ApprovalBuddy https://approvalbuddy.com.au Easy Car Finance | Easy Car Buying Tue, 18 Dec 2018 23:45:46 +0000 en-AU hourly 1 5 Tips On How To Buy A Car Through Car Finance Brisbane https://approvalbuddy.com.au/car-finance-brisbane-tips/ Tue, 18 Dec 2018 23:30:55 +0000 https://approvalbuddy.com.au/?p=8895 Buying a new car should be pretty much a smooth transaction. There’s not much to check except for the usual specs that you look for in the car. And you probably have looked into the specs way before you decided to buy the car and so you must have memorized it but still have a […]

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Buying a new car should be pretty much a smooth transaction. There’s not much to check except for the usual specs that you look for in the car. And you probably have looked into the specs way before you decided to buy the car and so you must have memorized it but still have a few questions to ask the dealership. If a new car comes with flaws, the dealer might offer you a discount or perhaps even offer a better solution.

 

However, buying a used car is a whole different story. It may be used, but it doesn’t mean that it is not as good as a new car. You’ll have to factor in the odometer reading of the car and whether it is a 7-seater or not. These are just a few of the many things that need to be considered when buying a car. After all, it must serve its purpose. If it’s a family car, then it should be able to accommodate everyone in the family and must come with a lot of space for things too. If it’s for business, then it should be something that could carry a heavy load like a pick-up truck or utility.

 

And yet there are more pressing concerns to take care of before you make the purchase. Unless you are paying for the car in cash with the money from your savings, the best next option is to buy through car financing. This is something you’ll have to sort out before shopping for the car that you want. Although you have the option to pick the car that you want and get financing after. This is where ApprovalBuddy comes in very handy. Our team will help you through the process of car finance Brisbane application. Once you have picked the car, it is easier to consider how much you can pay on weekly or monthly terms with the lender.

 

How do you pay for the car?

 

There are a handful of options when it comes to paying for the car that you want. Deciding on whether to buy it in cash or to get help from car finance Brisbane is indeed something to think carefully about. What’s the difference?

 

  • Paying in cash

Pro: If you decide to pay for the car outright, it would mean not paying for any interest at all.

Cons: However, you will have to have enough to pay off the entire cost of the car. And when you take it all out of your savings, you might be left with nothing in case of an emergency.

  • Dealership Financing. This is the kind of financing you get direct from the car dealership. The dealer is the third-party lender and plays as the middleman too. Typically, both the lender and the dealer earn money from the interest that you pay.

Pro: Convenience is the only thing that this type of financing provides. You are getting the car paid through the people who are selling you the car.

Con: It might not be the most economical decision to make. Dealers might charge you more for their incentive than the actual interest. Also, you will be taking out a loan from a high-pressure sales environment, so it might be a bit difficult to say No.

 

  • Finance from a broker. This is when the broker will help you find the financial institution that will lend you the money.

Pro: A broker can represent you to the finance companies and it wouldn’t be a problem discussing with them your bad credit history. Although the red flags are up for bad credit rating, this doesn’t stop the broker from negotiating on your behalf.

Con: You will have to provide all the documents necessary to prove you’re fit to pay off the loan.

 

Whichever you choose to end up using, it is a must that you understand what you are getting yourself into. Buying a car is an opportunity for you to add more convenience and comfort to how you live your life. More importantly, it teaches you the value of independence and responsibility.

 

There are a lot of ways you can get that car loan approval. At ApprovalBuddy, we make sure that your financial credentials are highlighted in the application process. Do not worry if you have bad credit rating at the moment. Most of the lenders that we work with are willing to give you a second chance at it. We can help you identify the ways you can make this happen with utmost ease and convenience.

 

How do you pick the car to buy?

 

Buying a car should not be taken lightly. In fact, you must spend a lot of time considering all the other options. It may be tempting to buy the first car you took for a text drive, but you know you shouldn’t. here are some tips to help you find the right car.

 

Tip 1: Buy the car that you need.

What will you use the vehicle for? Conduct your own research on what the market has to offer. It is important to know what you can expect of the vehicle as well as its value for money. Do your homework and make a short list of cars that meet your needs. Narrow down your search and start the comparison from there.

 

Tip 2: Shop around for competitive finance rates.

Never go for a loan just because it offers convenience. At ApprovalBuddy, we make sure that you understand the financial agreement before you sign up for it. We also conduct an independent evaluation of your financial status and credit rating before the actual application to ensure that a potential negative rating will not affect your current credit rating status.

 

Tip 3: Get protection.

It is a must that you know what you are getting yourself into. Don’t be afraid to ask how much the interest rates are and how they are computed. Go for licensed dealers or car loan brokers like ApprovalBuddy. Not only will you get quality services, but you know that you are in safe hands.

 

Tip 4: Safety should always be a priority.

Look for good car insurance coverage as well. If you can, get at least three quotations from three different insurance companies. This number should be enough to help you get a picture of what you need to get protected and at a rate of how much.

 

Tip 5: Get it checked.

The car may look like it’s perfect, but only a trusted mechanic can tell you that you have nothing to worry about. A qualified mechanic conducting an inspection should give you peace of mind that the car you’re buying is totally safe for you and your family.

 

Driving your dream car will truly be a rewarding experience. After all, it is not just about having a car. It is a realization of your dreams.

 

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5 Tips To Get Gold Cost Car Finance Approval In 2019 https://approvalbuddy.com.au/gold-coast-car-finance-approval/ Sun, 02 Dec 2018 23:13:00 +0000 https://approvalbuddy.com.au/?p=8890 Buying your first car is an important milestone. Whether it is a brand-new vehicle or a second-hand car, it takes a lot of courage and commitment to get yourself to apply for a Gold Coast Car Finance. If it is your first time to apply for a loan, the likelihood of it to be approved […]

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Buying your first car is an important milestone. Whether it is a brand-new vehicle or a second-hand car, it takes a lot of courage and commitment to get yourself to apply for a Gold Coast Car Finance. If it is your first time to apply for a loan, the likelihood of it to be approved can be quite low considering that potential lenders don’t have a credit history they can look into. Having debt is not a problem at all. In fact, when buying a car, your debt history can help you get that loan application approved.

