Sourcing the Best Car Finance Australia Has Available
When seeking the best car finance Australia can offer, you should keep the power of the internet in mind. Many potential borrowers will go to the first lender they find and ask for their best deal, haggle a bit, accept the final offer and think they have done well. Their chances of having done so are very slim!
The benefit of the internet over the shopping mall is that you have hundreds or even thousands of shops available to you at the press of a button, and with respect to car finance in Australia can offer a large number of lenders who are rubbing their hands like Shylock just waiting for you to walk through their door and pay them their pound of flesh.
No need! There is absolutely no need to pay any more than you have to in this computer age, and you can use the power of the internet to find yourself the best possible car finance Australia and its part of the World Wide Web can offer you. You also have a number car loan brokers waiting to help you find the best car finance Australia has available.
National Consumer Credit Protection Regulations, 2010
These are a set of regulations intended to protect the consumer from being saddled with debt for loans they cannot afford to repay, and came into force on 1st July, 2010. When you apply for car finance Australia law demands that lenders check your financial situation, and request you for proof of income plus any other commitments you have made such as other loans, credit card debts, and so on.
That means that with respect to car finance in Australia lenders can refuse you a car loan because you have insufficient provable income to meet your repayment schedule, you have a bad credit record with respect to repaying previous loans or your period of employment is insufficient to prove that you are employed full time. If you are refused for any of these reasons, you will have great difficulty buying a car for anything but cash.
How to Get a Car Loan in Australia
Whether your credit record is perfect and you would have no problems in finding a car loan for the amount you are seeking, or if you are unable to get a loan due to your credit being shot, you need the expertise of a firm that has experience in handling car loan applications to find the best type of car finance Australia can offer without ripping you off.
Car Loan Options
You have a number of options when seeking car finance - Australia offers a large number of lenders ranging from regular banks to back-street sharks, but the guys in the middle are those that can generally best meet your needs. Some lenders can get you the finance you need and offer a payment schedule that is good for you.
Balloon Payments: For example, if you have just started work, and expect rapid promotion or wage/salary increases, perhaps a balloon would suit you best: you make reduced payments over the term of the loan and then pay a lump sum (the balloon) at the end of the period to settle the loan. Many young graduates accept that option to make use of their earning potential.
Use Online Car Finance Brokers
ach of these options is a very useful way for people to afford to repay a car loan that might otherwise have given them problems. However, for them and for those with poor credit records, to be offered a loan that suits them they need the specialized knowledge that only brokers will have. Not only that, but online brokers have access to a large number of lenders of various kinds on the internet, so they can find you the best car finance Australia has available. Don't try to haggle yourself.