Financing Your Car in Australia
June 26, 2019
You can avoid a lot of the stress in buying and financing a new or used car by applying online with www.loans123.com.au .
We can even help you find the car you want with our free car buying and car find service.
This is a free service to our clients that can often save you time and money.
We can even bring the car to you for your approval.
Before you look at buying a car you need to consider if you need to finance your purchase.
It’s important to understand your credit situation before determining if you can finance a car, What you can afford, both as a payment and the total amount to be borrowed, who your lender should be, and when you should begin the process of obtaining your car loan.
We always recommend getting your loan pre-approved so you know how much you can afford to spend before visiting a car dealership.
You can check your credit score and credit file with www.freecreditreport.comn.au
This will not impact or damage your credit file or credit score.
Your credit profile is used to help determine the likelihood of you (as borrower) paying back a loan.
Your score is determined in part by your credit payment history.
It’s a great idea to review your credit report for accuracy at least once a year. If you believe it’s inaccurate, you have the right to challenge that information.
If your credit score is lower than you expected, here are some tips that could help you out:
Consistently pay your bills on time.
Pay down your debt.
Don’t open a new line of credit, like a credit card or home equity loan.
Maintain a stable employment history.
Don’t make multiple applications for loans.
Dispute and correct any incorrect information.
Pay off any outstanding amounts.
Have your car loan in place before you visit the dealership.
This way you can focus on negotiating the best price for the car you wish to purchase.
You will have all your financing terms and conditions up front, and this means you can buy your car with confidence.
You will know exactly what your payments are and that the Interest rate is fixed for the life of your car loan.
You also know what your repayment will be from month to month so that you can budget without any nasty surprises.
This also means that you can be sure of how much money you’ll save when comparing other finance offers.