Is it time to upgrade to a new vehicle? Fast track your loan application and gain financing pre-approval on the way to the dealership. It’s an exciting time, so let’s keep that momentum going as you get set to drive home in your very own, brand new car. If you’re looking for vehicle finance, National Finance Solutions are the experts in this space. Checkout out our financing checklist below to assist you in the application process. It will help you avoid any roadblocks and get your new set of wheels on the road sooner.
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Credit Checks
Applying for vehicle finance with numerous loan providers may seem like a sure-fire way to be granted finance somewhere, but it can actually negatively affect your chances of being approved by any lender. Credit reporting bodies make a note every time a financial institution checks your history. Therefore, if you’ve applied for more than one car loan recently, companies may consider you a high risk and refuse to finance your new car. Only apply for a loan through financial institutions that offer competitive car finance rates. DO NOT make multiple applications at the same time.
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Newer Vehicle Benefits
Financing for new vehicles is typically easier to obtain that financing for older used vehicles. Why? Older vehicles are worth much less due to depreciation over the years, therefore are more difficult to sell. Many finance companies see them as a risk so be sure to check any vehicle age restrictions before your start the process. This is not to say a loan will be refused for older vehicles – it is just easier to get approval for a brand new car.
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Read The Terms And Conditions
This is a MUST before committing to any contract, particularly a loan agreement. As a lender, you should be aware of all the costs involved before you borrow money from a car finance company. Most companies are quite willing to discuss the details and supply you with extra information so that you can make an informed decision. It could be well worth the extra effort to give them a call if you’re not sure about any of the details in particular. Their finance team should be happy to assist you with your enquiry.
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Pre-Approved Car Finance
If you’re intending to buy a car from a local dealer, you can always talk to a broker and obtain pre-approval. It is a great way to know your commitment before you ‘fall in love’ with the car of your dreams. Don’t be afraid to have someone else do the work for you and find the best finance option for your circumstances.
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Organise Your Paperwork
Make sure that you have all the necessary paperwork ready to submit for your finance application. If you can show you’re in full-time employment and save money on a regular basis, you’ll stand a much better chance of being approved.
As with any other long-term financial arrangements, do your research and know what you are signing up to; you could be rewarded with a better car finance deal than you thought possible!
Ready to submit your finance application with National Finance Solutions? Contact us today on 1300 13 50 50 to speak with our friendly team members, or apply for a loan online at www.nfsgroup.com.au.
