Read This Before Choosing a Same Day Car Loan
Read this before choosing a same day car loan
Picture this - you’ve found the ideal car, in the right colour, with all the features you’ve been looking for. You might want to snap up the vehicle as soon as possible, and will consider a same day car loan.
Researching the terms and conditions of same day car loans can really help you to make the right decision on whether they’re for you. At Positive Lending Solutions, we want to ensure you get the right car loan fast – from quick quotes to efficient pre approval.
Understanding same day car loans
Do you know what a same day car loan is? The name is a bit of a give away. A same day car loan means that you can get your loan on the same day that you start the process.
Some of the reasons why you might be keen to get a same day car loan include:
- You’ve found a vehicle that is available at a reduced price due to a special offer with the dealership or an end of year sale – time is important!
- You’ve found the perfect vehicle from a private seller and you want to get ahead of anyone else wanting to purchase this particular car.
- You need a new car urgently – either for work, family or travel – and you don’t have time to wait for finance to be approved.
If you’re feeling as though same day car finance or fast car loans are the only way forward for you, speak to Positive Lending Solutions to get expert advice and benefit from our decades of experience in the car loan industry.
The pros and cons of same day car loans
While there are several situations where same day car loans may be a useful option when in need of quick car finance, it’s really important that you’re aware of some of the drawbacks of a same day car loan though. These can include:
- Higher interest rates: lenders know that you want to get the loan as quickly as possible and interest rates often reflect this. Many people who opt for same day car loans accept higher interest rates simply because they don’t have the time to shop around.
- Inflexibility on loan terms: lenders may offer a loan which gives you minimal flexibility when it comes to changing any of the loan terms. You need to be careful of getting locked into a same day car loan which can work for you in the short term but which you’ll be stuck with long term and may regret further down the line.
- Confusion about the term ‘same day car loan’: it’s really useful to get some expert advice about what your same day car loan actually entails. Positive Lending Solutions will be able to talk you through the offer that’s being given to you and discuss whether it will provide you with unconditional loan approval as well as same day drive away. It's important to check the small print and make sure you know exactly what you’re signing up for.
- Effect on your credit history: make sure that if you do sign up to a same day car loan, you won’t be affecting your credit rating. Equally, if you’ve signed up to higher interest rates and inflexible loan terms, you’ll need to be extremely diligent about paying back the same day car loan to ensure you don’t miss repayments and your credit score isn’t affected.
How Positive Lending Solutions can help you
There’s no denying that there are circumstances where quick car loan approval is needed – and we want to help you achieve this. We also want to make sure that you get the best interest rates possible and we’ll help you think long term even when you’re fixed on solving the short term needs.
It’s our aim to find a car loan solution for you that will work for years to come, rather than just satisfy your short term requirements. Our process focuses on speed and efficiency - contact us today to get your journey started.