Author: yesloans | Yes Loans

Getting a new car loan is an ideal choice for a driver who wishes to purchase a car but can only make the monthly instalments over time. Once an agreement has been reached with the lender, individuals can immediately drive their new car off the lot. Although paying for a car with cash on hand is always best if possible, borrowing money is the second-best option if you can’t afford it.

Let’s take a look at five reasons why getting new car loans are less of a hassle nowadays.

Extra Savings

Going for a used vehicle may seem like a very tempting choice to make especially when you’re other option is to go for a loan. However, this won’t be your most cost-effective decision down the road. The reason for this is because used cars are more prone to breaking down, with other vehicles often requiring expensive repairs. Financing a new car, on the other hand, will give you more peace of mind and you don’t have to deal with repairs for some time.

Collateral Isn’t Required

When applying for a new car loan, you don’t have to scramble and find yourself collateral – your car automatically becomes the collateral! It’s important to note, however that if you fail to pay your outstanding balance, your lender will most likely seize your car to act as the repayment.

Credit History Benefit

For those of you who have poor credit, you have a higher chance of being able to obtain a new car loan than other types of loans today. What makes car repayments great is that they can benefit your credit history, while also helping you stay on top of your deadlines.

Better Value

There are times when your car finance lender can provide additional bonuses when getting a loan from there. Financiers can supply additional perks like free fuel, servicing and road tax. Although these aren’t the greatest of reasons to take out a loan, they definitely can help you out later on.

Flexible Budgeting

Upon reaching an agreement with your lender on the new car loan, you will decide how much money you wish to repay each month. What this means is that you don’t have to overspend or make multiple adjustments in your personal life. Getting a reasonable new car loan may even lead to you having enough money to save up for your next brand new car later on.

A Personalised New Car Loan at Yes Loans

Here at Yes Loans, we offer competitive rates for your car loan needs here in Perth. We have expert brokers who will work with your unique needs to get you the new car loan you’re looking for.

Here are the things that you need to have to get car financing from us:

Recent payslips

– proof of income is required and will need to be printed out or have digital copies sent to us.

Financial situation

– at least three months of bank statements are needed to give us peace of mind knowing that you can pay off your car loan comfortably

Personal ID

– you need to provide that you are who you say you are.

Photographic ID

– a driver’s license or passport would do well here.

Car Insurance

– when taking a secured car loan wherein the lender uses your car or other assets as collateral, you will need to have current car insurance to proceed.

Medicare, Credit or Bank Card

– if you lack any of these, then you may need to provide an official means of identification such as your birth certificate.

Got everything ready? Contact us to start the new car loan process today!

If you’re one of those people who struggle to manage all of the debts you owe, perhaps it may be good to start rolling them all into a single, consolidated loan instead.

Debt consolidation is a service wherein a person can put all of their existing debts into one loan. For many, this can be a great way to manage all of their repayments, especially when its interest rate and fees are lower than their other debts.

Is Debt Consolidation A Good Idea & The Right Choice For Me?

Deciding to consolidate your debt is a big financial decision that no one should take lightly. The reason for this is that you need to assess your current financial situation first. Aside from that, you need to know what options you can take and which of them would suit you best.

At Yes Loans, we can experts who can help you weight-up your financial situation, create a budget plan and identify the best ways moving forward and if debt consolidation is right for you. Our loan consultants can provide you with guidance to assist you in making the best choice.

In essence, you will want to choose debt consolidation if you:

Can afford to pay off all existing debts

Debt consolidation works by restricting your debt load but doesn’t reduce the overall debt that you owe. Make sure that whatever plan you choose, your monthly income is sufficient enough to cover it.

Can pay your debts even for a long time

Your income isn’t the only thing to think about, it should also be able to last for some time. When consolidating debt, you ideally lower your monthly payments since you’ve stretched your balance over a longer period. If you have an unstable job, it may be difficult to sustain the repayments you need to make each month.

Things to Do Before You Consolidate Your Debts

Getting a debt consolidation loan can be useful if this means that you will be paying less in terms of fees and interest rates moving forward. However, it can be a short-term solution if you aren’t able to meet the new repayment amount for this new loan.

So before you decide on refinancing with a lender to assist you in your debts, here are some things you need to do before you sign any debt consolidation agreement:

Compare interest rates and fees

– it’s important that you make sure you aren’t paying more for the new consolidated loan that you plan to sign up for. You can do so by comparing interest rates, fees and other expenses against your original loan.

Review the terms carefully

– keep an eye out for longer loan terms. Despite the interest rate being lower on a new loan, paying off a short-term debt for a long time means that you will be spending more money in the long run.

Ensure that the company is licensed

– make sure that the broker you plan to deal with is not operating illegally. Check that they are licensed accordingly before you proceed.

We offer some support to anyone who feels overwhelmed by their financial strains and wants to at the very least start the conversation around debt management. Having helped thousands of businesses expand their operations with business loans we also see the downside of the finance industry. Financial stress can really put your world into a spin with the overwhelming feelings associated with financial stress. Yes Loans have a very experienced debt management team and are here for you.

What are the Benefits of Debt Consolidation?

When done correctly, a debt consolidation loan can result in some amazing benefits for the applicant. These include:

Simplifying all of your financial obligations in terms of debts owed
You will only pay a single loan to one agency rather than juggle multiple loans
Lower monthly repayments are to be expected, allowing you to have more financial freedom
You can also benefit from lower interest rates

So what are you waiting for? Contact us now at Yes Loans to learn more about how we can consolidate all of your debts and if doing so is the right choice for you!

Choosing New Car Loans: The Easiest Path to Car Ownership