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Financing Used Cars

Sydney Low Doc Car Loans

When looking for car loans, it is often easier to get approved if you are purchasing a brand new car over a car dealer. This is because lenders see the cars being a security against the loan you would like to undertake. Purchasing a used car, however, will require a little bit more in order to get the finance approved by sydney car loan companies.

Of course not everyone can afford to get a new car, but opt to find a cheaper used car either with private sellers or car dealers. Many lenders will put a limit to the car to be no older than 5 to 7 years of age. This depends on how the lenders see the risk against the car you are about to purchase in case they need to reposes the car in the future due to lack of fund for car repayments.

These limit of the car age can be negotiated with the lenders provided that the cars being purchased are in good conditions and you can prove this. This will of course will depend on the lenders, as different lenders will have different criteria on which used cars they allow to have finances allowed.

If you are purchasing a used car from a private seller, make sure you talk to the lenders first as many lenders do not approve finance on this basis, but will require additional requirements. So talking to the lenders you will be able to find out what these requirements are and make sure that you can satisfy them.

Getting a car loan approved for a used car might have a little more requirements when compared to getting a new car. So it is best if you speak to car loan specialist in order to find out which lenders that will fit your loan intention and also which lenders that will provide better deals on car loan interest for your car.

Ready to get your dream car financed? Give our friendly Sydney Car Loans office a call on 1300 856 846.