Tips for Improving Your Chances of Getting Approved for a Car Loan

Newsroom

Tips for Improving Your Chances of Getting Approved for a Car Loan

Oxcel Finance
January 11, 2024

Tips for Improving Your Chances of Getting Approved for a Car Loan

Taking the proper steps and having the correct information can make all the difference in getting the loan you need to purchase that car of your dreams.

1. Get In Touch With Oxcel Finance

With our top-notch customer service, competitive loan offers, and streamlined application process, you can be assured that you're getting the best deal. Get pre-approved quickly and easily, and enjoy an improved chance of being offered a car loan in no time. With flexible payment options and low-interest rates, Oxcel Finance makes it easy to get the car of your dreams with minimal effort in Australia.

2. Find a Guarantor

By having someone co-sign the loan, you can help show lenders that you have another responsible party in the mix who has agreed to take responsibility for the loan if payments are not made on time. Not only could this lower your interest rate, but it also helps demonstrate your trustworthiness as a borrower, making it easier to secure an auto loan regardless of your credit score.

3. Improve Your Credit Score

This is done by regularly checking your credit report, keeping balances low, paying bills on time, and paying off debt when possible. These are just some helpful steps to take before applying for a car loan to intensify the likelihood of being approved. Taking these proactive steps will also make it simpler to compare quotes later on so that you can choose the best options for your financial situation.

4. Only Apply for Loans You Can Afford

This means assessing the amount you expect to be approved for and evaluating what other debts or loan repayments you have to factor in each month. Making sure you're on top of this will give you a better chance of finding a loan that fits your budget and making timely payments. Knowing your price range before you go into the dealership ensures that you invest in a vehicle that matches your budget.

5. Shop Around for Lenders

It's a simple step that can make a big difference in your chances of being approved, as it increases your options and helps you find the best rate to suit your budget and needs. Different lenders have different requirements and criteria for car loans, so taking the time to shop around can help you find one that meets your qualifications. Oxcel Finance has a qualified and experienced team of finance brokers who can help you make the right financial choice.

With these tips and advice, you'll be more informed in putting together an application that can guarantee a favorable outcome.