By Jamie Moore Google+
An area customers need to consider when they wish to have the very best chance in getting accepted for a car loan is the actual type of vehicle they select.
With our panel of lenders we often find that a case is turned down simply as showing as having too much risk for the vehicle selected. If a car has excessively high km’s on the clock then it stands a much greater chance of breaking down and costing the borrower funds to repair – in this case it is often the monthly repayment that suffers as the customer struggles to juggle their funds.
What to consider;
When choosing your vehicle you should aim to ensure that it has the least number of KM’s that your budget can cater for and that the total amount doesn’t exceed 250,000.
If a car or van is overpriced then should anything go wrong with your repayments and the lender has to take the vehicle back – they could be stuck trying to sell an overpriced unit. The closer a cars valuation is to the trade cost the better or if you have your heart set on something then a higher deposit will be needed.