 

When you’re young and just starting out a career, having debt is one of the least of your priorities. In fact, you have been told to live within your means. Others remind you that you should only buy the things you can afford with what you earn. Spending more than that will only lead you to problems you will have a hard time solving. But then again, how do you show potential lenders that you have the capacity to be responsible in paying for your loan when they are due? How do you get loan approval in 2019 when you’ve got no outstanding debt from the year before?

 

At ApprovalBuddy, we make sure that you get all the support that you need. Whether you’re just starting out or are in mid-career but have a bad credit rating, our team can help you meet up with lenders who are willing to give you a chance at financing. The road may not be easy, but we assure you that something can be done to deal with it. Here are a few tips you should keep in mind:

 

  • Pick a car that you need, not the one that you want.

The car that you need may be different with the car that you really want. But if you’re lucky, both can mean one car and you won’t have to make a difficult decision. But then again, when you are just starting out, it is best to go for the car that you need. It doesn’t have the be one of the luxury models in the market. After all, the car of your needs also depends on your income capacity. How much can you afford to pay for weekly, fortnight or monthly?

 

It is important to determine the gap between how much you have saved and how much you need to buy the car that you want. Look around online to check on potential vehicle models you can buy. Remember to determine the budget that you can afford when buying the car. At ApprovalBuddy, we have a wide range of vehicles to offer. You might just find one that fits your needs and your wants as well.

 

  • Look for a car that is economical.

Buying a car doesn’t come cheap and so is its maintenance requirements. You have to be ready for the repairs and maintenance needs of the car to keep it running properly. Go for the car that may seem a bit too expensive up front but will save you on costs in the long run. Ask yourself: how much do I need to keep the car running on a regular basis? Factor in all the costs and ensure that you will have enough money left from your monthly budget to take of the car.

 

The cars that may come with a higher odometer reading and long service history may be sold for a price that’s too tempting to say no to. However, you have to consider that these cars may require more repairs that you’d ever be prepared for. Make sure to go for the car that’s truly economical. Not only does it serve the purpose of saving you on extra costs, but it helps save the environment too.

 

  • Pay off outstanding debts.

This may be easy to say but so hard to do, especially when you are only earning so much to survive. When applying for a Gold Coast Car Finance, you don’t have to worry about paying everything off. All you need is to make sure all the payment are kept up-to-date. This is the sign for lenders that you are serious about taking out a loan and that you are eager to pay off debt when they are due. This gives you a better chance at getting an approval.

 

However, if you don’t have debt to your name, then you can instead submit your bank statements. The savings that you have will serve as enough proof that you are spending within your means because you can still afford to have savings on the side. At ApprovalBuddy, we would be glad to help give an evaluation of your current financial standing without disrupting the usual loan application process. Our team will help ensure that a potential lender would be willing to give you a chance to get your hands on that dream car.

 

  • Don’t be afraid to compare.

Before applying for a car financing loan, it is important that you have an idea of who could possible lenders you can go to. How much is their interest rate? How much do they charge for late payments? All these facts about possible lenders should be collected to help you compare which one means the best for you. All lenders evaluate their applicants on the basis of their capacity to pay.

 

So be more vigilant about your car loan application. Don’t be afraid to compare the rates as well as the penalties to ensure that you actually walk away with the best car financial assistance the market has to offer. After all, you don’t want to be spending more on the interest, right?

 

  • Put a limitation on your applications.

It can be quite tempting to take on your chance in Gold Coast Car Finance applications. Whether it is to check if you can gain approval for each or just looking at the potential of getting a loan with the others in the future, experts say that doing this isn’t really a smart move. In fact, it is a bad idea. Rejections in loan applications could take their toll on your credit history. Sadly, such black strokes on your credit history could haunt you for years.

 

At ApprovalBuddy, we make sure that our team carefully evaluates your financial history before we submit your application for sure approval by one of our partner lenders. We want to make sure that you get the best that the market has to offer in terms of loans. We conduct the evaluation before a lender does to ensure that there would be no rejections on your credit history. Getting one would be of bad taste.

 

Buying the car of your dreams has always been the goal. But you don’t have to put yourself in a lot of trouble to make it happen. Our team at ApprovalBuddy will help you get your hands on your dream car.

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How To Get Approved On A Car Loan With Bad Credit In Brisbane https://approvalbuddy.com.au/how-to-get-approved-car-finance-brisbane/ Thu, 29 Nov 2018 03:57:54 +0000 https://approvalbuddy.com.au/?p=8883 You’ve got bad credit. Although you have been trying to pay off all your existing loans, the credit rating you’re getting is still not good enough to get you approval for car finance Brisbane. But don’t let it get you down. You’d be surprised at how many potential lenders out there are willing to give […]

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You’ve got bad credit. Although you have been trying to pay off all your existing loans, the credit rating you’re getting is still not good enough to get you approval for car finance Brisbane. But don’t let it get you down. You’d be surprised at how many potential lenders out there are willing to give you a second chance. If you thought that getting a car loan with bad credit in Brisbane, you got it wrong. Provided that you fulfill all of these, a lender will be glad to extend a lending hand to you.

 

At ApprovalBuddy, we are happy to provide help to loan applicants who are worried that their bad credit rating might get them another disapproved loan. In fact, we encourage them to give it a try and we do this by providing them the support that they need. For one, our team makes a thorough evaluation of the loan application even before it is officially applied for. This is to make sure that you don’t get another disapproval that could hurt the credit rating even more.

 

We always emphasize the importance of understanding what led you to your current state of credit and the many ways you can prevent it in the future. Having debt is not bad. Not paying for it is what makes it look bad. Perhaps all you need is a bit of guidance to make sure that you are on the right path. And the ApprovalBuddy team is just about what you need.

 

Why do people get disapproved with their loan application?

