Applying for a car loan is simple and easy
We've all wished we can drive our dream car someday, but for most of us it stays just that, a dream. Most of us think that you need a fat bank account, a great job or even a clean credit to buy a new car. Most of us also thinks that getting a car loan is a daunting task and some of us are just simply afraid of being in debt. Getting a car loan is actually a very simple process. With today's technology, you don't have to do a lot of leg work to furnish the necessary requirements for applying for a car loan. There are three initial requirements a lender would usually ask, such as:
Completed loan application form
Copy of Driver License
Proof of Income
Proof of Address
These requirements are readily available to you and can be sent to the lenders online without leaving your seat. The loan application form can be completed online from the lender's website. You can take a photo of your Driver License with your smartphone and send them by email or text with just a few taps. Your Proof Income could be your recent bank statement which you can download online from your online banking and email them out. Some lenders can send you a link that will allow you to send your bank statements online. You can also download your utility bills online for your Proof of Address and again send them by email or text. Once you have submitted all these simple requirements, you can just sit back and wait for the lender's decision. A positive decision would mean you've been approved hopefully for the amount you're asking for.
To tell you the truth the hardest, but most exciting, part would be choosing the car you want to buy. Having a preapproved loan does have its advantages:
You can purchase with confidence
You won't be going overboard with your budget
It can be a great negotiating tool, since the car dealer know you practically have the cash in hand and they want to get that car out of their yard
Once you've closed the deal for the car you just need to advise your lender of the car details, by sending
the signed Vehicle Offer Sales Agreement (VOSA) and Consumer Information Notice (CIN) card which will be provided by the dealer. The lender will prepare the Loan Agreement for your signature. Once the Loan Agreement has been signed, the car properly registered and insured, and no other requirements necessary, the lender shall inform the dealer of their impending pay out on your behalf. Depending on the dealer, they might allow you to drive away with the car the same day. Some will wait for the payment to show up in their bank account the next morning before they release the car.
The duration of whole loan application process from the start to finish would of course depend on how soon the lender receive all the required information from you and the dealer. It would also depend on the lender's loan procedures.
Are you still thinking of that dream car? Turning that dream into reality is actually just a few clicks away.
What are you waiting for? See what CAR AND PERSONAL LOANS NZ can do for you.
