Drive Down Your Payments - 6 Benefits of Refinancing Your Car Loan

https://www.foxfinancegroup.com.au/blog/drive-down-your-payments-6-benefits-of-refinancing-your-car-loan/

Purchasing a new car is an exciting experience. After all, it is a purchase that has a long-lasting impact on your life. Whether you’re buying a new car to enhance your daily commute, provide extra space for family road trips, support your business needs, or give you the freedom to explore Australia’s stunning landscapes, choosing the right vehicle is undeniably a life-shaping decision.

Amid the excitement, it’s easy to rush ahead, and before you know it, you’re holding the keys in your hand—along with a new monthly commitment to manage. As the cost of living in Australia continues to rise, car loan repayments that initially felt manageable can start to stretch your monthly budget, especially when expenses like fuel and insurance have continued to climb. With transport costs up 10.5% in the financial year ending June 2024, many Australians have felt the pinch and are looking for ways to ease the financial pressure.

Improve & Protect Your Credit Score for First-Time Car Loan Approval

For many Australians, the prospect of getting a car loan can stir up both excitement and nervousness. While choosing the perfect car feels like a step toward freedom, the concern over whether you’ll get approved for the loan and the amount you need can overshadow that excitement. A key factor that can make or break your application is your credit score.

Whether you’ve been declined before or are just unsure where your credit score stands, we understand the anxiety you may be feeling and are here to help you understand your credit score, so that you can be confident you’ll get approved first-time and don’t miss out on your dream car!

The worries and anxiety about your credit score can feel like a roadblock standing between you and the car you’ve been dreaming about. You don’t want to miss out on that perfect vehicle because you’re uncertain about your credit score. The fear of being denied a loan can stop you from taking the next step. “What if my application is denied? What if my credit score isn’t good enough?” These are looming questions for many people we speak to.

It’s important to remember that despite these concerns you can take action, even if you have no idea where your credit currently sits, it’s never too late or too early to build your score.

10 Ways to Make Your Bank Statements ‘Approval-Ready’ For Car Finance

With lenders required to ensure they are lending responsibly, bank statements have become a key part of car finance assessments over the past few years. This is primarily because bank statements show not only your monthly expenses and spending habits but also your account conduct, allowing lenders to better assess the likelihood of missed repayments in the future.

For most people, the thought of a lender looking through your bank statements might be overwhelming and confronting. With so much information about your spending and account habits displayed in your statements and each lender analysing and using the data differently, it’s natural to feel uncertain. Given that most lenders don’t make their bank statement assessment process available to view, people are often left wondering things like, “Will they find something I’ve overlooked?” and “Could this affect my chances of securing the loan I want & need?”

You’re not alone in feeling this way. Every day, our team hears from people who share similar anxieties about their Bank Statements. The good news is that here at Fox Finance Group, our experienced team of Lending Specialists can walk you through exactly what lenders look for and how they will assess your statements, removing any feelings of anxiety or confusion and giving you the clarity and confidence to secure the car finance you need!