Credit check – Tips to boost your loan worthiness

Shopping for vehicle finance can be as daunting as choosing the right car. As well as seeing who offers the best car finance rates, it’s worth assessing how attractive you appear as a potential borrower.

Showing you’re a good risk improves your approval chances and will save you time and money. A good risk will generally be offered a lower interest rate.

Some things to remember before applying for a car loan:

Think carefully about the amount of money you intend to borrow. Choose a figure that’s realistic and fits within your means. Sometimes you’ll have to do a budget of all your expenses and compare this with your income. When you know how much extra you have left after your expenses you’ll be able to decide how much you can afford to pay in credit instalments – helping you decide on how much to borrow.

You can use our car finance calculator to work out the repayments based on the loan amount and interest rate.

The Real People at Aussie Car Loans are trained in the best practices of responsible lending. It will only take a few minutes for them to perform an assessment of your credit needs and objectives, providing you with suggestions of possible auto financing solutions that will be suitable for you.

Joe Martinovic, Managing Director of Aussie Car Loans, explains, ‘New or near-new cars’ are considered a safer prospect by credit providers and can be used as security to support the new vehicle finance. It’s harder to secure a loan for an older car because of its lower resale value.

Credit providers prefer borrowers in stable employment. You’ll stand a better chance of being approved for car finance if you can demonstrate uninterrupted employment over a long period of time.

Your bank account and income should demonstrate the capacity to meet repayments. If you can show a savings track record, it greatly improves your position. Aussie Car Loans will want to assess your credit history before negotiating vehicle finance. The assessment team will check your credit file and credit performance with previous credit providers, ensuring any errors are corrected before the credit provider does its own enquiry.

Shopping for the best deal

Bargaining for a better deal is not a sin. Just like the new business and used-car markets, finance is a competitive industry. Credit providers should fight for your business.

There are many important questions to ask a financier before deciding the best car finance deal. Are there monthly admin fees? Ongoing bank fees? Penalties for early payout? Is the car loan daily reducible? Can extra payments of any amount be made, and at any time? The Real People at Aussie Car Loans know all the answers to these questions and many more.

We challenge you to ask these questions and compare car loans. We’re confident that Aussie Car Loans has the most competitive finance connections in Australia ensuring you real results. So call us on 1300 889 669 to find out what deal we can offer you, or simply apply online to get things started today.