Read This Before Choosing a Same-Day Car Loan

A same-day car loan might be appealing at first glance.

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. The Positive Lending Solutions team wants to ensure you get the right car loan fast – from quick quotes to efficient pre-approval.

Understanding same day car loans

The name “same-day car loan” is a bit of a giveaway. A same-day car loan means that you can get your loan on the same day that you start the process.

Some reasons why people might be keen to get a same day car loan include:

• They found a vehicle that is available at a reduced price due to a special offer with the dealership or an end of year sale – the time is important!
• They found the perfect vehicle from a private seller and want to get ahead of anyone else wanting to purchase this particular car
• They need a new car urgently – either for work, family or travel – and 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 situations where same-day car loans may be a useful option when in need of quick car finance, it’s really important to be aware of some of the drawbacks of same-day car loans.

These can include:

• Higher interest rates: lenders know that you want the funds 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 you might 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. The Positive team can 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 fine 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 strict loan terms, you’ll need to be extremely diligent with your repayments to ensure you don’t miss any and your credit score isn’t affected

How Positive Lending Solutions can help

There’s no denying that there are circumstances where quick car loan approval is needed – and we want to help you achieve this.

However, getting an interest rate and loan term, along with other conditions and fees, is much more important, especially in the long run.

The Positive team is here to make sure that you get the best interest rates possible as well as helping you understand the long term as well as your short term needs.

It’s our aim to find a car loan solution for you that works for years to come, rather than just satisfying your short term requirements.

Our process focuses on speed and efficiency - contact us today to get your journey started.