Have you been having troubles with your 10-year-old Holden Commodore? Maybe your Toyota Land Cruiser is not performing as well as it did anymore? Or perhaps you are embarking on the exciting journey of purchasing your very first car? Whatever your situation is, having a personal car is a great big help for getting from point A to point B. But before you can cruise around town in your new ride, if you need help with the funds you first must turn to the best way to finance a car in Perth: car loans.
There are many ways to purchase a car and applying for car loans in Perth is one of the financially smarter way to do so. In this regard, buckle up and get ready to jot down these tips on how to get a speedy approval on your car loan application.
First things first: Can you afford it?
Having a car is convenient and, at times, even luxurious. But the first question you must ask yourself before purchasing one is “can you afford it?”. Many people think that paying in instalments through car loans can stave off the financial burden that owning a vehicle can cause. Though this is true for most people who opted for car loans, many others have not been as fortunate.
Many people managed to get themselves into massive debts due to grossly underestimating the costs of owning a car. The financial responsibilities of having a car do not just end with the actual purchase. Aside from the monthly payments, you also have to leave enough money for such things as fuel, maintenance, repairs and insurance etc.
Evaluate your financial situation at the moment and think hard on whether a car is a luxury you can truly afford right now. Although, if not getting a car means you will have to spend more on commuting then perhaps it is a good idea to finally shop for one.
Once you have a good sense of how much you will have to spend, then brace yourself for the next step – finding car loans in Perth that are suitable for you. Here are some tips for you:
Save up for your deposit
If you are aiming for a speedy and hassle-free car loan approval, saving your deposit is a good place to start, but not always necessary. Down payments usually range from 10-30% of the vehicle’s total selling price. But you can also choose to put down more, or less, than the suggested rates.
Paying your deposit upfront can put you in a more favourable spot in the eyes of lenders. It does not only show lenders that you are financially capable, but it also shows the urgency and commitment to the payment terms as well.
Get your credit history in order.
If you have a less than ideal credit score (i.e. below 500), then sometimes you may expect some hiccups in the course of your car loan application. You might not get the speedy approval that you are hoping for or, even worse, you might not get approved at all.
It is therefore wise to consider improving your credit score before marching on with your car loan application. Credit scores are measures that most lending companies check to know whether you have good financial standing or not. Although not all car loans in Perth will look upon credit scores as standard for approval, it does not hurt to have good standing in this regard.
Make sure your employment is stable.
Another factor that lenders will most likely look into is your employment status. Short term employment isn’t always regarded too highly, and unemployment even more so. For the lenders, switching from one job to another can reflect instability.
But if it cannot be helped, there are always companies like Nu-Age Loans who offer fairly flexible requirements for car loans in Perth. Be sure to check the lenders requirements’ if the matter of your employment status might be an issue. Our friendly team are always on hand to help guide you through this process.
Reach out to experts.
It is normal to feel confused and overwhelmed with all the steps involved in applying for car loans in Perth (or in any parts of the world for that matter). That is when professionals can step in and provide insightful counsel on how to go about your application.
They do not only give sound and strategic advice; they also know the ins and outs of the industry which give you an edge when you are applying for car loans. Professional lending agencies have online loan calculator in Perth, so you get a better picture of the financial responsibilities involved before signing the dotted line.
Working with experts like Nu-Age Loans can also provide access to car loans comparison giving you more options and, thus, more freedom to choose loan deals that are best suited for you.
Need help in applying for car loans in Perth? We can help.
Nu-Age Loans offers affordable car loans in Perth that are designed to suit your needs and not the other way around. Take the hassle out of car loan applications and get assistance from our financial specialists today.