Are you eligible for car finance?
Are you eligible for car finance?
If you've had limited experience borrowing, you might ask yourself the question – am I eligible for car finance? Figuring out your eligibility can be tricky - without an assessed application, you may struggle to know exactly where you stand.
Asking for help is always a good way to start. Positive Lending Solutions have decades of experience working with people looking for car finance and we can easily tell you if you are eligible for car finance.
Speak to Positive Lending Solutions to discover your borrowing potential.
Eligibility for car finance
There are a number of factors which might affect car finance eligibility – they vary depending on the individual lender and the type of car finance that you are applying for.
Some general things to consider when asking yourself can I get car finance easily include:
- Age: although you are eligible for car finance from aged 18, it can be harder to get it if you’re between the ages of 18-21 years old. This is generally because you have not built up a substantial credit record to show evidence of responsible borrowing. If you are over 75 years old, you may also find it harder to get car finance approved. That's not to say that you can't get finance if you fall under these age brackets. It's just a bit harder.
- Proof of income: you’ll need to consider whether you can show a potential lender proof of a regular income. Payslips with a fixed salary are ideal in the car loan application process but if you’re self employed or do not currently work full time, you may need to show other evidence of being able to pay back your car finance.
- Deposit: if you have bad credit history, a deposit could help you to be seen as more eligible for car finance. In addition, it’ll lower the amount of money that you need to borrow for the lender so may mean you have more change of your finance application being approved.
- Proof of residence: if you’ve been in Australia for less than a year or two, you may be asking yourself can I get car finance? The answer is that it may well be harder if you don’t have a fixed proof of residence but don’t panic, it’s still possible.
Checking your credit rating
You can check your credit rating for free on our website. It's one of the first steps you should take when finding out if you’re eligible for car finance. It will allow you to understand exactly where you stand and to figure out whether you can get car finance with your current credit score.
If you see incorrect information on your credit record, you can apply to have this changed. It’s important that you do this as incorrect information could affect your credit score and your eligibility for car finance.
Applying for a car loan
Once you know you’re eligible for car finance, you can begin the car loan process.
At Positive Lending Solutions we aim to make the process as positive and efficient experience. We understand that you want to get your car finance approved as quickly as possible so that you can go ahead and purchase your car and get on the road.
You’ll go through several steps when applying for a car loan but it’s useful to start the process by having an idea of the type of vehicle you want to buy.
You can then get pre-approval for the loan – allowing you to negotiate with dealers and find the exact vehicle you want to purchase. Once you have this in place, you’ll apply for full approval for the loan amount and eventually the loan should be settled.
Once funds are transferred you can go ahead and purchase your car – remembering to always make your agreed repayments in full and on time each month.
Ask for help
It’s understandable that you might be overwhelmed by the car finance process, especially if you’re new to the process or have had tedious experiences in the past.
Speak to Positive Lending Solutions to get expert advice from our team of brokers who will work to find you the best car finance options available, call 1300 722 210 today.