Posted on 2017-12-08
Buying a new car is the exciting part, it’s the finance that can get a little tricky. Especially when you don’t have the option to compare different lenders and rates so you know you’re getting a good deal.
To make the process simple, it helps to take things step by step to give yourself the best chance for approval.
This checklist can help you find a competitive car finance solution, avoid pitfalls, and get a loan that you’re happy with.
Many new car buyers trade in their old cars and use the funds towards their new car or savings.
You can know the worth of your car by:
Setting your own budget when you’re searching for a car loan gives you a good guide to select a model that won’t break the bank.
If you need help to set a budget, you can:
Lenders use credit file data, as well as other information, to see how likely you are to be able to afford and repay a debt.
Your credit file includes information such as:
If you have bad credit, it doesn’t mean you can’t get finance, you just need to do some more research and give yourself options.
Applying for pre-approval from a broker or lender can give you more confidence to know how much you can borrow. It also makes the loan approval process quicker as you already do a lot of the paperwork during the pre-app process.
To apply for pre-approval:
Just like making any significant purchase, having options is an important part of getting a good deal.
To compare at least 3 loans you can either: