Depending on where you live it may be a critical factor to have your own transport. If you need to be able to get around and the public transport system is not reliable or accessible enough then you really have no option other than to buy your own car. Unfortunately, we cant all afford a big deposit or a single payment that is big enough to buy a brand new car. If thats the case then you have to consider the more affordable options that allow you access to the cars that you want, without having to break your back or the bank.
Regardless of where you are in the world, the process of applying for vehicle finance is pretty much the same. To find a place that offers great deals on financing you can search the web for car loans Melbourne to give you places that are situated locally. Once you have a list of the available places then you can decide which one will give you the best possible deal. Leasing options are always the most affordable on a monthly basis, if you are unable to put down a big deposit upfront. A lease is basically like a rental option that you have for a fix period of time. The banks or finance institutions usually offer a 3 to 5 year payment plan, in which you will need to continue making payments for the entire duration of the loan. At the end of the finance period there is usually a final balance that still needs to be paid over. This is called a residual or balloon payment. You would then need to return the car, re-finance the final amount or simply pay it off as a single balloon payment. The whole idea is that you get access to a new car at an affordable rate, and you then have time to put money aside to make the final payment at the end or re-finance that small balance over the next 2 to 3 years while you continue to use your car. A lot of people are put off by the balloon payment at the end, but you need to remember that you are getting a new car right now, without having to wait for the deposit and without having to pay a large sum of cash up front.
Make sure you have a good credit rating before you apply, and ensure you have all the relevant documents with you when you get there. Try get pre-approved for a specific amount so you know what price range you are looking at and then all you need to do is find the car you really like.
Regardless of where you are in the world, the process of applying for vehicle finance is pretty much the same. To find a place that offers great deals on financing you can search the web for car loans Melbourne to give you places that are situated locally. Once you have a list of the available places then you can decide which one will give you the best possible deal. Leasing options are always the most affordable on a monthly basis, if you are unable to put down a big deposit upfront. A lease is basically like a rental option that you have for a fix period of time. The banks or finance institutions usually offer a 3 to 5 year payment plan, in which you will need to continue making payments for the entire duration of the loan. At the end of the finance period there is usually a final balance that still needs to be paid over. This is called a residual or balloon payment. You would then need to return the car, re-finance the final amount or simply pay it off as a single balloon payment. The whole idea is that you get access to a new car at an affordable rate, and you then have time to put money aside to make the final payment at the end or re-finance that small balance over the next 2 to 3 years while you continue to use your car. A lot of people are put off by the balloon payment at the end, but you need to remember that you are getting a new car right now, without having to wait for the deposit and without having to pay a large sum of cash up front.
Make sure you have a good credit rating before you apply, and ensure you have all the relevant documents with you when you get there. Try get pre-approved for a specific amount so you know what price range you are looking at and then all you need to do is find the car you really like.