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Car Finance Made Easy .pdf


Original filename: Car Finance Made Easy.pdf
Author: Alexander Queen

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Car Finance Made Easy
An automobile is not just a means of communication. People are passionate about this and their love
for the four-rolling beauty is eternal. When you want to buy a car of your own, here's some help. The
particular car financing guide provides you information about the entire process. It may aid you in
obtaining a profitable finance deal. It carries a list of elements that you should consider before you
take a decision. Therefore, let's start.
Be Ready
Financing a car is not just like buying a fresh pair of shoes or a top. You will have to be ready with
few points.
Borrowing Capacity
Good stuff come to those who wait around and prepare. So, don't think you can find your favorite car
and the best loan program in a day. Before you start looking regarding your new or used car, you must
sit and calculate your budget. Know significantly you will be in a position to borrow. Also, ascertain
your monthly payments. You can use online calculators for this purpose.
Documents
Any. For PAYG Employed Applicants - Copies of latest 2 pay slips and also the Group Certificate for
last financial year are required
W. For Self-Employed Applicants - Copies from the last 2 years Tax Returns including full financials
Deposit
The particular dealer may ask you to pay a down payment so that they can reserve the car for you.
Deposit is ten to twenty per nickle of the car loan amount. It is not a small sum. So, you should spend
some time in getting together money for it.
Just what's available?
Before you start searching for that perfect car loan package, you must have knowledge of the car
financing options that are available in the market. There's two main sources of car financing.
1. Car Dealer Finance (i.e. provided through the car dealer)
2. Alternative Car Finance (i.e. provided simply by banks, credit unions, finance companies, etc.)
After you decide the source of financing, you will have to choose the car financing product. There are
a number of car financing options to consider. To make your decision process simpler, here is an
inventory:
Personal Lease
It is a great option if you are using the actual car for personal purpose. The lease term can change
from one to five years. It is available with both fixed and adjustable interest rate. Its rates are usually
lower than additional car finance products. It is possible for you to select the residual value and opt
for lower monthly repayment.
Car Loan
A car loan enables the lender/credit provider to take security over the car that you are buying. It helps
them in protecting their purchase. To get approved for any car loan, you must purchase your vehicle
from a licensed car dealer. You have the advantage of choosing a lasting loan (up to seven years) plus
the residual value.
Personal Loan
These loan packages can be secured or unsecured. If you opt for a secured one, it won't be secured
contrary to the car that you are buying. The eye rates are a bit higher but, you get benefits of versatile
loan terms and less complicated approval requirements.
Chattel Mortgage
It is a great option if you are using the car for business purpose. The lender will use your car as a
security. Sole traders, partnerships, companies, trusts, and also ABN holders use this option.
The loan term ranges in one to half a decade. It has low interest rates. The monthly repayments on the
movable mortgage option qualify for tax deduction.
So, fundamental essentials available options. Once you choose the car financing option, you can apply
using a lender or dealer. But, don't be in a hurry. Take ample time in deciding on what exactly
mentioned in the Car Finance guide. It will help you in choosing a rewarding and beneficial financing
package.


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