When it comes to buying a used vehicle, you need to make sure you can afford the payments and that the dealer offers a good warranty. For example, a four-year warranty should include such benefits as unlimited kilometres, extended cover for wear-and-tear, unlimited claims, 24/7 breakdown assistance, and bumper-to-bumper protection.
Once you find out the details of the warranty, it will be easier to make a selection for a pre-owned car or truck. However, before you apply for financing, you need to be aware of some of the rules. For example, you need to possess at least a restricted licence if you want to qualify for a car finance.
Apply for Pre-approval
The amount you can borrow for financing depends on your living costs and income. In order to determine what you can afford, use an affordability calculator on the dealer’s website or complete an application form online. The dealer, in turn, will respond with a pre-approval and details on what you can finance.
If you have already been approved at another finance company or bank, you should still talk to a dealer that offers finance cars in Auckland for sale. By taking this approach, you may be able to save additional money on your total loan payment amount.
If you have defaulted on a car loan in the past, fill out the online application anyway. A finance manager can assist you as long as you provide all the details of your current living situation. For example, sometimes a family member is requested to fill out the finance form as well. Bank statements can also be used to show that money is regularly going into the account.
What You Need to Provide to the Dealer
If you still owe money on your trade-in, a dealer will normally pay off the loan and subtract that amount from the trade-in value of the car. Simply supply your driver’s licence, details about any other loans you may have, and three months of bank statements to initiate financing.
When you can use flexible and fast financing, you can take advantage of no-deposit finance alternatives – loan options that represent terms from six months to six years. Payments can also be made weekly, fortnightly, or monthly, and all loans feature competitive interest rates.
The repayments for the loan will depend on the amount of the loan and its length. Usually, dealers try to keep payments within a reasonable range so that applicants can handle any other pending financial obligations. In most instances, customers can be approved for a no-deposit type of car finance. Again, as long as you provide the needed details and are upfront about your financial situation, you can get the financing you need for a pre-owned vehicle.