By 1800Approved Finance Solutions

11/24/2017 Getting a car loan approved is very exciting but with that new car comes a new financial responsibility. Before applying for a car loan, make sure that you are prepared for it. Fees, charges and maintenance costs can be a burden if you are not prepared for them.
Lenders are obligated by law, to determine your financial capability but you can try and check it for yourself using the tools below.
Budget planner
What is does;

• Shows you where your money is going.
• Allows you to determine if you have enough money for a new car loan.
• Allows you to determine areas where you can save money.

https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/budget-planner
Savings Goals Calculator
What it does;

• Shows you the time needed to reach your savings goals.
• Enables you to plan your finances to achieve your goals.

https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/savings-goals-calculator
MoneySmart Cars App
What it does;

• Allows you to determine the cost of buying and owning a vehicle.

https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mobile-apps/moneysmart-cars
Money Health Check
What it does;

• Lets you know if your finances are under control and suggests steps to take in order to improve your finances.

https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mobile-apps/money-health-check
Vehicle Loan Calculator
What it does;

• Allows you to calculate your estimate monthly repayments.

http://www.freeloancalculator.com.au/
Companies You Should Not Deal With
What it does;

• List companies and individuals who are not licensed by the ASIC. These are the companies or individuals who call or email and offers investment opportunities or a loan. Check this list before dealing with any finance company.

https://www.moneysmart.gov.au/scams/companies-you-should-not-deal-with
PPSR Motor Vehicle Search
What it does;

• Allows you to check if a used car is in danger or repossession.

https://transact.ppsr.gov.au/ppsr/QuickVINSearch
Preparation is the key to success in all things including getting a car loan. Once you know your financial capabilities, you will be confident enough to apply for the car loan and confident enough to own and enjoy your new vehicle.