 

You’d be surprised to know that it is not because of their bad credit. In fact, their non-so impressive credit history is just one of the many factors that come into play when applying for a loan and getting an approval for it. Many people find themselves in this situation because of the poor quality of application they are submitting. Oftentimes, they submit the same poor application and get the disapproval every time. Unfortunately, this process does not work to your advantage.

 

Finance companies are rigid about the applications they are getting. They’re not looking for people who don’t have existing loan. Rather, they are looking for good reasons to approve the loan application at hand. You as a potential borrower need to show them exactly this.

 

How do you get the loan approved even with bad credit rating?

Be honest

 

Honesty is the best policy, even when you have bad credit history. Every statement that you put in your application should help establish the trust between you and a potential lender. You know they will look thoroughly into your application, alongside all the credit you have made in the past. Failing to disclose any credit that you have had in the past will only put shade on your application. It’s a red flag and most financiers would decline the application.

 

Make sure to include everything that you consider relevant. Withholding information – especially the information that may damage your application – is much worse that when you disclose everything. After all, when you want to establish a relationship with a lender, the first thing you need to build on is trust. When you are honest about your credentials, it is easy to convince any lender that your bad credit history is part of the past and you’re applying for a loan to help you move forward.

Have clean bank records

 

Make sure in the last 3 months you haven’t overdraw on your bank statement. Your recent bank records will help prove that you are living within your means. Your capacity to save regularly also helps establish that you are trying your best to save up for the future. It doesn’t matter how much you save as long as you do it on a regular basis. Your capacity to save also means you have surplus income, which can easily be translated into the fact that you have extra money to spend.

 

Stay away from Payday loans

 

Payday loans are called such because they catch your pay even before you get hold of it. Although they provide financial convenience for some, most of those who avail of such types of loans often find themselves losing more than just their money. Their drive to work is lessen which can then be seen in their lack of efficiency at work. Keep your safe distance from these payday loans. In the long run, you are doing yourself a huge favour.

 

Work out your weekly budget you can spend on a car repayment

 

How much can you afford to pay every week? Once you are able to work this up, it is easier to choose which car to buy. Buying a car is not like buying candy from a store. It needs thorough research and close thinking to ensure that you are able to fulfill all your financial responsibilities on time. When you know how much you can afford, you can cut down the list of cars that you want to buy to a shorter list of cars that you can actually afford to buy and pay off weekly.

 

Apply with a Broker

 

Brokers have access to a panel of lenders. Brokers can work out if a lender can help without affecting your credit score. At ApprovalBuddy, we make sure that you find the right lender for your needs. Our team can help you work around the loan system even with a bad credit history. The more important thing to focus on is the fact that you are slowly working your way to pay off your existing loans. You’d be surprised to have paid everything without the pressure that comes with it.

 

A bad credit score in Brisbane is not the end of the world for you. In fact, it may just be the beginning. All you need is to find someone you can trust who can help you find a lender who will trust you back. At ApprovalBuddy, we make sure you find a lender who is willing to work with your to pay off your loans. Our team makes sure that you don’t get yourself into another debt that will put you in hot water. Everything that we do is to ensure that you have debt, but your are in a better position to pay for it.

 

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4 Things You Should Do Before Buying A Car https://approvalbuddy.com.au/4-things-buying-car/ Sun, 11 Nov 2018 20:00:22 +0000 https://approvalbuddy.com.au/?p=8812 Car finance in Brisbane – 4 Top Tips Before Buying a Car   Are you looking for Car Finance in Brisbane? Chances are if you’re looking at buying a car you will be looking into finance. Buying a car doesn’t have to be a tedious job or a horrible experience. When you pay a visit […]

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Car finance in Brisbane – 4 Top Tips Before Buying a Car

 

Are you looking for Car Finance in Brisbane? Chances are if you’re looking at buying a car you will be looking into finance. Buying a car doesn’t have to be a tedious job or a horrible experience. When you pay a visit to the showroom, all you have to be is prepared. When you know what you’re looking for in a car that you intend to buy, finding the right one should be easy. In fact, you don’t have to feel like you have fallen prey to these car salesmen who talk you into buying the car they are selling. Your knowledge is your powers. Cars for sale Gold Coast should be easy, even with all the many options that they have on the market.

 

But how do you know what you want in a car?

 

You determine what you need from a vehicle by asking yourself what you are going to use it for. Is it for personal use or for business? Are you looking for a compact car or a rather big one like a wagon? Should you buy a 4×4 pickup truck instead? There are a variety of car models to choose from and all of them offer a special kind of purpose. When this special purpose meets your needs, then it is easy to decide which one to buy.

 

If you are looking for something you can use for both personal and office use, then you have to choose a car model that has the space to spare. Also, you want a car that’s highly economical in terms of fuel use and maintenance costs. Whether it is a used vehicle or a brand new one, you only get high value for your purchase when you’re able to find the vehicle that meets both.

 

What to do before buying the car that you want?

 

How do you prepare yourself before you pay the car dealership a visit? Here are the top 4 things you need to remember. Each one aims to help you make the decision-making easy for you.

 

1. Do your online research

 

Make sure to do your homework before you pay the dealership a visit. The internet offers itself and all the information it contains to make the research process easier. Read vehicle reviews to give you an idea of how it is like to those who have experienced driving them. Make sure to be specific of the car model, year or production and other car specifications in doing your research. Doing your online research also puts you in a good vantage point where you can get the average cost of the car. When you have an idea of the price of Cars for sale Gold Coast, it becomes easier to decide whether it fits your budget or not. ApprovalBuddy contains all the information you need in every vehicle in our list we make sure that you can use the information that we have as a reference point whenever you have decided to buy a particular car model. Too many people go to a dealership with little to no information about the car that they want. This lack of knowledge could be their disadvantage. When you can, educate yourself. Do your research. And you’ll see how much more confident you can feel when you make that purchase.

 

2. Set a budget

 

How much can you spare to pay every week, every month or in cash? Part of planning to buy a car is to have enough money to pay for it. What you are you comfortable in paying on a weekly or monthly basis? Or do you intend to pay for the full amount in cash? If you looking at a trade-in, you should consider asking how much you will have to add to the cost of the car you are trading in. setting a budget means not committing to paying more than you can afford. You don’t need to buy a pricey car just to look good. You have to buy the car that fits your needs and your budget as well.

