How do I buy a car with a Credit One car loan?
Getting behind the wheel with Credit One car finance has never been easier. When you contact the team at Credit One, a broker will escort you through the smooth process of applying for the loan and all information regarding the loan terms. The step-by-step process includes:
- You begin your application, providing relevant supporting documents to demonstrate financial ability.
- You will be presented with your loan options from our partnered lenders by your broker, and you can select a lender.
- Once your car finance has been approved, if you are buying a new car, we can give your dealership the good news. Otherwise, we can wait until your vehicle is in stock.
- If you are buying a used car from a private vendor, you can let the seller know and start planning the pick-up.
- Repayments will commence once the loan has been settled.
- If you are buying a new car for work, your broker will look after everything with the dealer regarding tax invoice requests and payment from the financier of the unit before collection.
How much can I borrow with a car loan?
The amount you will be entitled to borrow with a car loan secured through Credit One will vary from person to person. Due to the diverse nature of our client's financial history, the rates and loan amounts available are always different.
We are determined to get the best outcome for our clients and work with you to get the best interest rates through our partnered lenders, based on a broad range of loan amounts. Personal loans typically begin at $5,000 and can exceed over $100,000. The amount available to you will most likely fit within that range.
The best way to find out how much you can borrow is to set up a consultation with one of our specialists today, and after a brief evaluation, we’ll be able to conclude how much you are eligible to borrow.
With business car loan repayments, what is a balloon payment?
A balloon payment is a lump sum that is due at the end of your loan. Opting for this type of payment structure can lower your monthly loan repayments to free up business cash flow. However, the loan amounts of your monthly repayments alone will not pay off the debt completely. It is important not to forget about the final amount due at the end. You will also pay more interest over the duration of the loan. Discuss with your Credit One consultant for more information about this option.
Can I get a car finance option from a private sale?
When you go directly to one of the big banks or another lender, you will often be refused a personal loan for any purchase made through a private vendor. With Credit One, we have access to a more diverse range of lenders that we negotiate with you for a car finance option.
No matter the selling circumstances, we can get you matched up with a financier, and you will have access to our extensive brokerage service. Once you've got the car of your dreams worked out, built a guide of your payments through our car loan calculator, then you're on track to securing a personal loan through a partnered lender. After this, you can begin your car loan repayments.
What do I need to provide when applying for car finance?
It depends on the nature of the loan you are looking to secure through one of our partnered lenders. For a personal loan, all that you will need is to sign the privacy forms that we send you, plus supply relevant financial information like pay slips, bank statements, your driver's license, plus applicable rates notices or rental details.
For a business car loan, you'll need to supply different documents. We'll need your Australian Business Number (ABN), and relevant business financial statements, including a balance sheet and a profit and loss statement. Finally, we'll need tax return statements from the last two years/
Can I still secure a personal loan with a bad credit history?
Bad credit history is likely to lower your chances of getting a personal loan, or at the very least favourable interest rates, from one of our partnered financiers. However, you are not entirely out of luck.
Over our 20 years in business, we have developed strong relationships with all our lenders, and we work hard to negotiate a positive outcome for you. Our goal is to match all our clients with a loan, regardless of lending criteria. We are also fortunate enough to have other options that other finance firms do not have available to them, such as accreditation with private financiers to help get you a loan with the best interest rate based on your personal objectives.
Should I finance a new car or a used car?
Giving our customers the option between financing a new or used car puts Credit One miles ahead of other brokers and financiers. We are glad to be able to offer access to car loans for more customers at an interest rate that suits their financial situation. Financing a new or used car is part of additional lending criteria, that will impact the interest rates on your available car loans.
It is important to realise that the interest rate available to you will vary between whether you choose to buy a new or used vehicle. Various factors like vehicle age, condition, service requirements, and history will all be considered by our brokers when determining the most suitable car loan options for you.
Brand new cars will attract a lower interest rate than a second-hand vehicle as a general guide. Since most financiers will solely permit a loan period relative to the age of the vehicle, any financier will consider the age of the vehicle at the beginning and end of the lease period to determine your eligibility. Whether it’s a new car loan or a used car loan, Credit One will help you out.
What should I consider before applying for car finance?
The most important thing to consider before applying for car finance is whether a repayment system suits your unique financial circumstances. Credit One is unable to provide financial advice on your suitability for car finance. Instead, we recommend your consult with an independent financial planner or accountant to see how car finance would work for you.
Consider also whether or not you can afford to make a down payment. Paying off part of the cost with a down payment means you will pay lower monthly repayments over time to pay off the rest of the car. The more you can afford to put down, the better terms you are likely to be offered by a lender.
Financing a car is not a decision to be taken lightly, but once you’ve made your mind up, and sought the relevant advice, get in touch with the team at Credit One, who will help get the ball rolling on your car finance sooner.
