I’ve asked many questions since moving to Australia nearly seven years ago and now the car finance question has reared its head…I’m primarily trying to find how best to get FastLaneMom (FLM) into a new car as her Golf is getting a bit shabby and the FastKids are growing at an incredible rate of knots! We’re on the hunt for something safe that we can all fit into comfortably. Alas, sadly not a McLaren 540c (this time), although that would be very nice!
This post is thanks to stratton who asked if I’d be interested in checking out their finance options. Given our need for a new car, I said, ok, sure. But you know that if your service is terrible I’m going to have to tell everyone… They said that’s ok because our service is brilliant! Let’s find out.
To set the scene, FLM and I have discussed whether to finance or lease a car for the best part of the last three years. She gets a car allowance and it’s not getting used for that directly, sure the Golf still needs running throughout the year but it’s getting a bit long in the tooth and as I said, needs to be a bit bigger. Finance seems to be one of those things that you only talk about when you need it, and if you need it now like we do, then hopefully this post will help.
I gave stratton a call as a simple guy looking for information on finance and spoke to Eion (pronounced Owen) and then Victoria. Sharing all information I received below so you have a genuine account of my experience.
The upshot of the call was that I need to go and find out about FLM’s novated lease supplier at her work, if she has one, as this appears to be our best option. I’ve sent the email and will call them back once I have an answer.
I’d normally be bored by now of finance talk by now but Eion and Victoria’s knowledge and enthusiasm has successfully managed to keep my interest.
So, the car finance options I found out from stratton are as follows:
- Car loan
- Chattel mortgage
- Fully maintained novated lease
- Personal loan
We didn’t get into the first or last options as they’re not for us but a car loan or personal loan may work for you. For us, it’ll be either 2 or 3. The chattel mortgage will need a discussion with our accountant to check it’s all good for our tax set-up.
I’ll go back to them when I’ve got the information they need and then I’ll go from there with whichever option they suggest.
After the initial research into the world of car finance here in Australia, I’m happy with the way things are going.
If you’re on the lookout for a new or used car and need some finance know-how, I’d recommend you give stratton a try. I’m no expert in this as I’m sure you can tell, so my advice is to head over to their website, check out what they’re offering, give them a call and have a chat with one of their consultants. Don’t forget to sort your company novated lease information before the call!
Questions I asked (Please add any you would ask in the comments):
- What’s the interest rate?
- What is the term or length of the loan?
- What fees will I have to pay?
- Is this the best deal you can do?
- Can I pay it back sooner if I can? & Is there a penalty for that?
- Do you know any companies that will do a fleet/commercial car deal (cheaper than a dealer)?
- Is there a balloon payment on the end?
*Important reminder regarding car loans
Try and make it work for you, remember to ask lots of questions and then talk to your accountant or someone you trust that’s cleverer than you to check it over (I’ll show FLM!).
This post was brought to you in collaboration with stratton which helps keep FastLaneMom and the FastKids off my back over the coming frosty Winter weeks… See my collaboration mantra here
Thanks for reading and I hope this helps your decision making when you buy your next new car.