Car finance is a way of paying off your new car in easy regular payments rather than in one hit on purchase day. The cost of using this service is the interest that you are charged. At Car Finance we also offer finance for most other vehicles such as trailers, tractors, boats etc.
Payments can be made to coincide with your pay day so that funds are always available. The term in months can vary from one loan to the next and this can be discussed.
Determining what you can afford per repayment (whether this be weekly or monthly) will set your budget for how much you can spend on a vehicle.
There are some things that are a must with regards to gaining approval for car finance. These are as follows:
- At the minimum a restricted driver’s license
- Be over 18 years of age
- Have the ability to afford the loan payment as well as your everyday living costs
- Have a steady form of income
- Not be currently bankrupt or have just completed a no asset procedure