 

3. Work out a financing first

 

Most people who are looking into buying a car usually go to the dealership first. Then once they have chosen the car that they want, they get a quote for it with various payment options they could consider. And then that’s the time they look for a financing company to help them make the car purchase.

 

Although this process has worked for a lot of people, it doesn’t mean it will work for you. At ApprovalBuddy, we want to make sure that you know what you are getting yourself into. So before you even commit to buying a car, our team will help you compute the costs to determine whether a financial institution is willing to support you.

 

It can be quite tough to find a financing company that will help evaluate your ability to pay without tainting your credit rating. We can check with our partner financial institutions if you can get approval for finance before a thorough check of your credit history is done. In that way, you’ll have an idea what you are up against without sacrificing another loan disapproval tainting your credit file.

 

 4. Get a mechanical inspection & history check

 

Before you buy a vehicle, you must first be sure that it is good running condition and that it does not require any major repairs at the moment of purchase. This will allow you to buy a used car that works as if it were brand new. That’s the goal.

 

What’s great about choosing to work with ApprovalBuddy is that we conduct a FREE mechanical inspection and history check while providing financial options to all our clients. When you buy a pre-owned vehicle through us, you can be sure that we will only provide you with one that works perfectly well you don’t think about needing to buy a new car anytime soon. Our team always makes sure that you know what you are getting yourself into before you make any purchases.

 

Turn the experience into a learning one. When buying the car that you want, make sure you are getting all that you need all at once.

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Car Finance Brisbane Smart Tips To Save On Car Cost https://approvalbuddy.com.au/car-finance-brisbane-smart-tips-save-car-cost/ Thu, 08 Nov 2018 20:00:26 +0000 https://approvalbuddy.com.au/?p=8779 Looking For Car Finance based in Brisbane?   One of the biggest mistakes made when buying a car is not including the add-on cost that comes when getting a car through financing. Whether a second-hand vehicle or a brand new one, it is essential to include the total cost of car finance in Brisbane to […]

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Looking For Car Finance based in Brisbane?

 

One of the biggest mistakes made when buying a car is not including the add-on cost that comes when getting a car through financing. Whether a second-hand vehicle or a brand new one, it is essential to include the total cost of car finance in Brisbane to the total price needed to pay.

 

For example, if you are looking at buying a Mazda CX-5, you have to carefully ask the difference in the cost of the car based on the sticker price and the dealer’s price. The difference may be about $1500 and if you know how to deal with it, it is possible to save at least $1000 dollars from the total cost.

 

Car financing means buying the car at your financial convenience. Although there might be an interest of about 6.33% per annum, it won’t make much of a difference in the total cost of the car. However, a higher interest than that might make a dent, so it is best to ask how much interest the financial institution charges.

 

Buying a car is in itself an investment, so it is important to think about it before making the purchase. Here are some tips to help save on cost.

 

Get your credit rating up!

 

A credit score is a number that is calculated based on the information on a credit report. It helps car finance lenders to know how responsible a potential buyer is to lend to. Do you pay your bills on time? Do you pay in full or only part of what you need to settle? Your credit score is a number between 0 and 1200 — the higher the number the more likely of getting approved.

 

Your score is calculated from current situations and past behaviours, including credit limits, repayment history, and overdue debts. How often you’ve asked for credit and the kinds of loans or credit you’ve applied for, the frequency of your credit applications, and several other factors are also included in the calculation of your credit rating. If you are meaning to buy a car through car financing, it is best to get your credit rating up before you do.

 

Determine a budget before submitting applications

 

Working out a weekly, fortnightly or monthly budget that is affordable not only today but into the future will help with keeping on top of car finance repayments. Knowing the amount that is affordable to pay will help with managing finances well. Before making a huge purchase like that of a car, it is best to know where the budget for its payment will come from. When working out a budget factor in any future increase of costs of living or unpaid holidays you might take down the track.

 

ApprovalBuddy has a FREE loan calculator https://approvalbuddy.com.au/loan-calculator/ to help determine the repayment amount affordable to each individual and how long the loan term will be. In most cases, the loan term is not fixed so extra payments can be made to shorten the term of the loan and pay it off quicker. But there may be some early exit fees or break costs to pay for as well. In most cases, these costs will outweigh the interest you will save from finishing your car finance early!

 

Compare quotations

 

When searching for car finance Brisbane, get as much information as possible, but don’t apply with credit providers that do up front credit checks. These checks will be marked on your credit file which in turn can lower your credit score. It will show the number of times you have applied and have failed to make the cut for the loan to be approved.

 

This could be very bad for your credit history. Here at Approvalbuddy, we don’t do credit checks until after we’ve run through your application with you and know that we can help to get you approved on a second car in Brisbane. We value your current and future investments, thus we make sure that we only check on your credit rating when we see that you can really make it. If during the initial interview and investigation, we feel that the answers might not be positive, we give you advice on what can be done instead. In that way, your credit score won’t be tainted at all.

 

Put a deposit down only when absolutely sure

 

A deposit is not a must but can help with getting approved on a second-hand car in Brisbane. It reduces the risk to the car finance lender to lend money. Whenever applying for car financing, the lender will look into your credit history, the payments you paid and those that you missed. The outstanding balances held with other lenders are also reviewed by potential lenders as these could help in determining whether you are a good borrower or not. Lending money is an investment for the lender, that’s why they want to make sure the loan amount is affordable and will be repaid today and in the future. A deposit can be made up of two things, cash deposit or a trade in.

 

Here at AprovalBuddy, 95% of the car finance in Brisbane is no deposit car finance. However, if you wish to make a deposit to lessen the amount of the loan, that can also be done. Our team will help you calculate the cost of the car with the financing minus the deposit. Paying the deposit up front can really pull down the overall cost of the car.

 

Avoid Payday loans

 

Although tempting, it is important to take a step back and think logically about what a payday loan actually means. They are promoted as smart small loans but car finance lenders and banks think otherwise. Some car finance lenders & banks won’t consider an application if there is even one payday loan active upon application.

