Auto Finance

Auto Finance

Due to the demands of today’s society, owning a vehicle is no more a luxury, but rather a necessity. Hence, many seek the most practical auto finance option. Having your own vehicle makes getting to and from school, work, and other places much easier and safer. Cars are not only for personal use either but are also essential for businesses. Because many auto loan providers today offer a multitude of automotive financial services to people from all walks of life, the issue is not about whether auto car finance deals are available, but which one is most appropriate for you. When choosing which among the auto finance lenders to loan your car from, consider if the vehicle financing rates they offer are affordable and easy to apply and if the process offers you flexibility.

SocietyOne is an online lending platform in Australia for auto finance, and other kinds of personal loans, where you can conveniently browse available auto car loans based on the type of loan that you want to get. Not only will we help you find a fair automobile finance deal, but we will also help you go through the financing process more smoothly. From applying for a loan to awaiting the approval of your application, you can do everything online.

To choose which auto finance deal is best for you, it’s ideal to be well-associated with the fundamentals of obtaining one including how it works, its benefits, and the potential charges it will incur.

How does auto financing work?

Auto finance lets you buy a car without having to pay for it in a full-cash single lump payment. But auto financing is not the last resort for buying a car when you have no money. Rather, it provides you with more flexibility in your finances so you can enjoy a positive cash flow while getting the vehicle you want. Essentially, car finance lets you borrow money from the lender to buy the car you want, and in exchange, you must pay interest on top of the amount borrowed for a period agreed upon by you and the dealer. The final repayment amount is determined by factors such as your credit score and any other particular circumstances that you may request to better suit your needs.

To apply for a car loan, you must produce documents related to your personal identification, financial information, and vehicle information. You can offer your driver’s license or other identification documents that show your residential address and status. To demonstrate your financial status, you must produce bank statements or a document outlining your assets and liabilities, as well as the purchase price, registration number and VIN, and comprehensive car insurance policy of the vehicle you plan to purchase with the loan.

At SocietyOne, you can choose between two types of car loans – secured or unsecured car loan. If you have an asset to be used as collateral for your loan, a secured loan is ideal for you as you can potentially borrow up to $70,000 for loan terms up to two, three, five, or seven years. With an unsecured loan, you don’t need any type of collateral or ‘security’ to get a loan, and you can borrow up to $50,000 with loan terms of two, three, or five years.

What are the benefits of auto financing?

There are many advantages that auto finance provides compared to paying for a new car in full on the spot, including the following:

More car options

Without a car loan, you can end up buying a car that’s not really what you wanted because it’s what your cash on hand can afford. Finance deals let you purchase whatever car you want because they can cover the entire cost of the vehicle, given that you are eligible for it.

Enhance credit score

Before approving your loan application and handing you the money, lenders will need to examine your credit score for a car loan. You can create a positive credit rating and enhance your chances of getting approved for more credit in the future if you pay back a loan responsibly over the loan term. The SocietyOne platform lets you check your credit score and eligibility for free. We’ll also give you great tips on building your credit profile.

Free cash flow

Withdrawing the entire cost of your dream car from your account may disrupt your funds and general cash flow. Vehicle loans allow you to spread the expense of buying a vehicle over several years, giving you more control over your cash flow. At SocietyOne, you can borrow $5,000 to $70,000 over two to seven years.

What are the charges associated with auto financing?

Knowing what charges your auto finance may incur, on top of the principal loan amount, can help you get the best experience with your loan. Anticipate the following fees:

Interest fees

Almost all lenders charge borrowers a percentage of the loan amount as a fee for using their funds. The interest rate differs depending on the lender. SocietyOne uses risk-based pricing where you can get a low-interest personal loan the better your credit profile is.

Processing charges

You may have to pay lenders for the services they provide, such as receiving requests, processing applications, issuing the loan, and collecting monthly repayments. SocietyOne lets you compare the rates from different lenders so you can choose the best deal from them. You can also use our personal loans repayment calculator to get an estimate of your repayment amount.

Early exit fees

When consumers pay off their debts early, some lenders charge them fees. SocietyOne doesn’t charge monthly or early repayment fees, so you can complete your loan repayments whenever you want.

SocietyOne makes it easy for you to know your credit score as well as improve it and track your progress, so you can get better car finance deals. Simply create an account, which takes about one minute, and get insights from your credit report as well as tips on how to improve it. Our platform gives you unlimited access to your credit score so you can check your score and track your progress as often as you like. Aside from an auto loan, you can also get a consolidation loan, loan for students, travel loan, and many more at SocietyOne.

Check your credit score today and discover how you can unlock more auto finance and personal loan options by improving your credit profile with SocietyOne!