It can be very daunting and confusing when buying a car, bike or boat but here are a few tips that can make your experience a good one.
Firstly and most importantly, have an idea to what you want to buy, the make , model and year of the Goods and the amount you think you will need to borrow .It will make a big difference to the Financier as these are the questions they will ask and then fit you into a Loan that suits your needs.
Have a budget in mind, you may think that $100 per week will get you a car for $5000 but it may land you one for $15000 if it is a late model car etc. The Financier can spread your payments over a longer term which will reduce your monthly payments. So you can get a newer car that will last you longer, looks good and reliable.
- It is very important to do your research first before you make the big leap into the Finance world. Have a look at some Websites and once you feel comfortable with one, send an email asking them to call you
- Have some questions written down so you won’t forget to ask exactly what you want to know such as “what will be my payments on as loan for $20000 and what are your fees ”so you can get a guide to what it will cost you.
- If you feel comfortable with the Consultant and all of your questions have been answered, apply with them and provide them with documents they will need to get you an Approval. Things such as payslips and ID will speed up the process and get you the correct answer you are wanting.
- DO NOT APPLY AT TOO MANY PLACES:
- Once your Loan is approved, you will receive the documents by email or a person will visit you personally to sign. If you are not sure about the Documents, have an adult with you so they can guide you through the process so you are comfortable with your new Loan.
A lot of people make the mistake at applying at several Financiers but if they complete a Credit Check , you will have an enquiry lodged onto your File which will stay there for 5 years. It can reduce your Credit Score and if you have a lot of recent enquires, may decline any Loan you may apply for. Even if you are approved with all of the Lenders, too many enquires are not a good thing as some Computer Systems think you have been declined and have kept on trying to get a Loan approved.
Be careful applying for Finance, to have a healthy credit file is very important to future lending.
It is a big decision to buy a car, bike or boat etc but if have an idea of what you want and have a budget in mind, our Finance Consultants at Save On Car Loans will answer any questions you have which will make your decision easy and process simple.
About the Author
Chris Foran is a founding part Member of Save On Car Loans which offers Personal and Business Finance on cars, boats, bikes and other wheels in Australia. For more information, visit the website saveoncarloans.com.au