CAR LOAN FINANCE: SOURCES AND DISCOUNTS

2007-03-08 10:33:40

( Financial )



Owning a car is a necessity in this modern fast track world. Individuals shop around for car loan finance to start the process of owning a car. Having the right information is necessary when applying for car loan finance. Personal car loans usually require proof of current employment and tax returns. Business car loan, on the other hand, requires more detailed information such as balance sheet, tax returns, cash flow projections and business plan. In short, lenders want to make sure that they have the necessary information to prove the ability of the applicant to pay for car loan finance.

It will do you good if you keep copies of your deposits and ATM transactions to support financial data requested by your lender for your car loan finance application. It is also useful if you have kept copies of your previous loan applications and approval documents to show potential lender your loan records. Also, it will save you from paying fees from requesting these documents from your bank or lender.

Non-banking Sources

Finance car loans can be sourced through credit card financing. It is more easier to get and more flexible in terms of repayment schemes. However, you will have to pay for higher interest rates compared to applying loan from banks. The same might also apply when you access car loan finance from car dealers. Dealer finance might turn out to be more expensive and more restrictive terms and conditions.

Looking beyond the services of the bank for car loan finance will provide you a lot of options in selecting from a wide range of financial providers in the market. Credit unions, building societies and mortgage originators offer a wide range of packages for car loan finance.

Discounts

Banks and credit unions usually offer discounts for clients who have availed a wide range of financial services from them. Interest discounts, bonus on term deposits, waiver of savings account fee and waiver on credit card annual fee are the discounts usually offered to these valued clients. You might want to check this out from your lender if you are one of these clients.


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