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How to Avoid Being Ripped Off by Dealer Finance Offers

Tradies or ’cashed up bogans’ are a welcome sight at most car yards because they are targets of high interest loans and buyers of insurance that they don’t necessarily require.


Perth / WA / Australia – WEBWIRE
Shane Smith has been in the Banking and Finance industry for the past 20 years, including Vehicle and Equipment Finance as well as Home and Commercial Property Lending. He has been in business as a Finance Specialist for the past 12 years.
Shane Smith has been in the Banking and Finance industry for the past 20 years, including Vehicle and Equipment Finance as well as Home and Commercial Property Lending. He has been in business as a Finance Specialist for the past 12 years.

www.financefortradies.com.au expert Shane Smith said that over his 20 years in lending he often saw tradies pay too much for their finance and have loans that do not meet their overall needs.

“I constantly get calls from tradies who have been blatantly ripped off and want to refinance into a lower rate facility,” said Mr Smith. “The tradies’ loans that we see can have interest on them as high as 20 per cent and insurance products on top of that they do not need, or didn’t know they had,” he said.

“Most tradies do not ask what they are signing up for and are often bullied into signing the documentation so they can have the vehicle that day.”

Mr Smith said tradies should do their research or employ an independent finance broker before committing to any finance contract.

Some of the warning signs to look out for are:

  • Not all information disclosed by the Dealer Finance Consultant
  • Interest Rate not Disclosed
  • Quick Sign-up of Loan Documents
  • Suggestions that Low Doc Loans Attract a Higher Rate

Mr Smith said that most banks and lending institutions now implemented a points scoring and profiling system for each client and the interest rate was determined by how a client scored. “Time in job, deposit amount and asset backing are the main determining factors of interest rate,” said Mr Smith. “You can imagine the calls I get when the tradies finally realise they have paid too much. In some cases we are unable to refinance as the exit and setup costs of the new loan outweigh the benefit of a lower rate loan.”

Mr Smith runs Finance For Tradies which specialises in Vehicle and Equipment Finance. Further information is available from the website www.financefortradies.com.au
 


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