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Tips on Taking Out NAB Car Loans
Cars, whether second-hand or new, are expensive. When buying one and you don’t have the necessary funds to make the payment upfront, NAB car loans are something worth looking into. Unless you have saved up quite a considerable sum over the years to pay cash for a car purchase, you’re going to need some financing help in covering the costs. While dealerships do offer financing solutions for buyers, the fees involved can be quite humongous. If you have made up your mind about buying another car, knowing what financing options are out there for you is essential. If you want to avoid dealer financing and want to save as much as you can especially on commissions, fees and interest rates, a NAB car loan is always worth looking into.
Features of a NAB car loan
Taking out a NAB car loan comes with a number of benefits. Reviewing these features before making a decision is essential so you know you’re getting the best deal.
- Customize your loan
A NAB car loan gives you the opportunity to tailor-fit the loan depending on what you need. Customers can borrow between $5,000 and $50,000 and choose from a loan term of 1 to 7 years. Interest rates can either be variable or fixed. If you availed of a variable rate loan and you have been paying extra, you also get the opportunity to redraw some of your money, especially on those instances when you may need some extra cash.
- No early payment fees
It’s quite common among lenders to penalize borrowers with exit fees if they end up paying their loan way sooner than their agreed term. However, if you take out a NAB car loan, you can trust that there will be no early repayment fees that will be charged if you do decide to settle your debt early.
- Flexible repayment
You have the option to set up your repayment more or less frequently, depending on your preferences and budget. Choose from monthly, fortnightly or weekly repayments. If you want to make repayments in a lump sum, you can choose to do so too without any extra fees involved.
- Fast processing
The loan document processing is carried out online, so there’s no need for you to come and personally visit any branch to submit your documents— making it more convenient for you.
How much is the interest rate?
Part of securing a car loan is working out how much the interest rate is going to be. For NAB car loans, the rate is determined based on the details you have provided upon submitting your application. In addition, your credit report is also going to figure into the equation. Needless to say, the better your credit score is, the more competitive the interest rates involved will be as well.
Variable vs fixed rates
You have the option to go for a car loan with a fixed rate or one with variable interest rates. A fixed-rate car loan ensures that the interest rate is going to stay the same for the duration of your loan term. A variable loan, however, fluctuates. This can affect how much the minimum repayment is going to be. People who avail of the variable car loan setup will also have the chance to redraw some of their money— something that might be handy for those financial emergencies.
How do I get approved for a car loan?
Taking out a car loan would require a bit of effort on your end. While your credit score is going to play the biggest role on whether you’ll get approved or not, there are some things you can do to ensure that you are going through the process the right way.
Make a large down payment
Take advantage of the deposit down option and come up with the biggest amount you possibly can. This slashes the amount you need to get as a loan and will incredibly help lower your loan rates as a result. Remember, the higher the loan amount, the higher the rate as well. If making a large deposit down is something you can do, make the most of it.
Stick with what you can afford
Expenses involved in buying a car don’t stop after driving away from a dealership. In fact, it’s just started. Aside from petrol and maintenance, you’ll also need to cover car registration and insurance and stamp duty among others. That’s on top of the repayments you will need to make. So, always factor in all these miscellaneous expenses into the whole equation to determine whether the amount you’re planning on borrowing is reasonable and affordable enough.
Know the loan requirements
Remember that different lenders impose different requirements for the car loans they offer. You may easily afford to purchase a new car. However, if you fail to meet the requirements set by the lenders, they are likely to turn you down. Pay attention to the documents they need too. Getting everything organized before sending your application will help increase your chances of approval.
Work on your credit score
Lenders will really put a lot of weight on your credit rating when deciding whether they would approve your loan application or not. A bad credit rating will make you a high-risk borrower in the eyes of any lender. It helps to get all the debts under your name paid off and cleared before applying for a car loan. The less debt you have upon the time of the application, the better chances you’ll get approved.