Gold coast car finance - banner
Tuesday, February 7th, 2023

Gold coast car finance - banner

If you’re looking to make the plunge and buy your first car, congratulations! But before you do, there are a few things you should consider in order to secure the right type of Gold Coast car finance.

For first time car buyers, let’s start off on the right foot! This blog post explores everything that comes along with getting a car deal that puts a smile on both your face and pocket.

Get started on your car finance Gold Coast

How does a car finance work?

In Australia, car finance typically works by allowing individuals to borrow money from a lender, such as a bank or dealership, to purchase a vehicle.

The borrower then repays the loan, plus interest, over a set period of time. The vehicle serves as collateral for the loan — meaning, you will borrow money against your car. If the borrower defaults on the loan, the lender can repossess the vehicle.

There are several types of Gold Coast car finance available, including personal loans, secured car loans, and leases. Each option has its own advantages and disadvantages, and it is important to compare and understand the terms and conditions before making a decision.

We recommend enlisting the help of a car finance broker. They have access to a wide range of lenders, can help you get the right deal, and assist you with the paperwork. Best of all, they can help you understand the car financing process.

What do you need for car finance?

Am I eligible for a car loan?

Here are the general requirements for car finance in Australia:

  • Proof of income: Lenders will typically require proof of income, such as payslips or tax returns, to determine your ability to repay the loan.
  • Good credit history: Lenders will check your credit history to assess your creditworthiness. A good credit history and a high credit score will improve your chances of getting approved for car finance.
  • Residency: Most lenders will require that you are a permanent resident or citizen of Australia.
  • Age: Some lenders have minimum age requirements, typically 18 years or older.
  • Vehicle: The vehicle you wish to purchase must be less than a certain age, usually 5-7 years.
  • Collateral: Some lenders may require additional collateral such as assets or another vehicle as security for the loan.
  • Deposit: Some lenders may require a down payment or a deposit.
Find financial brokers near me

How to check if car has finance

  • PPSR (Personal Property Securities Register) check: This is a national database that allows you to check if a vehicle has any outstanding finance, or if it has been reported as stolen or written off. You can do this by searching the vehicle’s VIN (Vehicle Identification Number) or the registration plate number on the PPSR website.
  • REVS (Register of Encumbered Vehicles) check: This is another national database that allows you to check if a vehicle has any outstanding finance. REVS check is similar to PPSR check and it is also done by searching the vehicle’s VIN or registration plate number.
  • Ask the seller: If you’re buying a car from a private seller, it’s always a good idea to ask them if there is any finance outstanding on the vehicle. They are legally required to disclose this information to you.
  • Car finance broker: A car finance broker can also check if there is any finance outstanding on a vehicle. They have access to many different databases and they can also check the car’s history and check if the car has been stolen or written off.

What to consider when getting Gold Coast car finance

So how to finance car in the least stressful way possible? The first step is to do your due diligence by researching all there is to know about car loans Gold Coast.

Below are factors to weigh in when getting a first time car loan.

1. Interest rate

Interest rates determine the overall cost of the loan, and it can change over time. Best to compare interest rates from different lenders to get the best Gold Coast car finance deal for your circumstances.

2. Loan terms

A longer loan term means that you will pay more in interest over the life of the loan, which can significantly increase the overall cost of the car. Conversely, a shorter loan term means that you will pay less in interest and the overall cost of the car will be lower.

3. Fees and charges

Be aware of any fees and charges associated with the loan, such as application fees, early repayment fees, and ongoing fees.

4. Deposit

Consider how much deposit you can afford to put down. A higher deposit usually means you get a lower interest rate and a smaller monthly repayment.

5. Credit score

Your credit score can have a big impact on the interest rate offered. It’s important to check your credit score and address any issues before applying for Gold Coast car finance.

6. Type of loan

There are different types of car loans available, such as secured and unsecured loans. It’s important to understand the differences to find the best option for you.

7. Lender’s reputation

Research the reputation of the lender you are considering. You can do this by reading reviews and checking their credit rating to ensure they are a reputable lender.

Get Gold Coast car finance with the team at Professional Lending Solutions

All in all, there are a plethora of things to factor in and think about before you even start looking at cars, let alone signing on the dotted line.

With Professional Lending Solutions by your side from beginning to end, you can rest assured that we will take care of everything for you. All you need worry about is which car color looks best on YOU!

Get started by giving us a call or visiting our website to get car finance pre-approval today.

Speak with a car broker Gold Coast