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22 May 2013
Cheap Car Loans
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Cheap Car Loans – How do you get a great deal, low Interest Rate and Low Repayments – call 1300 633 334 are learn how.

Cheap Car Loans

Car Loans – Frequently Asked Questions –

How can you get Cheap Car Loans or a bike loans?

You will need the following to be eligible for a cheap car loans:

  • Have suitable employment and good income.
  • Be an Australian permanent resident.
  • Be 18 years old.

What documents do I need to apply for a car loan?

Typically, you need to provide three types of documents:

1. Proof of identity

a. A valid driver’s license.

2. Proof of income

a. Usually two of your latest computer printed pay slips.

3. Proof of residency

a. Current utility bill or your home’s rent contract or rent receipts.

How much can I borrow?

The minimum for car loans is usually around $5,000. The maximum depends on your financial capability. For a cheap car loans – $2000 – $5000, we have a micro loan product that can cater for these.

Does applying for a car loan affect my credit score in a negative way?

Not so much. Your Credit file needs to have some activity but not lots of enquiries – somewhere in the middle is good.

Pay slips? What if I’m self-employed and have no pay slips?

You can still qualify for a car loan, as long as you meet the credit criteria. Be prepared: the lender will likely ask for documentation verifying your income.

Can I trade in my car even if its loan has negative equity?

Yes. However, the money you still owe must still be paid. For instance, you still owe $10,000 on a car you’ve been paying off. You want to trade it in on another vehicle but the dealer is only offering $8,000. The remaining $2,000 still has to be paid in full. Sometimes, the financier will allow you to move the remaining amount into the new loan, providing that the loan-to-value ratio doesn’t go over a certain value.

What are balloon payments?

It’s a type of repayment that lets you have lower monthly payments throughout the loan, then put in a lump sum payment at the end.

Do you still owe money after the car is repossessed?

It depends. The lender will sell the asset. If the car is sold for less than the amount owed, you will be required to pay the amount still owing. Repossession fees will also be taken into account. The financier will normally allow you to pay the balance out in full or they may under certain circumstances allow you to pay it off.

Can I make extra repayments to settle the loan earlier?

Yes, you can. Lenders normally allow this; however, it depends on the loan type. Sometimes, lenders might charge an early termination fee, which could end up costing you more.

Can someone take over my car loan?

Yes. You will need to speak to the lender and ask them to rewrite the loan so that it can be transferred into the new person’s name. The loan’s terms and conditions are likely to change, depending on the transferee’s financial situation. If you can’t have the loan rewritten, the purchaser can always make a separate application for finance.

If you have any questions, please give me a call – 1300 633 334.