$5,000 Saved by Seeking a Second Opinion
When you have a credit score just shy of 1,000 and you own your own home, you expect the red carpet treatment from lenders.
You’ve done the hard work to build a Prime credit profile, so you should naturally get the best rates on the market, right?
Unfortunately, as our customer of the week discovered, a good rate isn’t always the best rate.
And the difference can be worth thousands!
Underwhelming Pre-Approval
Our customer drove all the way from Nowra to Western Sydney to inspect the vehicle they wanted.
Armed with a pre-approval for $90,000, and ready to buy.
He had worked with a broker who claimed to have “shopped around,” landing him a rate of 7.8%.
On the surface, this sounds like a decent deal in the current market, especially for a car loan.
But our dealership partner, who knows our track record for beating even the sharpest deals, had a feeling that this customer deserved better.
They encouraged him to give the team at Gusto Finance a quick call just to double-check before committing.
Big Loan and Big Savings
Because the loan was for $90,000, even a small movement in the interest rate would result in significant savings.
We got to work immediately.
Leveraging our relationships with lenders who offer specific price-beat finance for high-quality borrowers, we didn’t just find a better deal, we found three different lenders willing to beat the 7.8% offer.
The Result:
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Original Broker Rate: 7.8%
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Gusto Finance Rate: 6.3%
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Total Savings: Over $5,548 in interest over a seven-year term.
Why Dealer Partners Trust Gusto
It’s a massive compliment when a dealership refers a customer to us.
They do it because they want their clients to walk away with the best possible outcome.
They know that for homeowners and Prime borrowers, we have access to tiers of finance that many brokers simply don’t utilise.
This customer saved over $5,000 simply by taking five minutes to have a chat with us before signing the original contract.
The Moral of the Story
If you own property, have a high credit score, and are told you’ve been given the world’s best rate, it is always worth a second opinion.
Whether you are in Nowra or anywhere across the country, don’t leave money on the table.
Are you currently looking at a finance offer?
Let us run the numbers for you. It costs nothing to check, but as this customer found out, it could put thousands of dollars back in your pocket.