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Top Things Required While Getting Car Loans In Brisbane

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By Author: surelend
Total Articles: 4
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When you have decided to get a car loan in Brisbane there are a few things you need to do to make the whole process easier and less stressful.
The main things you need are:

To provide proof of a suitable income so you can repay the loan
Your ID such as your driver’s licence, Medicare card, totalling 100 ID points
Proof of your residence
Proof you’re an Australian citizen or have a residency status
Proof of your ability to save money
Schedule of your assets and liabilities

If you do not have these available it could reduce your chances of getting a loan approval
Different lenders in Brisbane have different lending criteria so your eligibility can depend on these factors

The make and model of the car
Whether the car is used or new
Your disposable income
The lender and the type of loan that you’re applying for
Your credit rating and credit history
Your assets and liabilities
Your saving history

Just because you have a bad credit rating does not necessarily disqualify you from obtaining a car loan in Brisbane, but it may make it harder to get the best possible loan>

To apply for a car loan in Brisbane with a bad credit rating you can improve your chances by:

Picking a modest car and being realistic in your expectations
Being totally honest on your application
Have some money saved up before you apply for the loan
Have a good stable employment record or at least a stable job
Show evidence you have tried to tidy up any outstanding debts
Have evidence of paying all your bills and payments on time

Types of car loans in Brisbane
There are several types of car loans in Brisbane

A secured loans that uses the car as collateral.
These tend to have lower interest rates as the lender’s money is secured
An unsecured loan that has no security and tend to be a bit higher
Another type of loan is a balloon loan where the lender agrees to pay an amount that’s agreed upon at the end of the loan
A loc doc loan is where the borrower does not have all the required paperwork to apply for a normal loan such as proof of income. Often a good credit rating and ownership of a business or property is often enough to secure this type of loan. These are often used by self employed people and may have a higher interest rate
Pre-approved car loans, this option allows you to view cars of a cost that you already have finance approved for. Often you can get a great deal this way

Length of Car Loans
Most car loans are between and seven years, with ten years being the maximum term
When you want a car loan in Brisbane it really pays to shop around and read all the fine print on different deals and compare the actual amount you have to pay and not be too concerned with the lowest interest rate as often these loans are heavy in fees and other hidden expenses. So always do your homework and compare before you sign.

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