Deciding on a new car can be a difficult proposition once you have gotten the search under way. But once you find that ‘perfect’ vehicle, it’s not unusual to want to move quickly to secure it. This is especially the case if there is something distinctive about the car, such as the specifications, price, rarity or the like. Drawing money in a hurry can be a challenging if not impossible task, which is where same-day car loans come into the equation.
A same-day car loan allows you to apply for finance and receive a loan on the same day, should you be successful. You might think that this sort of loan is only relevant for situations where you urgently need a car, but the practicality can extend far beyond that.
Consider for example, a private seller who is looking to part with a car that you have your eyes on. That vehicle might not last for long. Alternatively, a dealer may be running a special promotion or clearing ex-demonstrator stock. Can you really afford to bide your time waiting for a standard car loan to be vetted for approval?
While same-day car loans have valuable purpose, be mindful of the whole context.
Benefits of same-day car loans
The benefits that come with same-day car loans include:
- Helping you secure a vehicle sooner, which otherwise might not be possible by the time a standard car loan is approved
- If the total cost of the loan is less of a priority than securing the car, you can save yourself time and stress shopping around comparing options
- Unconditional loan approval will allow you to drive the car away the same day
Disadvantages of same-day car loans
The disadvantages that come with same-day car loans include:
- Interest rates are priced higher to account for the convenience afforded to borrowers, plus some lenders know they can charge more due to a car buyer’s haste to source finance
- Not all same-day car loans mean that you can drive the car away the same day, so it is vital to understand from the borrowing terms whether you have unconditional loan approval
- Many same-day car loans have inflexible terms, which means that you could be locked into set terms for the long haul that cost you dearly
- Be mindful it is possible that your credit history could be affected in an adverse way, from the time of application, to your repayments, or in the event your application is rejected
The Fincar team is here to help you with all your financing needs. Contact us today to help arrange your next car or equipment loan.