 

Such small loans can appear as if there is more expenditure than incoming which is damaging for credit ratings. When lenders enquire about any credit file, they will see how many payday loans are active and how much is outstanding. It is best to avoid payday loans as they can also hurt your budget big time. They rob you of the financial ability to make purchases in cash whenever you wish too.

 

Conclusion

 

Buying a car is undeniably convenient. Whether it be for business use or personal use.  Scooting around town for work or carting kids to and from school, it is nice to be in a car. Not only does it save on time and effort, but it also takes away the worry of public transport, which can be unreliable at the best of times.  However, buying a car comes with great responsibility. Establishing affordability status is vital before buying.

 

When it comes to car finance in Brisbane,  keep these smart tips in mind.  This will help with calculating on costs and whether or not a loan is affordable at this time.

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Are you looking for a Bad Credit Car Loan https://approvalbuddy.com.au/getting-bad-credit-car-loan/ Sun, 04 Nov 2018 20:00:34 +0000 https://approvalbuddy.com.au/?p=8776 Do you need a bad credit car loan?   Are you looking at buying the car of your dreams but you don’t have enough cash to pay for it? Do you feel even worse than you have a bad credit history and that it might be used against you for the car loan you want […]

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Do you need a bad credit car loan?

 

Are you looking at buying the car of your dreams but you don’t have enough cash to pay for it? Do you feel even worse than you have a bad credit history and that it might be used against you for the car loan you want to apply for? Most lenders are a bit reluctant when it comes to loaning money to people with bad credit history. Their history could indicate their reliability to pay off the loan they’re applying for. However, this is not the end of the road for those who have bad credit.

 

In fact, there are a number of lending companies who want to give these people a second chance. And this pretty much means that your dream car could be yours sooner than you expect. Yes, it is true. Getting a car loan even with bad credit is possible, provided that you are able to provide all the requirements that the lenders will ask. These documents will help them assess your financial status at the moment and whether or not you are worthy of a second chance at loans.

 

Why do people get bad credit?

 

People who have bad credit are not bad people. In fact, they are as hardworking as the others who have a good credit rating. Some of them might have overestimated their capacity to pay off loans, so they ended up spending more than what they are earning. And then there are also those who become victims of circumstances. An illness or death in the family could also be reasons for a sudden change in one’s financial situation. Whatever the reasons may be, having bad credit now does not mean having it forever.

 

Sometimes, having bad credit teaches you the most important lessons in financial planning. Knowing how much you are earning and comparing it to how much you are spending is always the first step. When you know your financial capacity to make purchases, it puts your spending in a different light. In some situations, having bad credit at the moment might also be a good reminder that you have spent way more than you should have. It might be the wake-up call that you need to get it together.

 

Is it possible to get a car loan despite bad credit?

 

Did you know that most people with bad credit submit the same loan application over and over again? Despite the poor quality of the application, these people remain hopeful that they’d be given a second chance. Unfortunately, lending companies are looking at other good reasons to approve of the loan. Unless you know what other proof you need to submit, your application for that car loan will remain pending.

 

Why should you be given than car loan approval? At ApprovalBuddy, we make sure that you understand that having a bad credit rating is not the end of your plans to buy a car through a car loan. Here is a list of tips to help you get a positive remark from potential lenders:

 

Be completely honest

 

It is important to be completely honest when it comes to loan applications. Fill in your application with a list of all your existing credit. If you think you can get away with it, you are wrong. These financial institutions and lenders will look into your credit history. The moment they find out that you are lying, you will lose the opportunity at getting a second chance. Failing to disclose the status of your loan with a former lender could put all the red flags up. Your application for a loan will be denied.

Honesty is where it all begins. Leaving out relevant information thinking it might cause you more harm than good could make your status even worse. Full disclosure should always be your goal. Make complete statements and allow potentials lenders to help you get that good start.

 

Learn more about your credit history

 

Before submitting any applications for a car loan, it is important that you know where your finances stand in terms of credit. Did you know that you can access your credit file online? It has become more accessible to those who want to know the status of the loans that they have. If there are entries there that you don’t understand, it is easier to contact the company to get further information. Being prepared, complete and up-front with potential lenders will help build your confidence.

 

Prepare your bank documents.

 

You also have to prepare your bank records as these are essential in establishing your capacity to pay off the loan. Financial institutions will carefully review your bank statements. It is important that the statements show that you are living within your means and that’s because you can save money regularly. It doesn’t matter how much you are able to save in a week. Savings means extra money. It will demonstrate that you have extra cash to pay off a loan on a regular basis after you have covered your living expenses.

 

Work on cleaning your credit card payment history.

 

You don’t have to pay off the existing loan to be able to apply for a new one. In fact, having existing loans including the ones through your credit card helps financial institutions to evaluate your capacity to apply and pay off a loan. Your payment history with your credit card company helps identify you as a good payor. Make sure to pay more than the minimum payment required as this also helps establish that you are more than willing to pay off the loans you have at the moment. The recent history of credit is not a problem at all. In fact, if you are consistently paying these, your car loan application will be reviewed favorably.

 

Make sure to have a job when you apply.

 

Your employment will be your source of steady income and that is important to reassure a potential financier that the investment they will put on your application will be worth it. Employment also means financial stability on your end. A solid employment history will get your application moving faster. You can earn this when you have worked for the same company for three years or more. Being with the same company means being stable and that makes all the difference in your application. Although having many employers within a span of time may also be good. It is a reflection of your continued search for a more stable job.

 

How can I speed up the application process?

 

This is where we come in. at your convenience, ApprovalBuddy will help your process your car loan application. Even with bad credit history, we can lead you to potential car loan lenders that could give you the second chance that you need to loan. We can help you put together an application that will put your finances in a good light.

