A young lady was recently referred to us by an existing customer, as she was looking for finance on her new Volkswagen Golf. Although she had already been approved by the car dealer, this was the first time she had ever applied for finance and was uncertain if the dealers quote was competitive. So she asked her friend if she knew someone she could trust to give her some guidance.
The customer had only just started her business, had no previous finance references, and had minimal assets to her name.
She advised she had spoken to the dealer and was already approved but she thought the repayments and rate was very high.
On review of the dealers quote, it was a touch on the high side, but we educated the customer that due to the strength of her credit profile she would not be eligible for lower rates in the market.
In this instance, as she was already approved and the quote provided by the dealer wasn’t too bad considering the strength of her application, we advised that she should proceed with the dealers approval, as opposed to applying for additional credit thus leaving more footprints on her credit file, and potentially negatively impacting her credit score.
We provided her with some repayments that we thought were fair for her situation, and advised her to negotiate the finance offer with the dealer, which she subsequently did, and saved over $2000 in interest.
The above scenario is an example of how at Equipfin we don’t try to win every deal. Our role is to ensure clients receive the best possible solution, and educate them on the car & equipment finance process. In most circumstances, we can provide customers with greater value through our finance solutions, however if a customer has an offer we believe to be very fair, then we will happily review the offer and help them achieve the best solution, even if it is not through us.
Since buying her car, this young lady has referred 3 of her friends to Equipfin, knowing we have our clients best interests at heart.