For many people these days, a car is a necessity, but their budget might not stretch far enough to buy a used car in New Zealand. That’s where a car loan comes in. Car finance allows you to head to the dealership without restricting yourself, letting you look for the best match for your lifestyle rather than worrying about whether your wallet can handle the purchase.

In a lot of ways, finding the perfect car loan is a lot like trying to select the car itself. You must understand your needs, have a budget, and you shouldn’t drive it off the lot until you are sure it’s just right for your circumstances. At MotorCo, we offer pre-approved finance, so we know a thing or two about tailoring a plan to suit our customer’s needs. In this blog post, we’re going to explain why pre-approved car loans are so helpful.

What is a pre-approved car loan?

The way many people choose to buy a car is to head to a dealership before they even talk to their bank. They walk around and spot the car they most want to take home, then they get in touch with their financiers and ask for the exact amount they would need to settle the price of the car.

A pre-approved car loan is a whole different approach. Instead of finding a car first and asking questions later, you walk onto the lot with a pre-approved loan already in place. You can purchase a car anywhere up to a certain amount of money, and your lender will automatically say “yes”.

Why Get a Pre-Approved Car Loan?

There’s a phrase we use in the business: “negotiating with cash in-hand”. It means that you already know you can afford the vehicle, so you can use the full breadth of your negotiation skills to get the car you want at the best possible price.

You have the power in the relationship, not the dealership. In other words, this is the ideal scenario when buying a car, and with pre-approved car finance, the power is all yours. Not to mention, you save a lot of time and stress by shortening the buying process. After all, buying a car should be enjoyable, not a nightmare!

Meet Joe Bloggs

Let’s say Joe Bloggs wants to buy a used car from MotorCo. He walks onto the lot and test drives a few vehicles before settling on a BMW M5, it’s a love-at-first-drive scenario. He gets in touch with his lender to ask for a loan that matches the price, and after assessing his financial situation alongside the price of the car, the lender says “no”. Joe is crushed. Joe needs to find another car.

Now, imagine a different scenario. Joe has settled on a pre-determined spending limit well before he walks onto the lot, so he already has a figure in his head. He does his research online, using the weekly repayment estimates on the MotorCo website to quantify whether the car is within his limits. He finds the perfect car, arranges a test drive, and drives away happy.

Be like Joe. Get a pre-approved car finance package before heading to the lot.

MotorCo is the biggest retailer of European and Japanese import cars in Auckland, offering competitive financing for our customers when they need it. Our finance packages are tailored to suit your needs, not ours, and we are dedicated to responsible lending throughout every step of the process.

So, ready to buy your car? Talk to MotorCo today!