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Car Loan Refinancing: How Do You Go About It? https://approvalbuddy.com.au/car-loan-refinancing-go/ Sun, 28 Oct 2018 19:00:27 +0000 https://approvalbuddy.com.au/?p=8764 Are you seriously thinking about applying for a car loan refinancing?   Most experts in car loans agree that when deciding to refinance a current car loan, you might just be getting the better deal. Not does it help maximize on savings, but it could lower the interest rates of current payments. However, if the […]

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Are you seriously thinking about applying for a car loan refinancing?

 

Most experts in car loans agree that when deciding to refinance a current car loan, you might just be getting the better deal. Not does it help maximize on savings, but it could lower the interest rates of current payments. However, if the idea is new to you, the thought of it can be scary. You may wonder if it is something that will be beneficial.

 

When deciding to refinance an existing car loan, it is important to understand the implications. At ApprovalBuddy, we make sure you know what terms are to be met. We discuss the pros and cons of car loan refinancing. We believe it is only upon considering all options will you realize that car refinancing, through our help, is the best way to go.

 

What is the process of refinancing?

 

Refinancing a car loan means putting the current car loan under another financial institution but in different terms. In practice, it means paying off a current car loan with another loan from a different lender. Such practice comes with varying outcomes for different car owners. It is best to know your motivation for refinancing as well as the outcomes intended to enjoy after. Most people consider car refinancing for one simple reason – to save money.

 

Four Reasons to Refinance

 

Not all refinancing options offer the same outcomes. It’s implications to your current financial situation depend on the purpose of the loan restructuring. Here are the top four reasons why people choose to refinance:

 

1. Remove someone from the loan or add someone to the loan

 

Usually, for very personal reasons, loan owners choose refinancing options because they want to remove someone from the original loan or add someone to it. Either way, refinancing is the best option because it allows you to add or remove someone from the original loan arrangement because refinancing means getting yourself a new loan contract to sign in. If this is the outcome you want, contact us and we will help you through the process.

 

2. Reduce Payments

 

More often than not, those seeking refinancing options aim to reduce the rate of interest of their current car loan. This is understandable as the rate of the car loan affects everything in the household including all the expenses it comes with. However, your monthly budget should not be the only reason to consider refinancing.

 

There are other options to choose from. Loan term can be extended meaning lower interest rates at the longer time. Usually extending loan terms help lower the monthly rates you are paying for. However, the cost of the vehicle might be higher in the long run. With the help of ApprovalBuddy, this is possible. All you need is to determine how much you can pay in a month and we’ll help work everything out.

 

3. Reduce Interest rates

 

Although most of the reasons why people opt for refinancing are related to each other, most car owners would have this outcome as a priority. Lowering the current interest rates works best for car owners. If during the course of the loan you are able to pull your credit rating up, creditors might just allow you to do car refinancing with lower interest rates. When the rates are lowered, your monthly dues are lowered as well, allowing you to put in more money to other things important. Assuming that your car loan is not extended to lower the interest rates, then having it refinanced will better help you manage your finances.

 

4. Refinance the balloon amount

 

The length of the loan can really put a good man down. When you have to pay a lender continuously for a long period of time, it can really put a dent on your monthly expenses. Sometimes, the refinancing of a car loan means that the car owner is looking for a way to shorten the terms of the loan. Refinancing the balloon amount through another loan will help the car owner achieve more financial freedom at lower interest rates at that.

 

How do you refinance a car?

 

The process of car refinancing begins with searching for a lender that offers a lower interest rate than that of the current lender. Most car owners looking at refinancing are also looking for lenders offering them a loan with fewer administrative fees or those whose payment options are easier to meet. When they find a lender that offers either or both, they are in for a lot of comfort and peace of mind knowing that they can pay off their loan at much easier ways. If done right, car refinancing can help you save on the overall cost of the vehicle in the long run.

 

Here are the steps you need to follow:

 

  1. First, check with your current lender if you will be charged a fee when you decide to close your loan early before its actual term ends. If you will be, it is best to factor this in before you decide if you want your car loan to be refinanced or not.
  2. Second, remember that you can only get the best rates when you decide to compare. Be aware of the fees and other charges that the refinancing may come with. Once you have decided that you want to take on the refinancing option, go right ahead and apply.
  3. Third, select the refinancing institution.
  4. Fourth, prepare to submit all the documents required to get the application forward.
  5. Fifth, pay off the previous loan and move forward.
  6. Lastly, close all the accounts with the previous lender to prevent you from paying off two loans at the same time.

 

What should you look for when it comes to car refinancing?

 

You are getting car refinancing because your goal is to pay less monthly and hopefully pay less in the long run as well through lower interest rates. If this is the goal, remember to look for these items on the list before you make the switch:

 

  • Will the repayments monthly be less? This should be the first on your list. Remember that less interest does not necessarily mean less monthly premium payments. It is best to compare the rates plus the upfront fees. Make sure to compare the rates and go for the one that makes you pay less monthly at the shortest period as well.
  • Lower repayments may be tempting, but don’t jump in without calculating how much you are paying for the loan in the long run. Extended payment scheme may allow you to lower monthly payments, but sometimes it could mean paying more for the vehicle. Is it worth it? Let our team at ApprovalBuddy help you decide on this.
  • Does the new lower scheme allow you to pay more than you are required? If it does, then it should help you make a decision on which loan program you should go for. The other features of the loan should help make the payments easier and more convenient for you.
  • Is the lender a legitimate one? There are a number of lenders in the market. Some are established ones while others are on operation despite the lack of the proper legal documents to. Only go for reputable lenders as their fees and other rates are discussed upfront.

 

In all this, you have ApprovalBuddy to help you. We work on your behalf to help find a match in financial institutions that offer affordable loan rates. Either you do it on your own or you work with a financial broker to help you find the best rates. The important thing to remember is to consider a variety of options and compare refinancing options before settling for one.

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Car Finance Brisbane – 5 Tips To Help You Get Approved https://approvalbuddy.com.au/car-finance-brisbane/ Thu, 25 Oct 2018 20:00:20 +0000 https://approvalbuddy.com.au/?p=8761 Car Finance Brisbane – Top Tips to Getting Approved   Looking for car finance Brisbane or buying a car in Brisbane? Whether buying brand new or second-hand finance is advisable to cover costs towards a portion or all of the car value.   While buying a car in cash can be done, most opt for […]

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Car Finance Brisbane – Top Tips to Getting Approved

 

Looking for car finance Brisbane or buying a car in Brisbane? Whether buying brand new or second-hand finance is advisable to cover costs towards a portion or all of the car value.

