Getting finance has become an increasing need these days and it makes it all the more harder if you are unemployed.

Most financiers will only consider you as an applicant if you are currently employed. You need to show evidence that you are committed in paying off your debts and can afford it on a regular basis. Financiers want to feel comfortable that they will receive their money back on time and in full. Another factor you should keep in mind is that lenders automatically allocate a part of your wage towards your children if they are under the age of 16. If there is no excess money left, you will be left with no capacity therefore unable to cater for a new loan.

Other factors that are taken into account are:

-          Your living circumstances: That is, if you are renting, own a house, mortgage or boarding.

-          Previous loan history: All payments are paid on time without any defaults.

-          Credit History: Financiers will check your credit history for defaults, bankruptcies and if you have made yourself a busy credit file. If you have done more than 5 applications within the year, this may destroy your chances of getting financed.

If you are after a small amount i.e. $500 you may want to consider a pay day loan. However, if you are wanting $5000 or more you should consider working at least part-time to show that you will be able to repay your new loan.

If you are a pensioner or receive government funds it is advisable that you speak to a consultant before you start applying anywhere.  There may be another way around, for instance: having a co-borrower or taking out a joint application, however these circumstances are quite rare when unemployed.

If you wish to have a chat about your options, don’t hesitate to contact us and one of our staff would be more than happy to assist. You can find us at www.natloans.com.au or give us a call on 1300 955 791.

Technorati Tags: car finance options, finance broker, quick finance, tips to buying a car

Finding the best car loan can be a challenge.  Since the GFC (Global Financial Crisis), there is a shrinking pool of car financiers available.  So what does this mean to the consumer?

It means more than ever, it is important to do your research on the best way to finance your shiny new car, before leaping into a commitment.

Car Dealerships only offer one financier – that is, one size is suppose to fit all.  How do you know this is the best deal you can get?  Particularly when they have sold you on the car, pushing you into ‘instant’ or ‘easy’ finance, may seem convenient and get you into the car sooner.  However, be aware of the high price tag.

Now more than ever, it is important to have your finance lined up before you set foot in the car yard.  By obtaining pre-approval on your car loan, you are in a better position to talk price on the car.  And if they don’t budge on price, walk out the door.  Competition is fierce and dealers want to move stock, particularly when it comes closer to the end of each month.  Or alternatively, look at a private sale car.  There is no ‘middle man’ mark up and as long as you know what you are looking for, you can save yourself hundreds even thousands.

There are still plenty of competitive car loans on offer.  It’s a matter of knowing where to find them. Since the changes in National Credit Licensing of Finance Brokers, a lot of ‘rogue’ brokers have left the market.

The ones that remain have access to an excellent range of loan products which the normal consumer would be unable to access.  Natloans is one of these who for the last 10 years have been putting their clients into great car loan products no matter what your profile is. It’s worth while giving them a call to discuss options are available with an experienced consultant on 1300628562 or visit www.natloans.com.au.

Technorati Tags: car dealerships, car finance options, new and used car loans, pre-approval car loans