Car Finance Application Tips

Looking for a new car can be quite exciting, especially if you're buying your first car! Avoid the pitfalls of missing out on that perfect buy because you didn't get approved for loan or it took too long to get the finance sorted. We have compiled the below car loan approval tips to help you get on the road sooner!

First and foremost, you will need to demonstrate that you're not a high risk to lend to by showing evidence of your income through pay slips or bank statements. All banks and lenders will perform a credit check so it's important to make sure you'll pass the check by not having any large outstanding debts or negative credit history. Further to this, you should try to have a budget range in mind before you start your car search so that you can make sure the loan repayments are both affordable and practical to your situation.

Finance for newer cars also have a higher success rate as they have a greater resale value and are generally considered to be a safer option to borrow against.

To make the entire process easier, you may choose to get a pre approved loan first so you can search for a car with greater confidence, knowing exactly how much money you will have to spend.