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How to get Fast Approval on Car Loans

Are you in the market for a new car? Once you’ve found your dream car you won’t want anything to stop you from driving that baby home.

Now, if you planned ahead and organised a pre-approved car loan this won't be a problem and you could be driving away in your new car on the same day.

However, if you haven’t organised a car loan yet you’ll be racing against the clock, worried that someone else will love that car as much as you and snap it up first.

Try not to stress though. There are some things you can do to avoid the roadblocks and speed up the loan process, getting yourself approved quickly so you get behind the wheel sooner.

Know Your Loan

Before you apply for a loan make sure you know what you want. There are a number of loan styles out there ranging from your basic car loans to second chance finance, fixed interest rates and even balloon payments.

If you know exactly what you want you can skip all the chit chat and get straight to the paperwork.

Be Honest

Honestly, anything but the truth is going to slow you down. If you lie about something in the application process it will get found out later, either drawing out your loan application or causing it to get rejected all together.

Prove your savings

If you haven't borrowed money before it would help to have about 3 to 6 months of your account transactions printed out so you can show your ability to save. All financers need to know is that you’re going to be able to pay off the loan. If you can prove this then you’re off to a really good start.

Documentation

There are a number of documents you will need when you apply for a car loan. When you meet with the finance agent make sure you have all your paperwork on hand so you can get everything sorted out in one meeting. This includes your proof of savings, as well as;

  • Any details about the car you are buying
  • Current Australian Drivers Licence or Learners Permit
  • A recent utility bill or ATO Assessment Notice
  • Your contact numbers (home, work, etc.)
  • Proof of income (2 recent payslips no more than 30 days old)

If you've been at your place of work less than 3 months it's also a good idea to bring a letter from your boss stating the status of your employment.


Pre-approvals

Alternatively, you can get a car loan pre-approved before you go shopping. That way once you find the car you want you don't have to worry about anyone else snapping it up. Also, when you know what you can spend and can access it that day, you have a much better bargaining position for negotiating on the price.

Fill out our form & get pre-approved for a loan today!