There’s nothing worse than wasting your Saturday morning on hold to a lender.
Opting for online auto finance makes you the commander of your car loan. You can apply from your phone, upload your documents in minutes and get matched with one of our 40+ lenders without leaving your home.
Although it’s a lot easier, a small misstep in your application could mean a giant leap backwards. Here are the top 5 mistakes people make when applying for car finance online and how to steer clear of them.
We know that you want to find the best loan possible, but hitting ‘apply now’ on five different sites might not be the best move.
Each loan application you lodge can trigger a credit check. Too many checks in a short time will lower your credit score and make lenders think you’re desperate.
Instead, you should apply through a broker. At Loans Unlimited, we have access to 40+ lenders and can show each of them your application without any damage to your credit score. When you work with our crew you have one application, multiple lender options and no credit chaos.
Your approval’s only as fast as your paperwork. If your payslips are buried in your inbox or you’ve got no idea where your rego is, your application will be delayed.
Here are some of the most common things people forget:
Payslips or proof of income
Licence photo
Seller info and car details
Proof of address
Having your documents ready and on-hand is a step toward same-day approval. Read our full car loan document checklist for more details and bonus tips!
It’s easy to say, “I reckon I can afford $150 a week.” But there’s a lot more you have to factor in. Between the loan term, interest rate and everyday costs, things can change fast.
Before you apply, you can use our car loan calculator to get a better idea of your situation, including:
A clear understanding of your weekly repayments
How to avoid over-borrowing
Being realistic when choosing your car
If you’d prefer, a member of our crew would be happy to give you any extra information!
When you have a solid understanding of what you can and can’t afford, it shows lenders that you’ve done your homework. This will give you a better chance at a quick approval.
If you’ve already found a car you like, that’s perfectly fine! You just don’t want to sign anything before you know exactly how much you can borrow. This could create a pretty scary black hole right in the middle of your budget.
Instead, follow these steps:
Find a car you’re interested in
Apply for finance right away
Fill out the first steps of our application form so we can find you a lender and fast-track approval
This will help you move ahead quickly and smoothly, without the stress of being caught short or having your dream car sold before your loan is sorted.
While applying online is a lot quicker and easier, you can’t just hit submit and vanish. One of the biggest mistakes people make is thinking the whole process is automated.
In reality, lenders will need follow up information, clarifying documents or a quick phone call to straighten out a few details. If you can’t give them what they need, you could be holding up your own approval.
At Loans Unlimited, we assign you a dedicated a crew member who’ll keep a close eye on the trajectory of your application. They’ll keep you in the loop from start to finish, making sure you know what lenders need and when they want it.
A few small tweaks to your loan application can save you a lot of time, stress and second-guessing.
At Loans Unlimited, our crew pride themselves on finding fair and reasonable agreements at lightning speeds. We’ll always be straightforward with you about your car loan – no hidden costs.
To start your application, hit ‘apply now’ and we’ll help you chart a course that’s fast, friendly and backed by real people.
Loans Unlimited are Perth and Western Australia’s premier loan and finance brokers. We have helped thousands move towards their financial goals by offering lower rates and faster approvals when it matters. Financial services are provided by Total Biz Pty Ltd T/A Loans Unlimited ABN 78 624 937 882 ACL 506875.
* The comparison rate shown is for a secured loan amount of $30,000 over a term of 5 years based on monthly repayments. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Any calculations or estimations do not constitute an offer of credit or a formal credit quote and is only a calculation of what you may be able to achieve based on the information you have entered. It does not take into account suitable product features or loan product types. Rates + repayments shown are based on user inputted data. All applications for credit must be verified prior to the formal assessment process. All applications for credit approval are subject to lender credit approval. Approval is not guaranteed.
