03 Apr 2019 Guide to Getting a Car Loan in Perth
An updated guide to owning your first car in Perth
Purchasing your car can be tricky for the unwary. Although car buyers usually do some thorough research to ensure they get the right model to best suit their needs, they don’t always put as much effort into securing the right finance.
Here at Soul, our aim is to give you the latest and most updated guidelines to help you purchase your dream car.
How much does the loan cost?
Inquire for the interest rate and fees. Tip: Compare similar loans to each other to see if the standalone rate is competitive. Then, check the comparison rate to see if the loan is still affordable and comparable when the fees are brought into the equation (the comparison rate is the interest rate + fees).
How much can you borrow?
Lenders take into consideration your credit history and financial situation. For a secured loan, the amount will depend on the cost of the car. Car loans are generally for between $5,000 and $100,000.
What are the requirements for a car loan in Perth?
Find the list below for the general requirements needed. Please note that this will always depend on the lender and your loan type.
- Proof of your identity with a passport or driver’s licence
- Details of your finances including credit, debt and assets
- Proof of your income
- Details about the car including make, model, and year
A word of caution—whenever you ask for quotes, make sure no hard credit checks are listed on your file. Too many enquiries could hurt your credit score.
Getting a car loan should not be a complicated process. You just have to have the right tools especially when securing finance. Look for a deal that will help you get the car you want for the repayments that suit your financial situation. As a finance broker, I can help you secure a loan with competitive interest rate and fees.
Schedule an appointment with me today.
Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.