Car Finance
People with a regular income and minimal existing debts, which they are paying off consistently, can apply for a standard car finance. This type of car loan usually comes with a low interest rate and higher flexibility. This makes sense because the bank or financial institution lending the money can be quite sure that they money they lend will be repaid within the specified timeline.
When applying for these loans you will usually need to supply records of tax returns, bank statements or payslips. Your employer may be contacted to confirm your employment and you will need to have been constantly employed for a minimum time period, depending on the lender.
A credit check may be carried out to see if you have defaulted on any previous loans or credit cards. The lender will also want to be sure that if you have existing loans such as a mortgage or personal loan, that you income is sufficient to afford the repayments involved with a new car loan.
The terms or length of the loan will depend on the amount of money you need to borrow. Different lenders are more or less flexible to meet the needs of borrowers when it comes to the length of the loan.
Rates for this kind of car loan still vary greatly from lender to lender, so a broker such as Ezi Finance can help you find the loan with the lowest interest rate and flexibility in terms to suit you. To get a great car loan quickly, call us now or make contact through the simple enquiry form on this website.