Pros and Cons of Paying a Deposit on your Car Loan
Many car buyers have some cash in the bank even though they are financing the purchase price of their new vehicle. But would they be better off using some of this cash as a deposit for their car loan? In this article, we will discuss the pros and cons of paying a deposit on that […]
Do You NEED a Deposit for a Car Loan?
Key Takeaways A no-deposit car loan is attainable for most people as long as you have a decent job and credit history. If you have some savings and want a smaller car loan, you have the option to pay a deposit when purchasing your new car. In some circumstances, a lender may require you to […]
How Many Payslips Do You Need for a Car Loan Application
Key Takeaways: Payslips for Car Loans When applying for a loan, a basic requirement of all applications is proof of income. The two most common methods for a regular consumer are either bank statements or payslips. And sometimes both. In this article, we’ll discuss why your payslips may be required, how they are used, and […]
How to Get a Car Loan in Australia: Every Application Option Explored
The Australian car finance market offers a variety of loan options tailored to different financial circumstances. Access to the best options is usuallly determined by your credit history. Often the best interest rates that you see advertised may not be available to you. Which can lead to a lot of wasted time and your application […]
What Is a Secured Car Loan and How it Benefits You
Secured car loans are the norm for the vast majority of vehicles purchased with finance, and in most cases, they are the better deal for a customer. Lower interest rates, flexible repayment terms, and larger potential loan approvals are among the benefits available to you. Allowing you to buy your dream car sooner. However, there […]
How Payday Loans and SACCs Can Affect Your Car Loan Application
Key Takeaways: Payday Loans Small Amount Credit Contracts (SACCs) are a relatively new type of lending product that was born out of legislation banning traditional payday loans. However, most lenders still view these products as payday loans even if they are not categorised as such under Australian law. Frequent use of these products will heighten […]
How Payment Reversals Can Affect Your Car Loan Application
Key Takeaways: Payment Reversals Establishing a reliable track record of repayments when you owe money is a key foundation of the credit system in Australia. This is why credit files exist, and in some cases, why a lender may also request to view your bank statements as part of their loan assessment. If your transaction […]
How Wage Advance Products Can Affect Your Car Loan Application
Key Takeaways: Wage Advance Impact Wage advance products are a new category of lending that has exploded in popularity in recent years as a cheaper alternative to payday loans. Big claims are made by the service providers that there is “no effect on your credit file”, and that “all you pay is 5%”, but there […]
Car Loan Eligibility: The Definitive Auto Finance Guide
Lenders in Australia have strict eligibility requirements for their auto finance products, and their policies change frequently! There is a significant overlap in criteria, with most prime lenders looking for a similar customer profile. However, things become far more nuanced with non-bank lenders who specialise in lower credit-quality car loans. This guide will summarise the […]
Essential Documents You Will Need for a Car Loan Application
Securing a car loan is an exciting but important step toward buying your next vehicle, but the process can from quick & easy, to slow and painful quickly if you are not properly prepared with the right documentation. Having a complete set of documents is essential to keep the process smooth and stress-free. Not only […]