Rapid Finance on 16 September 2022

It’s the age-old argument - when you’re looking for a new car, do you buy privately or from a dealership? There’s also a third option - buying a car through a wholesale network. There are great arguments for all three options and, at Rapid Finance, we’re here to help you find the right solution for your unique situation. 

When you need to secure a loan for your new car purchase, most lenders will accept vehicles from all three sources - but which one offers the most benefits? Which car purchasing option works best for those needing vehicle finance?

Buying a car from a dealer

The benefits of buying from a trusted dealer is that they typically offer a vehicle warranty (for around 3 months and generally a vehicle under 9 years old and under 160,000 kms) and, if they’re a reliable dealership, they should have inspected the vehicle thoroughly before selling it to you. Dealers generally handle all of the paperwork associated with owning the vehicle, such as title transfers and registration and will also generally  provide a full car history check – something that private sellers don’t have to do. 

The disadvantages of buying a car from a dealer is that it’s normally more expensive than buying from a private seller. In addition, car salespeople have a reputation for being pushy in their approach, which can cloud your decision-making and result in you buying a vehicle that’s actually out of your price range.

Buying a car privately

Buying a car privately is a great option if you don’t mind shopping around and negotiating on the price yourself. There are some amazing bargains out there, but it often requires automotive knowledge and a keen eye to find the best deals.

Private sellers aren’t bound by the same strict state and federal laws as dealerships, making it more risky for buyers. As mentioned above, private car sellers aren’t obliged to provide you with the vehicle’s history, so you’re responsible for checking it for damage and potential issues yourself (including mechanical, internal and external issues).

If you’re like most Australians, you’ll require a car loan to purchase your next vehicle. If you’re buying privately, some lenders require an independent inspection of your potential new car. Lenders also generally need to see the seller’s license, registration papers and verification of bank details before settling the loan – often creating extra hassle and stress for the buyer.  

Wholesale network vehicles

When you come to Rapid Finance for your car purchasing needs, we do all the hard work for you. Through our extensive wholesale network, we offer a one-stop-shop - from helping you secure finance to checking the vehicle over for bumps and defects. We’ll arrange a roadworthy certificate, ensure there is no money owing on the vehicle, that it has not been a repairable write-off and that it hasn't been involved in any serious accidents. We will also check that everything works and the vehicle is good quality and generally not going to give you hassle in the short or long term!

So, how does it work?

Step 1: Complete a finance application through Rapid Finance.

Step 2: Once you’re approved, tell us what you need from a vehicle.

Step 3: We search our wholesale network for your dream set of wheels.

Step 4: You sign the forms and drive away!

Our customer care team receives multiple calls per week from customers who have had their car for just a few months and it’s already broken down – costing them thousands of dollars in repairs. When you decide to buy from our wholesale network, you reduce the risk of buying a faulty vehicle and you don’t have to worry about completing all the extra paperwork yourself. We truly are a one-stop-shop. 

The best part of buying from our wholesale network is that we will take responsibility for the vehicle. We look at it as if we are buying the vehicle for ourselves! After all, we want you to come back to us for your finance needs, time and time again! The last thing we want to do is take a phone call from an unhappy customer when they receive their vehicle, because there is some kind of problem. In fact, we find that we have basically no complaints on vehicles we arrange through our wholesale network. We have, at times, inspected vehicles in our network and gone back to the customer advising that we are not happy with the vehicle and we will locate a better one. That is the benefit of us checking the vehicle from the wholesale network before purchase. Have a look at the hundreds of positive Google reviews where we have assisted with the vehicle purchase via our wholesale network. Alternatively, have a look at some of the comments on our website.

Are you ready to upgrade your car? Find out more about our wholesale network vehicles.
 

For more information and to understand your options,  contact the Rapid Finance team today.