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Home Blog Sydney Car Loans Blog: Tips to Get Approved For Your First Car Loan

Sydney Car Loans Blog: Tips to Get Approved For Your First Car Loan

It’s a big milestone in life when you buy your first car. Most likely at this stage in life, you’ll have no credit history. You may be a full-time student or you may only be working casually or part-time. You can see why it may be difficult to get car finance when you’re in this position. However, there are some things you can do to improve your chances of getting a car loan approved to buy your first car.

Firstly and most importantly, you should be looking at cars that are within your budget. You need to look at your income and work out how much you can afford in repayments (weekly, fortnightly or monthly).  Work out how much money you need in a car loan and when you’ve done that, you can use our Car Loan Calculator to work out what your repayments would be.  Don’t limit yourself to looking at a particular website either. Look in papers as well as various websites to see where you can find the best buy.

It’s not just the car loan repayments you need to factor in when budgeting. You need to think long term and take into account running costs of the car. How much will fuel cost, how much will it cost to service, register, insure, replace parts etc.

If you currently have credit card debts or any other debts, it will improve your chances of getting a car loan approval if you clear them off. If you don’t get an approval, be careful of how many loans you apply for. Rejections can become black strokes against a clean credit history.

Here in our Sydney Car Loans office, we’re happy to provide advice on car loans and help you make the right choice. Give us a call on 1300 856 846.