Business Finance Tips

Why are there so many questions for a car loan?

Are you purchasing a new or used car? Is it from a dealer or private purchase? What is the year, make and model? What is the purchase price and what does this include? Do you want insurance?

It is a good idea to understand your needs before you apply for a car loan. You’ll be asked a lot of questions, but it’s easy to be prepared with these few simple tips.

Think about:

● Term of Loan - Ho w long do you want the loan for, have you repaid loans early in the past? As you may want to ask about early termination fees.

● What is the car being used for – per sonal or business? There are a number of different loan options depending upon the usage of the vehicle, whether car, bike or boat – for example, consumer car loan, personal loan, lease, hire purchase, chattel mortgage.

● What features do you want? ● Credit histor y - What has your past lending history been like? This may impact the interest rate, as your credit history impacts your risk profile. A higher risk profile almost always results in higher interest rate.

● What is your em ployment situation? Self-employed, full time, part time or casual – verification required will depend on the type of employment.

Choosing the correct loan structure for your new car can be a difficult and confusing decision. It’s very important to make the right choice as the wrong option can cost you in fees, extra interest, exit penalties and missed tax deductions.

It is a good idea to understand your needs before you apply for a car loan.

Jan, who has 25+ years in the finance industry, helps high net worth clients and businesses to obtain finance. Her passion is educating, planning and working with her clients to achieve their dreams. ca 0468 371 449 // www.startfreshfinance.com.au

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