Car Finance

How Do Lenders Calculate Car Loan Borrowing Power?

How Do Lenders Determine How Much You Can Borrow? Lenders assess the following: ✔ Income Stability – A higher, stable income leads to higher loan approvals.✔ Debt-to-Income Ratio (DTI) –...

How Much Should You Spend on a Car Loan? The 28...

What Is the 28/36 Rule? The 28/36 rule is a golden standard in car finance, helping you avoid overborrowing. 📌 According to the rule:✔ No more than 28% of your...

How Car Loan Pre-Approval Works & How It Affect...

What Is Car Loan Pre-Approval? Pre-approval is a conditional loan offer from a lender, stating how much you’re eligible to borrow. Benefits of Getting Pre-Approved:✔ Helps you set a budget...

New Car vs. Used Car Finance: Which One Is Better?

New Car Finance vs. Used Car Finance: What’s the Difference? 📌 New Car Finance:✔ Lower interest rates (typically 5-8%).✔ Longer loan terms (up to 7 years).✔ Higher vehicle cost =...

How Do Lenders Approve Car Finance in Australia?

What Do Lenders Look for in a Car Loan Application? 1️⃣ Credit Score & History – The higher, the better.2️⃣ Income & Employment – Stable income = higher approval chances.3️⃣...

Can You Get an Unsecured Car Loan in Australia?

What Is an Unsecured Car Loan? An unsecured car loan allows you to borrow money without using the car as collateral. 🔹 Pros: No risk of repossession.🔹 Cons: Higher interest...