Car Loans Perth

Car Loans Perth

When it comes to car loans Perth, there are certain points you should hit before signing onto a loan. Having a road map, as it were, will help you make better decisions when the time comes to commit to monthly repayments – but don’t worry, the list is easy to keep track of.

Here are some points you absolutely shouldn’t forget when you ask around about car finance loans.

What should I keep in mind before getting a car loan?

The first thing to keep in mind before you shop around for car loans Perth is that you should already have a car and its average market value in mind.

This may seem like common sense, but it never hurts to already have an idea of what you want to use your vehicle loans for, especially if you’ll be paying them off for a few years.

It would also help to have a solid idea regarding what state your dream car is in. Is it a brand-new vehicle? Is it second-hand or a vintage one? Will there be any repairs needed, or can you drive the vehicle off the showroom floor or out of the garage with no problem? Adjusting your online car loan to include any prospective expenses (like repairs or paperwork) may be more manageable financially than taking on different loans for multiple purposes at once.

When you’ve done all of your research on your desired car and your chosen credit provider, budget your online car financing repayments realistically.

If your dream car is out of your budget, consider getting an older model or saving up for a down payment before taking a loan. For second-hand or collectible vehicles, it never hurts to try and negotiate prices to a number or payment scheme that all parties involved will be satisfied with.

Finally – and most importantly for car loans Perth – stay on top of your monthly payments. If your loan type requires asset security, your dream car may be repossessed if you default on your dues. Similarly, if your unsecured car loan has a late payment charge, you may accrue higher car finance rates or penalties than you have budgeted for.

Choosing between secured and unsecured loans

The type of online car financing you choose may dictate how much ease or difficulty you experience with maintaining your repayments for your car loans Perth.

At SocietyOne, we offer both secured and unsecured loans. Their key difference is the asset security requirement; secured loans need them, while unsecured loans do not.

For unsecured loans, we have a minimum loanable amount of $5,000 and a maximum of $50,000, payable in two-, three-, and five-year repayment periods. For secured loans, we have a higher maximum of $70,000, to which you can repay for up to seven years. You can apply for either loan type through our website or mobile app – the process is 100% online, and we can have your Perth car loans reviewed within the hour.

We also don’t require any monthly or early repayment fees – you only pay us the amounts disclosed in your loan agreement. This way, you can plan any future advance payments without worrying about any ongoing fees or charges.

What would help increase my chances of getting approved for car financing?

A healthy credit score is always a good bet when it comes to improving your loan approval rates.

Good credit habits lead to excellent credit scores, which in turn lead to better credit opportunities – and we’re not just talking about car loans Perth or other personal loans. Your credit rating can put you at the front of the line for rental or housing properties, as well as give you bargaining power for commercial investments and assets.

SocietyOne’s Credit Score tool is a powerful service we provide that can help you get your credit score where you want it to be. Through this tool, you gain unlimited access to credit score previews through our credit reporting partner Experian. We also have a club that is available for registered SocietyOne users. It won’t cost you anything to join and is completely obligation-free, meaning you don’t have to commit to any car loans Perth to join, and there are no membership fees to pay.

You also get free access to in-depth credit management resources and insights on managing your credit. If you’ve wanted to get your credit score back to healthy ranges but haven’t an idea where to begin, the Credit Score Club is an excellent place to do so.

Sign up for the club and get your score.

What is the lowest credit score to get an auto loan?

There are many car finance companies that specialise in unsecured loans for borrowers with less than ideal credit scores, often offering low-interest car loans. However, there are high risks involved in borrowing from these types of lenders, key among them being the high-interest rates often levied into their loan agreements.

If your goal is to save money on low-interest rate loans, look instead for the overall comparison rate of a credit offer. Comparison rates show you the details of what you get paid out and what you repay monthly. These will typically include any additional fees or charges separate from your loan’s overall interest.

For our loan products, our personal loans repayment calculator includes a comparison rate and interest rate table, so you can estimate your possible monthly payments and determine the ideal loan amount for your car loans Perth.

Effective credit products at SocietyOne

SocietyOne is a registered online loaning provider with an Australian credit licence, offering efficient and competitive credit products to thousands of clients in the country. Since our enterprising start in 2012, SocietyOne has diversified offerings, ranging from guarantor personal loans to green loans.

We have also expanded into consumer lending and brokerage. Clients interested in consumer lending investment can register their intent to invest in loans through our website.

Our team at SocietyOne is dedicated to making your experience with auto loans as smooth and hassle-free as we can make it, and our award-winning loan products are a testament to our commitment to that goal.

Take advantage of our competitive rates for car loans Perth. Check your rate with us today!