Terry saved over $36,000
In 2014 Terry decided to upgrade his car, and purchased a 2011 HSV Clubsport E Series 3 Sedan for $46,999 through a local dealership. He also opted to arrange his finance through the same dealership as this seemed like the easiest option. Terry was offered a loan of $82,043 over a 7 year term, which included the loan balance owing on his previous car.
Based on the rate he was paying, along with insurance and fees, he was looking at paying back $126,259 over the life of the loan – just under 3 times the car’s advertised value!
Terry’s mortgage broker and friend, Damian Brouwers, saw on Facebook that Terry had purchased a new car. He decided to contact Terry to review the finance to see if he could get him a better deal.
After a quick review of the finance, Damian identified that he could secure a lower rate with a lender on the Mortgage Choice panel, as well as picking up on the fact that Terry had been sold insurances by the dealership that were not suitable.
When asked if the dealership explained the costs involved with the loan, Terry said that the paperwork was skimmed over quickly. “If it had been explained properly there is no way I would have gone ahead with it!” he said.
Damian recommended that Terry look at refinancing the loan. Damian was able to prepare a new loan of $70,938, reduce the loan term to 5 years and remove the unnecessary insurance.
By signing up to the loan recommended by Damian, Terry’s total repayments over the life of the loan will drop to $90,224 – saving him over $36,000!
Terry said of the service provided by Damian, “My Mortgage Choice broker Damian Brouwers was absolutely brilliant, he was at all times professional and upfront. I am more than happy to recommend him to anyone!”