Used Car Loans Adelaide Residents Can Apply Online For.
Found your dream car at one of Adelaide’s used car dealers, but don’t have enough cash to pay for it?
Used car loans Adelaide residents need can be applied for online, in under 1 minute, you could even be driving your car today if you qualify and have all the required documentation ready!
At Houston Finance Adelaide, we have experience with, knowledge of and relationships with lenders who are looking to approve car loans for used cars everyday.
As one of Adelaide’s largest finance brokers, we follow a proven system for accessing car loan applications, preparing them for lenders to look at as quickly as possible.
All lenders have a different ‘appetite’ when looking at used car loan applications. Knowing, through experience which of the lenders on our panel like used car loans; and knowledge of their lending criteria, helps us know where to place the loan to get the best outcome for our customers.
Sometimes a lender may be ‘sitting on the fence’ with their decision. This is where our strong relationships with lenders gives us and our customers the advantage. Our thorough process and due diligence is respected by our panel of lenders, which has over many years tipped the decision in our customers favour.
Typical Features Of Used Car Loans
The following is a list of features most used car loans have.
- Used car loans are most often examples of ‘secured personal loans’, the used car is taken as security over the loan,
- Used car loans generally have a loan term of 5 years,
- Used car loan interest rates given by lenders are generally lower than unsecured personal loans, due to the added security, but may be higher than new car loans depending on how the car ‘books’ and the age of the car,
- Small, past credit problems can be overlooked, especially if other parts of the application are strong, but can affect the interest rate, depending on the nature of the default.
Important Note: It is a legal requirement, not a lenders condition that while under finance the used car is covered with comprehensive car insurance.
Applying For Used Car Loans – Adelaide
When applying for used car loans Adelaide residents should keep the following points in mind to give yourself the best chance of an approval.
- Do not lie!
Our analysts, or the lender looking at the application will find out the truth and as soon as that happens the question asked will always be “What else are you hiding?”
Lying on applications is the single biggest reason applications for used car loans are rejected, not because of the piece of information that was lied about, ironically most applications would be approved if the true facts and honest explanations were told at the beginning.
Remember we are working for you to get you the best outcome possible. Help us help you, by telling us the ‘whole’ truth.
- Be Prepared and Don’t Rush!
If you do apply online (form below) you will have the opportunity to speed up the application by submitting a number of documents that you can upload from your computer.
If you spend the time to gather the required documents listed below and send them through at the same time as you apply, either online or by fax, your application will be answered quicker.
Required Documentation For Unconditional Approval
Gathering the following items together, most lenders ask for, most of the time, ready to send through to us will speed up the application process and will be required for an ‘unconditional approval’.
- Details of the used car; make, model, year, any features the used car has above standard,
- Copy of the used car dealers contract, signed subject to finance approval,
- Enlarged, CLEAR copy of your driver’s license,
- A home owner/mortgage holder, will need to supply current council rates notice,
- If you are renting, supply copy of your rental tenancy agreement,
- If you are employed, 2 most current pay slips,
- Current savings account bank statement.
If you’ve had problems repaying loans in the past, you may have defaults listed on your credit file. An approval may still be possible, but you may be required to pay extra deposit to increase the security position for the lender.
Take a look at the page about bad credit car loans Adelaide residents can apply for to read important information about applying for used car loans in Adelaide with a bad credit history.
Apply For Used Car Loans Online
Every customer would like to be approved for a used car loan with the least amount of effort.
We can help with that!
Once we have received your details, we will check your credit file and give you a call to discuss your options.