Car Finance / Car Loan – Frequently Asked Questions

Having a deposit for a car loan is not mandatory and not common. However, it can help you secure a pre approved car loan and reduce your repayments depending on the lender. Some vehicle finance lenders will insist on a deposit when you apply for a car loan to help reduce risk. A deposit can help applicants with a bad credit score get pre approved for a car loan. Although, some vehicle finance lenders don't accept deposits and penalise borrowers who attempt to pay off their car loans early. Look for lenders who offer low interest car loans with no deposit car finance needed. Some have an establishment fee and a monthly Loan Admin fee on top of the easy car loans. Other costs may apply as declared on our website under car loan finance fees. To go past a prequalify car loan, means you are trusted to make repayments.

When signing up, you have the option to choose how long the cheap car finance term is. For example, the shortest option is 12 months, and the longest is 60 months for a vehicle finance term. The repayment amount is a fixed annual interest rate once you have a pre approved car loan. Car loan repayments need to be made by direct debit from your specified bank account on a set date. If you decide to pay your loan early before the term ends at any point, you can. Although, some car finance companies charge an early settlement fee due to you not completing the full car finance term. Look for lenders who offer flexible and easy car finance where you can change your contract around. For example, should you want to reschedule payments or make an early settlement on your auto loan with ease.

Motor vehicle finance is when you agree to get a car loan from a finance lender. Accepting the motor vehicle finance deal means you will need to pay back the amount borrowed, plus interest and fees. Motor vehicle finance options include banks, online lenders, finance companies and car dealerships. Taking the time to research and compare the best car finance deals could save you money significantly. Once choosing a lender with the best car finance deals, you’ll make monthly payments until the car loan gets paid. Each new or used car loan financing repayments go towards the principal and interest payment. Expensive or cheap car finance repayments are determined by the loan and car’s purchase price. The APR is one of the main factors to consider when looking for low interest car finance. The loan term and whether it is new or used car finance can affect your interest rate.

When you apply for car loan, the process is easy with our online auto financing application. When trying to apply for car finance, you need to provide a list of documentation. Firstly, you will need to prove your identity to car finance providers with a driver licence or passport. Secondly, you’ll need to provide bank statements to prove you can afford low interest car finance repayments. In some instances, when you cannot provide bank statements or payslips, motor vehicle finance providers may contact your employer. Thirdly, lenders require your address history for the past three years when applying for car loan finance. Once you apply for an auto loan, our experienced motor vehicle finance team will email you back in 24 hours. The email will entail if you qualify for pre approved car finance.