Guest Post by Platinum Direct.
A brand new car doesn’t come cheap. If someone wants to pay off their entire dream car all at once, they would need to spend years saving up beforehand. Fortunately, waiting this long isn’t necessary. With a car loan, Australians can afford their dream cars much sooner.
The Basics of Car Finance Australia
A car loan is a fairly straight forward agreement. When someone finds the car he wants, he then contacts a lender and tells them how much money he needs for the car. The lender will give him the necessary funds so he can pay off the vehicle.
In exchange, the borrower will need to make monthly payments to the lender to pay off the car. The loan will charge interest so altogether it’ll be a bit more expensive than if the buyer had paid off the car in full. This is a worthwhile investment for people that want to get their cars right away.
Qualifying for a Loan
To qualify for a car loan, an applicant needs to meet the borrower’s criteria. The most important part of a person’s loan application is their credit history. Lenders use this history to see if an applicant was able to handle money responsibly in the past. An applicant will also need to show proof of their income and residence.
For someone that has little or no credit history, it can be a difficult to qualify for a car loan. One way to help qualify is to ask another person with better credit to co-sign the loan. Another way to improve the odds is by making a sizable down payment on the car.
Compare Options with a Car Finance Calculator
One of the best ways to compare car loan options is through the Platinum Direct novated lease calculator. This is an online tool that quickly calculates approximately how much car financing would cost. To use this tool, a person just needs to enter in the type of car he wants to buy and the purchase amount.
The calculator will estimate how much that person should expect to pay per month as part of their loan. This is an easy way for buyers to determine whether they could afford their dream car tomorrow.
With Platinum Direct car finance, more people are able to get their dream cars.