 

While buying a car in cash can be done, most opt for a loan to save on a lump sum. Finance isn’t a bad thing and even if you have had bad credit in the past, finance done right can improve your credit score and open new doors. 

 

However, getting approved by car finance Brisbane can be easier said than done. So what are your best chances of getting approved? Below are 5 tips to help you get your car finance approved in Brisbane.

 

Tip 1: Workout your Car Finance Budget

 

Working out a weekly, fortnightly or monthly repayment that is affordable not only today but well into the future will help to decide which car is right for you. Another thing to consider is a change in circumstance. When working out your budget, factor in any potential increases in costs of living, unpaid leave or unexpected payments that may crop up in future.

 

To help work out your budget, calculate your total earnings and your total living expenses including all loans you currently have and then minus these expenses from your total earnings. This will give you a rough idea as to what you can afford.

 

However, the enders still determine what is the right repayment for you, once the application has been submitted. This is not because they are being ‘mean’, they are governed to do so. Before approaching car finance Brisbane or any other lender, our FREE Car Finance Calculator can be used to help work out your Car Finance repayment, and what pricing is in your reach. https://approvalbuddy.com.au/loan-calculator/.

 

Tip 2: Know your credit score

 

Credit score refers to a number between 0 and 1200. The higher the number the more likely your car finance will be approved. Having current loans and debt is not a problem in itself, as long as you are making regular repayments to settle it.

 

Problems with finance arise when debts become overdue as a result of spending outside of your means. Unfortunately, this can result in having a default on your name. Which almost certainly makes it challenging and near impossible to get finance again. As well as this, applying for considerable credit in a short space of time can reduce your credit score. Although the adverse effects may not be as blatant as a default, it does affect the chances of getting your car finance approved when you apply.

 

Here at ApprovalBuddy we do a no obligation FREE credit check. Our friendly team can run through your credit file and give you a detailed insight into your current situation. ApprovalBuddy credit checks are not logged on your history. This allows you to make informed decisions when it comes to car finance without suffering any damaging effects to your credit score. To get your FREE credit check email application@approvalbuddy.com.au Subject line: My Free Credit Check

 

Tip 3: Have your documents & payslips ready

 

When applying for Car Finance an application is required, which usually asks where you have lived in the last 3 years, where you’ve worked in the last 3 years, what your income is and what your expenses are. It is common practice to provide 2 pay slips from the last 5. This helps lenders work out if the application suits the car loan in question.

 

If for some reason payslips cannot be provided, 3 to 6 month’s worth of bank statements can usually be shown, depending on the lender. A drivers license will also need to be provided for proof of ID. If your driver’s license doesn’t have a current address displayed, proof of current address will need to be provided. This can be a bank statement, utility bill or rates notice if your own a home. If you are unsure of anything please feel free to contact us so we help and guide you further.

 

Tip 4: Compare but don’t apply too many times

 

Comparing car finance in Brisbane is a good move before applying. Comparison provides an idea on which company to apply with or which package to choose to get the car of your dreams. However, did you know applications can lower your credit score? The more times you do apply, the more enquirers get entered on to your credit file and in turn, your credit score is lowered.

 

When you apply through ApprovalBuddy we don’t do credit checks up front as we make sure first that we can help you, by going through your application that you have sent through using your phone or PC.

 

Tip 5: Apply with a Car Finance Broker

 

Applying with a car finance broker has many benefits in comparison to applying with a bank. Increase chances of being approved with brokers and lenders like ApprovalBuddy. Most car finance brokers have access to range of lenders.

 

This gives you more chance of getting car finance approval. With good credit or bad credit, most situations can be worked out using a broker or lender. ApprovalBuddy, has access to over 25 different banks and lenders. This means more opportunity to tailor your car finance around your current situation and budget. It can feel impossible when looking for car finance approval. But, look no further. ApprovalBuddy has your back!

 

Applying for Car Finance is simple, if you have your information and paperwork ready. Our application process only takes 2 minutes and you can attach your paperwork and dream car to the application. If you have any questions we are always here to help, contact us on 1300 728 504 or email application@approvalbuddy.com.au

 

Thanks for reading

 

ApprovalBuddy team

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So you want car finance but you aren’t quite sure you’ll get approved. https://approvalbuddy.com.au/bad-credit-car-finance/ Sun, 21 Oct 2018 20:00:28 +0000 https://approvalbuddy.com.au/?p=8757 Are you looking for bad credit car finance?   Finding bad credit car finance can be tricky. Besides that, buyers can have many reasons to fear rejection from a lender or broker. Whether it be bad credit in the past, a first-time credit application, being self-employed or a non-Australian resident there is no need to […]

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Are you looking for bad credit car finance?

 

Finding bad credit car finance can be tricky. Besides that, buyers can have many reasons to fear rejection from a lender or broker. Whether it be bad credit in the past, a first-time credit application, being self-employed or a non-Australian resident there is no need to fret when it comes to being approved.  There are ways around these things and bad credit car finance does exist. Here are our 5 top tips:

 

1. Clear your debts and show you can save

 

When approaching a broker or lender for a car loan or bad credit car finance, even if intended to borrow up to 100% of the car’s value, showing you are paying off existing debts or saving goes a long way to gaining approval. Despite the past, demonstrating a stable financial situation is vital. This shows lenders you have a disposable income to spend on car finance, plus all the other extras cars need like fuel, insurance, and maintenance.

 

2. Look for a car that doesn’t blow the budget

 

Being rejected by a lender is more likely if asking too much, especially when applying for bad credit car finance. Buying a car isn’t just a matter of handing over an amount equal to the ticket price, there are other things to consider. You have to consider stamp duty, insurance, registration and all the other little costs that add up. If you don’t budget well, lenders might think you’re an irresponsible borrower.

