How to Secure a Used Car Loan Hassle Free A car is an essential engineering marvel – almost everybody dream of cars. When you are looking to buy a car, you have two choices: 1. New Cars 2. Used or Pre-owned Cars In 2009, a lot of old model used cars were taken off the market. Therefore, the old cars available today are not THAT old. This is every buyer’s advantage because now, they can purchase an “almost” new car at very affordable prices! Even though the price for used cars is very low, some of you may still require car financing. Discussed here is everything about used cars and car loans. You’ll be able to understand used car loans, and you’ll obtain tips to be able to acquire the most competitive interest rates. Benefits of Owning Used Cars -
Old-old models are taken off the market, so the used car you’ll be getting is not actually very old. The prices for brand new cars depreciate fast. Well, this is not a problem with used vehicles. Pre-owned cars are more affordable in comparison to new models. There are many lending institutions or car financing companies that offer fast approval on used-car loans.
Different Types of Used Car Loans Lending institutions usually offer two types of car financing options. This is based upon the seller of the vehicle. 1. Dealer-purchased cars – If you are going to buy a used car from a dealer, you have got several choices. There will be paperwork to ensure that the process of purchasing the car will get over early. 2. Private Seller – If you are going to buy the car from a relative or perhaps a neighbor, it falls under the category of Private Party Sale. In this option, the dealer is not involved. However, you get first-hand info. You have to decide first on what type of car loan you want, and will work for you. This will be very helpful when you fill out the application form. Getting Low Interest Rates on Used Car Loans It is not that simple to get the lowest interest rates on car loans. You need to work for it to enjoy the best rates. To help you, here’s how to secure the best, competitive rates: A. Keep Up With The Budget
You should have a budget for a car – you need to keep up with it. You need to determine the amount of money that you can spend on a pre-loved car. Moreover, you need to calculate your monthly expenses. B. Know Your Credit Score
This is a crucial requirement to get any type of loan. This is for the lender – for them to have an idea of your past financial records from your credit report and score. Make sure that your credit report is clean before you start the process of car loans. You can report any unidentified transactions, and you can also pay debts to improve your credit score.
C. Work on the Documents
Here is a list of required documents that you should have prepared before anything else: - SSN - Credit Report - Proof of Income - Proof of Employment - Proof of Billing/Address D. Down Payment and Co-Signer
These are very important factors to any financing deal. If you have a co-signer, there is a security that the lender will have his money back. Keep in mind that pre-owned vehicles’ prices are lower. When you pay the down payment, the car loan can drastically be reduced. If you do not have cash for down payment, you don’t have to worry. You can always add trade-in. Aussie Loans is 100% Australian owned and we have been operating since March 2000. We currently have eight offices conveniently located in Queensland, New South Wales and Victoria. We are looking to expand Australia wide in the very near future. Our experienced staff are committed to providing fast friendly service, helpful advice, flexible options and great deals. We have direct links with over 20 major Australian Financial products which means we can tailor a loan facility that best suits your needs. We are here for you and we wish to build a long lasting relationship with you. If it’s a personal, used car finance, business loan, whether it’s a Motorbike, Car or Boat you need, we are able to cater to your needs.