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Applying for a car loan? Here are the 5 pre-approval boxes you need to tick

Posted on: September 8, 2018 by Tim McClare

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Buying a new car’s super exciting. But getting the loan to finance it? Not so much. Thankfully, getting your car loan ducks in a row doesn’t have to be a hassle. Here are the 5 things that will get you into your new car and onto the road in half the time.

1. Proof of income

One of the biggest things car loan providers are looking for is proof you’ll be able to repay the loan. Requirements differ from lender to lender, but as a general rule, you’ll need to show 3 months of steady income to even be considered for a loan. If you’re self-employed, depending on circumstances, you may have to provide a copy of your tax returns or the last two years.

2. Credit history

Along with knowing you’re able to repay your loan, lenders are also looking for proof that you’re not a bad risk. So you’ll need to provide details on any other loans and debts you currently have, as well as ones you’ve had in the past. Information on mortgages, personal loans and credit cards should all go into the pot.

3. Proof of residence and identity

Lenders love their paperwork, so don’t forget about providing details of your current residence and proof of your identity. You’ll need to show 100 points worth of ID which may include your birth certificate, passport, driver’s licence, Medicare card and a utility bill (gas, electricity or water).

4. Vehicle information

Once your potential lender knows who you are, they’ll also want to know what you’re going to buy. So you’ll need to hand over details about the purchase price, VIN number, year, make and model of the car you’re planning to buy. If you’re buying a used car, the seller should be able to provide this information, as well as details on mileage, title and any liens or legal claims on the car.

5. Proof of insurance

Again, requirements differ from lender to lender, but be prepared to hand over details of how you plan to insure the car. You can arrange a certficate of currency with your insurance provider prior to handover and it’s usually sorted with a quick phone call.

And that’s it – a quick guide to getting your car finance sorted. Platinum Direct Finance can help you today – call us on 1300 554 553

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