 

3. Use a security or guarantor

 

Sometimes to gain approval you might have to opt for a secured loan. Secured loans place your car as collateral or security. Consequently, you risk the loss of the car should you default on the loan. If you’re a first-time borrower or a new arrival, you may have to find someone to guarantee the loan on your behalf. This gives lenders peace of mind when they agree to lend to you.

 

4. Compare but don’t apply

 

The internet is excellent for researching all the different loan products and options out there. Get as much information as you can, but certainly don’t apply. This is because an application will cause a lender or broker to potentially do a credit check. Furthermore, credit checks show up on your credit history and often cause trouble if rejected more than once or twice. When making enquiries to lenders, say you don’t want them to check your credit history until you’re 100% sure.

 

5. Do your credit history homework

 

Your credit history is often the most significant factor in determining whether you get your car loan approved. Sometimes, credit histories often contain mistakes. According to ASIC’s MoneySmart, creditors may incorrectly report defaults, fail to notify you of outstanding debts or plain forget to update their records. This leaves a black mark on your credit history that hampers your ability to gain approval. You can obtain your credit history through a credit-reporting agency. It’s your responsibility to fix any mistakes. Find out more at the MoneySmart website.

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Tips for the First Car Buyer https://approvalbuddy.com.au/tips-first-car-buyer/ Mon, 08 Oct 2018 04:26:45 +0000 https://approvalbuddy.com.au/?p=8662   Buying a car can be an overwhelming experience for first-timers. There are plenty of things to take into account, not just make and model. Whether the car you are buying is brand new or second hand, here are a few first car buyer  tips that can help you make the right decision. Our First […]

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Buying a car can be an overwhelming experience for first-timers. There are plenty of things to take into account, not just make and model. Whether the car you are buying is brand new or second hand, here are a few first car buyer  tips that can help you make the right decision.

Our First Car Buyer Tips

 

1. Set a budget

The first step in buying a car is setting a clear budget. Even if your parents are helping you out with the cost, you should be careful not to overspend just because the car looks good. Decide on a maximum amount that you are willing to spend and stick to it. That maximum price should include everything – including extras and on-road expenses.

 

2. Write down your requirements

Choose a car that matches your lifestyle. Are you looking for a two-door convertible coupe or a sedan that fits the entire family? Automatic transmission offers convenience, but a manual car is cheaper and more economical to maintain. A diesel engine runs on cheaper fuel, but it can turn out be more expensive than their petrol counterparts because of the high cost of parts and repair.

 

Other practical considerations may include:
• City driving or off-road terrain
• Cargo and passengers
• Fuel economy
• Safety features
• Parking space
You should also consider the extra costs that come with a vehicle purchase. Some of the things that you have to take into account are:
• Registration fees
• Transfer fees (for used cars)
• Stamp duty
• Insurance
If you are financing your car with Approval Buddy, you might want to include annual fees in your loan repayments.

 

3. Do your research

There are hundreds of cars out there. Filter your online search to display only the cars that meet your needs – type, model, price, features, etc. Read independent reviews from car experts so you can compare specifications such as engine power and fuel consumption.

 

4. Don’t be afraid to ask questions

If you find a car you like, don’t be afraid to ask questions. Maybe you know someone who owns the same car – ask them about any issues they have encountered. Check out online car forums and see if there are available answers to your particular question.

 

5. Study your finance options

There are different ways to finance your car purchase. You could dip into your savings, ask a family or friend to help you or approach a car financing company.

Here are three options to secure financing for your car:
• Personal loan. Take out a personal loan from the bank to cover some or all of the cost.
• Dealer finance. Borrow money from the seller and pay the amount back in instalments.
• Private leasing. Leave a balloon or lump sum payment at the end of the loan to finalise the lease.
When borrowing money, be honest about your credit rating. Check the interest rates, fees, and charges. Read the terms and conditions carefully.

How to Buy a Used Car

Buying a used car is equally taxing. Just like with new cars, you have to put in the time to do research and shop around.

First, check the legal ownership of the vehicle. On the Personal Property Security Register (PPSR) you will be able to see if the car is encumbered. This means that the loan taken out to buy the car has not been repaid or the car was used as collateral against a loan. If a vehicle is encumbered, the person selling the car might not have ownership rights or the car may be carrying financial debt. Be aware of existing loans on the car as it can be repossessed due to unpaid debts.

The next step is to establish the history of the vehicle. A car that has been passed on to different owners with lots of mileage might have had a rough life. A car with a single owner and low mileage is a more appealing option.

Conduct a thorough inspection. If you do not know much about cars, bring a friend who has more knowledge and experience. Check for visible damage or attempts to cover imperfections. If an expert is not available, you can organise a mechanical inspection through the State or Territory Motoring Association for a small fee.

Whether the seller is a dealership or private individual, make sure the vehicle has a roadworthy certificate that is less than 30 days old. Also check with your state transport authority if the car has been stolen, written off by an insurance company, or cancelled registration.

 

The Test Drive is a Must

Before deciding to buy a car, take it out for a test drive. It doesn’t matter how good a deal is – the only way to find out if the car is in good condition and fits your needs is to drive it.

Look under the hood. Check the brakes, lights, and tyres. Sniff for unusual fumes or smoke. Listen to odd sounds coming from the engine. Make sure everything is working fine.

Get behind the wheel and see if the seats are comfortable. In Australia where summers are scorching hot, it is important to have air conditioning that works.

Spend around 30 minutes driving the car at different speeds and in various road conditions. You should be able to start the engine and park the vehicle with ease. Suspension must be quiet and smooth even over bumps.

If there are potential or existing defects or the test drive does not feel right, walk away.

 

The Paper Work

Make sure you have proper documentation before closing the deal. Bring a registration changeover form to the inspection and ask for a receipt after the sale.

You should never rush into buying a car. It is a long-term investment that requires patience and thoughtful consideration. Take your time figuring out what you want in your first car and shop around until you find the one that feels right.

For hassle free car financing, consult with the experts at Approval Buddy.

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