We often hear from customers who think they have secured a solid interest rate.

But in the world of car finance, the difference between good and best can be thousands of dollars.

This week, we want to share a story about the importance of a second opinion.

It involves a top-tier borrower, a suspicious interest rate, and a dealership partner who knew exactly who to call to fix it.

Here is how we turned a decent deal into a massive win...

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Customer of the Week!

A customer walked into a dealership with pre-approved finance that instantly raised a few eye brows.

They owned property and had a very high credit score ( just shy of 1,000), and an approved interest rate of 7.8%.

Sounds like a decent rate for a car loan right?

It was organised through a broker and they had “shopped around” on behalf of the customer…

Well, the dealership had a feeling that something better might be possible and encouraged them to speak to the team at Gusto Finance just to double check.

The loan was for $90k so every percentage point can mean big savings.

We got to work and found not one, but three lenders, willing to beat the 7.8% interest rate!!

The end result was an approved loan at 6.3%.

That is a huge reduction on what the customer already thought was a great rate.

In dollar terms, it is over $5k in savings over a seven year repayment term. All because they double checked their deal was a fair one before signing the contract.

Moral of this story is that dealers refer us deals because they know we are one of the best in the biz.

We work with lenders that offer price beat finance for high quality borrowers.

So if you own priority, have a high credit score, and are told you have the worlds best rate, in many cases we can beat it!

Another great result from the team, and thousands of dollars back in the pocket of our customer.

The Power of Refinancing a Car Loan

What if this customer never spoke to Gusto and signed up for the higher rate?

Will they be stuck with the unfair interest rate for the full 7 year term?

The answer is NO!

You often hear about people refinancing their home loan into a better rate to lock in big savings, but rarely do people talk about doing this for a car loan.

Yes, it is more difficult to achieve meaningful savings as there are switching costs.

But that is the challenge for our brokers.

Finding a better deal that is significant enough to offset the fees involved.

In this case, if if it cost $2k to refinance to a new loan, they would still be over $3k better off and a worthwhile change.

​Read the full article here​