Are you looking at buying a car in Brisbane ? Whether it’s a brand new or a second-hand car, you will have to look into the possibility of getting car finance to cover the purchase price. Although buying a car in cash can also be done, most people would rather keep their savings & pay for the car using a car loan. However, getting approved to buy a car can be easier said than done.
So what are your best chances of getting approved, well below are 5 tips to help you get your car finance approved in Brisbane.
Tip 1: Workout your Car Finance Budget
How much can you afford to pay on a regular basis? Working out a weekly, fortnightly or monthly repayment that you can afford to pay not only today but well into the future will help you decide which car to go for. Also when working out your budget factor in any future increase in the costs of living or unpaid leave you might take. To help you work out your budget calculate your total earnings and your total living expenses including all loans you currently have and then minus these expenses from your total earnings which then will give you a rough idea what you can afford BUT it’s still up to the lenders to determine what you can afford to pay once you apply at the end of the day as they are governed by strict regulation to do so. You can go to our FREE Car Finance Calculator to help you work out your Car Finance repayment and what price car you should look for. http://www.approvalbuddy.com.au/loan-calculator/.
Tip 2: Know your credit score.
Your credit score is a number between 0 and 1200, higher the number the more confident you can be on getting your Car Finance approved. Having current loans and debt is not a problem in itself, as long as you are making regular repayments to settle it. However, the problem arises when you begin to spend more than you can really afford to pay and your debts become overdue or worst yet become a default. Also applying for a lot of credit in a short period of time can also reduce your credit score. Although its negative effects may not be as blatant, it does affect your chances of getting your car finance approved when you apply. Here at ApprovalBuddy we do a no obligation FREE credit check for you & our friendly team can run through your credit file with you to give you a better understanding of your current situation which in turn will help you decide to apply for Car finance and our credit checks do not get entered on to your credit file so your score will not get affected. To get your FREE credit check email firstname.lastname@example.org Subject line: My Free Credit Check
Tip 3: Have your documents & payslips ready
When applying for Car Finance you will have to do an application which in most cases will ask where you lived in the last 3 years and where you’ve worked in the last 3 years, what your income is and what your expenses are. You will need provide in most cases 2 pay slips from the last 5 which will help the lenders work out if you can afford the car loan, if you don’t have payslips then you will need to provide 3 to 6 month’s worth of bank statements depending on the lender who is considering your application for proof of income. You will also need to provide your driver’s license for proof of ID. If your driver’s license doesn’t have your current address displayed then once approved you will need to provide proof of current address which in most cases can be a bank statement, Utility bill or Rates notice if your own your own home. If you are unsure of anything please feel free to contact us so we help and guide you further.
Tip 4: Compare but don’t apply too many times.
Comparing car finance in Brisbane is a good move before applying as it provides you with an idea on which company to apply with or which package to go for to get the car of your dreams. However, did you know that the more times you do apply, the more enquirers get entered on to your credit file which in turn will lower your credit score? When you apply through ApprovalBuddy we don’t do credit checks up front as we make sure first that we can help you by going through your application that you have sent through using your phone or PC.
Tip 5: Apply with a Car Finance Broker.
Applying with a car finance broker that works for you and not the banks will give you the highest chance to get your car finance application approved in Brisbane. Most Car Finance brokers have access to a huge panel of lenders and not just one like the bank finance managers do which gives you more chances to get your car finance approved. Whether you have good credit or bad credit, it does not matter as Car Finance Brokers have lenders that can help you in most situations. Here at ApprovalBuddy, we have access to over 25 different banks and Lenders that can tailor your Car Finance around your current situation and budget. When you think it is not possible to get a car loan approved, you better think twice when you have ApprovalBuddy as your car finance broker partner.
Applying for Car Finance is simple if you have your information and paperwork ready. Our application process only takes 2 minutes to do in most cases and you can attach your paperwork and the car your after to your application. If you have any questions we are always here to help you so you can contact us on 1300 728 504 or email email@example.com
Thanks for reading