calculator to help you estimate your monthly repayment.
Compare financing options: Don’t settle for the first financing option that comes your way. Shop around and compare offers. Consider factors such as interest rates, deal structure, loan terms, deposits, and any additional fees or charges related to the purchase. You want the best deal you can afford and available to you.
Pre-apply for finance: Pre-applying for a vehicle loan may offer you the assurance of securing the loan before you make your choice about which car to purchase. Pre-applying demonstrates your seriousness as a buyer and gives you a clear understanding of the financing terms you can expect. This knowledge enables you to negotiate from a position of strength. WesBank provides you with an estimated loan amount and a letter of commitment, enabling you to confidently approach the car dealership with your financial arrangement in place.
Negotiate the price, then the financing: When you’re ready to seal the deal, remember to focus on negotiating and securing the best price for the vehicle first. Once you and the seller agree on a fair price, you can move on to negotiating the financing terms. By keeping these two steps separate, you maintain clarity and have the freedom to evaluate financing options independently.
Be prepared to walk away: The ultimate rule of negotiation is patience and persistence. If the terms aren’t favourable or the price doesn’t align with your budget, be prepared to walk away. Remember, there are always other cars and financing options available.
“At WesBank, we’re all about empowering you with the tools and knowledge to make informed decisions and get the best deals on your vehicle finance. By implementing these simple but powerful strategies, you’ll navigate the negotiation process with confidence and drive off into the sunset with the best deal suitable to you for your dream car,” said Lebogang Gaoaketse, Head of Marketing and Communication at WesBank.
“We’re dedicated to providing you with expert advice, resources, and personalised solutions for all your vehicle financing needs. With our customer-centric approach, we’re here to make sure you have all the know-how to make smart financial decisions and enjoy every step of your car ownership journey,” concluded Gaoaketse.
Content and images supplied via MotorPress