Ever wondered how much you can borrow to buy a car? It can be tricky to navigate the murky waters of buying a new or used car and hard enough just to know where you should start. Getting a pre-approval is a great first step to knowing how much you can borrow, what your prepayments are and whether you can afford your dream car.
What is a car loan pre-approval?
Before you even leave the house to start shopping for your perfect vehicle, you can speak to your specialist Loans For U Finance Consultant about pre-approvals. A pre-approval gives you a certain amount that you are pre-approved for based on your individual circumstances and type of vehicle you’re after. This means you will know how much you can spend and what your ongoing repayments will be before committing to buying a vehicle.
Why should I get a finance pre-approval for my next car?
There are many benefits to obtaining a pre-approval before going shopping for your next car. Firstly, having a pre-approval is like ‘having the money in your back pocket’. You know it’s approved; you know how much you can spend, and you now have all the buying power. Dealerships can’t bully you into buying a certain vehicle simply because they arranged your finance. They can’t ‘control’ the deal and make you pay full retail price for the vehicle – you’re free to negotiate a better deal.
You can also shop anywhere for your vehicle; you’re not locked into buying from a particular dealership. Finally, you know exactly how much you’ll be paying beforehand with affordable weekly or monthly repayments – there’s no hidden costs or surprises.
How do I get a car loan pre-approval?
Simple – speak to one of our friendly and knowledgeable Finance Consultants today on 1800 538 287 to discuss your individual needs. Alternatively you can apply online 24/7 using our online application system or you can also get an instant quote right now to find out how affordable buying your dream car can be.
What documents do I need to provide for my finance pre-approval?
This can vary depending on your circumstances and what type of vehicle you’re looking to purchase.
Generally you will need to provide 100 points of identification along with proof of income in the form of recent pay slips, Centrelink income statement or tax return if you are self-employed. Once you have submitted your application, the system will show you which documents you will need to provide. If you have any issues obtaining or sending through any of the documents listed, simply contact your Finance Consultant to discuss.
Still have questions?
That’s great, simply call us on 1800 538 287 and one of our awesome Finance Consultants will be more than happy to answer all your questions about car finance.
