Are you car loan ready?

Last updated: 18 January 2018

Are you car loan ready?

Before you apply for a car loan, make sure you are loan ready. Ensure you take your time and research which type of car financing is the right fit for you and your circumstances.

Consider what type of lender you want to borrow from, assess how much you can afford to borrow, whether you can secure the loan with the car, the type of interest rate charged, and what fees may be applicable.

Before you apply for a car loan, check your credit score and credit report to evaluate the likelihood that your application will be approved. Ensure your credit report is accurate and up to date, giving you the best chance that your application is approved.

Before you sign a credit contract, carefully read the entire document and check that all the details and fine print are correct so you are not caught out by unforseen costs.

Always shop around for the best deal and if you are not sure which loan is suitable, you could enlist the help of a finance broker.