Posted: 12/11/2019
5 Simple Tips To Getting Your Financed Approved For Your Dream Car
We have put together a list of the most popular questions people have about getting your finance approved for a new car!
1. Will paying my bills on time affect my finance?
YES! Without a doubt paying your bills on time makes a massive difference in the finance approval process! Showing Toyota Finance that you are on top of your current payments means that you will likely be on top of any future payments.
2. Does how long I’ve had my job affect finance approval?
Again, BIG YES! Job security is another big player in the finance approval game. With most jobs there is a probation period (average 6 months but check your contract if you are unsure) where you have low job security, past this point your job security increases and will increase the likelihood of finance approval.
If you’re considering purchasing a new vehicle on finance, have a look at your current job security to ensure you in the best position to put in your application!
3. How should I come prepared to my finance appointment?
Coming prepared is so important and will help speed up the process! Finance applications are an in-depth analysis of your current and projected financial situation and as such, there is some paperwork involved.
To help your business manager and yourself get a head start on the application process, we have listed below examples of commonly requested evidential paperwork:
- payslips/proof of income
- bank statements
- identification
- evidence of residential and residential status
This paperwork is all needed to know who you are, and how you will be able to fund your loan! So have them on hand and easily accessible when you come in to see us at Sunshine Toyota!
4. Should I do a budget before I start looking for a new car?
Absolutely! This is important as it will give you a non-biased outlay of your income and expenses. A budget is an amazing tool to check in with yourself about non-discretional spending and allows you an overall idea of cash flow. From here you will be able to see what weekly/monthly repayment will fit your budget. It is also an opportunity to take action and create some extra wealth for yourself that can contribute towards a vehicles finance in the future.
Knowing your financial position will help you avoid disappointment and ensure that the loan amount that you take out won’t worsen your financial position now, and into the future!
5. How do I choose the right car?
This goes hand in hand with your budget. The right car for you will not only aid your mobility and fit your lifestyle; it will also be one that you can afford.
For example, if you are a 1st year apprentice and looking for a new car, a LandCruiser 200 Sahara may not be realistic choice for you (this is a generalisation and does not consider your individual circumstances). Remember that loan terms are 3-5 years so be sure to not only consider your current situation, but also be realistic about what the future holds for you. While $250 a week in repayments may be comfortably within your weekly budget now, consider whether it will in 5 years as well.
Your dream car won’t be one that puts you in financial strain, it will slot into your budget comfortably.
Finance available at Sunshine Toyota
Finance can be a confusing process at time, the business managers at Sunshine Toyota are here to guide you and make sure you are comfortable with the circumstance at all times!
At Sunshine Toyota we have an extensive range of new and pre-owned vehicles to suit any budget, so come down and see us today!
Want to know more? Our expert business managers have a wealth of knowledge to share, get in contact with us today to find out if a Toyota finance solution is right for you!
Did you know we have just opened the only Toyota certified body and paint smash repair centre on the coast?? Intrigued? We're not surprised, read here for more!