Buying a car can be one of two things; a good decision or a great one. Investing in yourself is always a great idea. However, investing in a broker when deciding to purchase a car can do more for your financial status than you think. By investing in a professional broker, buying a car can be made easy (and affordable).

Citywide Lending want to filter the finest option for your purpose.

In saying that, things to consider prior to car finance include:

• What type of car is it?
• Are you familiar with your credit score?
• Have you calculated your debt-to-income ratio?
• Have you set financial goals? If so, what are they?
• Do you understand the implications of a loan?
• Do you have any ongoing loans?
• Can you afford to make repayments?

Purchasing a car is no easy decision. Be prepared with Citywide Lending. Let us shelter you from the stress arboured by financial strain.

Often always, applicants miscalculate the implications of loans and misunderstand the responsibility of one, especially car finance. Citywide Lending aims to ensure that you, the applicant, understand the associations of committing to a car loan.

Important factors for you to consider are:

• Upfront and ongoing costs
  • Application fee
  • Monthly fee
  • Exit fees
• Comparison of loans including
  • Rates
  • Fees

Citywide Lending appreciate that financing is detrimental to your future wealth status and want you to save money. Knowing the implications involved in financing can ensure that the decision being made is one with careful consideration and projected outcomes. Be smart, let us guide you.

There are a multitude of reasons as to why one would decide to finance a car. However, before deciding on the type of finance, you need to determine whether you want to purchase a new or used car.

Once you have established this, you can then provide reason as to why it is justifiable to finance your purchase.

Reasons can include:

• You can borrow any amount (pending on credit score and income) to purchase a car
• You have a loan term of approximately 5-10 years which allow for ample time to pay the debt off
• Interest rates for personal car loans are often reasonably lower than other loan options
• You can pay it off in fortnightly/monthly repayments
• You can obtain the finance a lot faster than other types of loans
• The application process is simple, fast and efficient  
• You have the option of a secured or unsecured loan

Pick it, finance it and own it. Citywide Lending are ready to put you in first gear.

Documentation is extremely important regarding transparency of the application from the applicant. As regulated by the Australian Prudential Regulation Authority, particular rules and regulations are in place regarding each type of application when gathering data, and are thoroughly examined to ensure that you make the perfect candidate for a loan. When preparing to gather documentation for a car loan, look to gather information regarding:

• Personal:
  • Personal details
  • Annual Tax statements
  • Bank Statements (minimum 3 months)
  • Assets + liability statements (where applicable)