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.
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.
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.
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 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 the 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.