Buying your first car is an important milestone. Whether it is a brand-new vehicle or a second-hand car, it takes a lot of courage and commitment to get yourself to apply for a Gold Coast Car Finance. If it is your first time to apply for a loan, the likelihood of it to be approved can be quite low considering that potential lenders don’t have a credit history they can look into. Having debt is not a problem at all. In fact, when buying a car, your debt history can help you get that loan application approved.
When you’re young and just starting out a career, having debt is one of the least of your priorities. In fact, you have been told to live within your means. Others remind you that you should only buy the things you can afford with what you earn. Spending more than that will only lead you to problems you will have a hard time solving. But then again, how do you show potential lenders that you have the capacity to be responsible in paying for your loan when they are due? How do you get loan approval in 2019 when you’ve got no outstanding debt from the year before?
At ApprovalBuddy, we make sure that you get all the support that you need. Whether you’re just starting out or are in mid-career but have a bad credit rating, our team can help you meet up with lenders who are willing to give you a chance at financing. The road may not be easy, but we assure you that something can be done to deal with it. Here are a few tips you should keep in mind:
- Pick a car that you need, not the one that you want.
The car that you need may be different with the car that you really want. But if you’re lucky, both can mean one car and you won’t have to make a difficult decision. But then again, when you are just starting out, it is best to go for the car that you need. It doesn’t have the be one of the luxury models in the market. After all, the car of your needs also depends on your income capacity. How much can you afford to pay for weekly, fortnight or monthly?
It is important to determine the gap between how much you have saved and how much you need to buy the car that you want. Look around online to check on potential vehicle models you can buy. Remember to determine the budget that you can afford when buying the car. At ApprovalBuddy, we have a wide range of vehicles to offer. You might just find one that fits your needs and your wants as well.
- Look for a car that is economical.
Buying a car doesn’t come cheap and so is its maintenance requirements. You have to be ready for the repairs and maintenance needs of the car to keep it running properly. Go for the car that may seem a bit too expensive up front but will save you on costs in the long run. Ask yourself: how much do I need to keep the car running on a regular basis? Factor in all the costs and ensure that you will have enough money left from your monthly budget to take of the car.
The cars that may come with a higher odometer reading and long service history may be sold for a price that’s too tempting to say no to. However, you have to consider that these cars may require more repairs that you’d ever be prepared for. Make sure to go for the car that’s truly economical. Not only does it serve the purpose of saving you on extra costs, but it helps save the environment too.
- Pay off outstanding debts.
This may be easy to say but so hard to do, especially when you are only earning so much to survive. When applying for a Gold Coast Car Finance, you don’t have to worry about paying everything off. All you need is to make sure all the payment are kept up-to-date. This is the sign for lenders that you are serious about taking out a loan and that you are eager to pay off debt when they are due. This gives you a better chance at getting an approval.
However, if you don’t have debt to your name, then you can instead submit your bank statements. The savings that you have will serve as enough proof that you are spending within your means because you can still afford to have savings on the side. At ApprovalBuddy, we would be glad to help give an evaluation of your current financial standing without disrupting the usual loan application process. Our team will help ensure that a potential lender would be willing to give you a chance to get your hands on that dream car.
- Don’t be afraid to compare.
Before applying for a car financing loan, it is important that you have an idea of who could possible lenders you can go to. How much is their interest rate? How much do they charge for late payments? All these facts about possible lenders should be collected to help you compare which one means the best for you. All lenders evaluate their applicants on the basis of their capacity to pay.
So be more vigilant about your car loan application. Don’t be afraid to compare the rates as well as the penalties to ensure that you actually walk away with the best car financial assistance the market has to offer. After all, you don’t want to be spending more on the interest, right?
- Put a limitation on your applications.
It can be quite tempting to take on your chance in Gold Coast Car Finance applications. Whether it is to check if you can gain approval for each or just looking at the potential of getting a loan with the others in the future, experts say that doing this isn’t really a smart move. In fact, it is a bad idea. Rejections in loan applications could take their toll on your credit history. Sadly, such black strokes on your credit history could haunt you for years.
At ApprovalBuddy, we make sure that our team carefully evaluates your financial history before we submit your application for sure approval by one of our partner lenders. We want to make sure that you get the best that the market has to offer in terms of loans. We conduct the evaluation before a lender does to ensure that there would be no rejections on your credit history. Getting one would be of bad taste.
Buying the car of your dreams has always been the goal. But you don’t have to put yourself in a lot of trouble to make it happen. Our team at ApprovalBuddy will help you get your hands on your dream car.