Obtaining car financing does not need to be difficult. It can be as easy as submitting an application online. You can also visit one of a company’s branches or give the lender a call. However, take the time to learn more about the steps needed to finance a car before starting the process.
For example, you may wonder if you can obtain financing if you still owe money on your old car. In most cases, this can be done. Usually, the finance company will trade-in the older vehicle to help pay off the existing loan. The amount is then deducted from the trade-in value.
Applying for Financing – What Documents You Will Need
When you apply for financing, you will need the following documents:
- Bank statements that cover the last three months
- A form of identification (preferably your driver’s licence)
- Details of other payments or loans that are being paid
In many cases, you can qualify for a no-deposit financing on your car. To make sure you will be approved, you should first obtain pre-approval online. The amount you can borrow will depend on your personal income and other expenses. To determine the calculation, complete an application for pre-approval so you know exactly what you can borrow.
You should contact a car loan company if you are seeking no-deposit financing or if you are in the market for a new car and want to know what you can afford. Also, you may want to contact a car financing company if you owe money on your car and are seeking a better deal.
You will also benefit from talking to a car financing company if you want to trade in your current car or if you have a credit concern.
Some of the Benefits
This financing option is available to people who work or who are self-employed, however it is often more competitive than the loan options offered by banks. For example, flexible car financing offers the following benefits:
- No-deposit financing options are available
- Loans featuring competitive interest rates
- Payments can be set up weekly, biweekly, or monthly
- Terms span from six months to six years
Go with a company that is dedicated to getting you the best loan. Always work with a business that emphasises customer satisfaction.
When applying for pre-approval online, indicate who is applying for the loan. For example, is the loan for you, you and your partner, or you and a family member? Next, you need to fill out the information for the main buyer.
You will also need to provide the main buyer’s name, address, date of birth, phone, email, and licence type. Licences are categorised as full, restricted, learners, or international. Next, choose a branch location where you wish to obtain financing. Once you have these details, you can proceed with buying a car.