You need a car.
Maybe your current car has finally reached the point where repairing it doesn’t make sense.
Maybe you’ve started a new job and need something reliable for the commute.
Maybe the family has grown and the small hatchback isn’t working anymore.
Or perhaps you’ve already found the car you want and the seller is waiting for an answer.
Whatever brought you to this point, the finance question is usually fairly simple:
How do I actually get finance for the car?
You don’t necessarily need to walk into a dealership first.
You don’t even need to have chosen the exact vehicle before starting a conversation about finance.
In many cases, it can make sense to investigate your finance position before becoming too committed to a particular car.
Start With the Car You Actually Need
Before thinking about the maximum amount you might be able to borrow, think about what you’re trying to buy.
For example, you might need:
a small car for commuting,
a larger SUV for the family,
a ute,
a replacement for an unreliable vehicle,
or simply something newer and more dependable.
There is a considerable difference between:
“I need a car.”
and:
“I want to borrow as much as possible.”
The first question is usually more useful.
You Don’t Have to Find the Car First
Some people start looking at cars before they think about finance.
They find one they love.
Then suddenly everything becomes urgent.
The salesperson wants a deposit.
The private seller has another buyer interested.
The car is being inspected on Saturday morning.
And now the buyer is trying to work out:
whether they can borrow the money,
what the repayments might look like,
and what information a lender will need.
There’s another way to approach it.
You can start investigating finance before choosing the exact vehicle.
What Do You Need to Know First?
Suppose someone in Thornton needs to replace their car.
Their current vehicle is:
11 years old.
It’s becoming increasingly expensive to maintain and they’ve decided they want to replace it with a late-model SUV.
They expect to spend somewhere around:
$35,000 to $45,000.
They haven’t chosen the exact car yet.
That’s enough information to start a conversation.
We can begin by understanding:
their income,
employment,
existing financial commitments,
approximate budget,
whether they have a deposit or trade-in,
and the type of vehicle they’re considering.
The exact information required will depend on the application and lender.
How Much Should You Spend on the Car?
This is where it can be useful to separate:
what you can buy
from
what you should buy.
A person might look at a $40,000 vehicle and think:
“I can afford that.”
But the purchase price isn’t the only consideration.
There may also be:
repayments,
insurance,
registration,
fuel,
servicing,
tyres,
and ongoing maintenance.
A more expensive vehicle can also mean:
a larger finance commitment.
Think About the Repayment Before Falling in Love With the Car
Imagine you’re looking at two vehicles.
One is:
$34,000.
The other is:
$47,000.
Both might suit what you need.
But the finance requirement is substantially different.
Before deciding that the $47,000 vehicle is the one you have to have, it can be useful to understand what the additional borrowing may mean for:
your repayments
and
your overall budget.
What Information Will a Broker Ask For?
You don’t need to arrive with a perfectly prepared finance file.
But expect questions about things such as:
your employment,
income,
living situation,
existing loans,
credit cards,
other financial commitments,
and the vehicle you’re looking to purchase.
Depending on the application, supporting documents may also be required.
The important thing is:
give accurate information.
Tell Us About Existing Debts
If you have:
a home loan,
personal loan,
credit card,
car loan,
buy-now-pay-later commitments,
or another financial obligation,
tell us.
Don’t leave something out because you think:
“It probably doesn’t matter.”
The objective is to understand your actual financial position before investigating finance options.
What if I Still Have Finance on My Current Car?
That’s common.
Perhaps your current vehicle is worth:
$22,000,
but you still owe:
$15,000.
Or perhaps you owe:
more than the car is currently worth.
Those are two quite different situations.
If you’re replacing a vehicle with finance still owing, we need to understand:
the current payout,
the likely sale or trade value,
and how the existing finance will be dealt with.
We’ll cover this situation separately in this car finance journey because it deserves more than a paragraph.
Do I Need a Deposit?
Not every car finance transaction looks the same.
Some buyers have:
cash available.
Some have:
a trade-in.
Some want to preserve:
their savings.
Others may be looking to finance a substantial portion of the vehicle purchase.
Whether a particular structure is available will depend on:
the applicant,
vehicle,
lender,
and transaction.
Don’t assume that because someone you know financed a car with:
no deposit,
the same structure will necessarily apply to you.
And don’t assume you must automatically use all your savings either.
What if I’m Buying a Used Car?
Used cars can potentially be financed.
But the vehicle itself becomes important.
Lenders may have requirements around matters such as:
vehicle age,
vehicle type,
condition,
value,
and other characteristics.
A three-year-old vehicle is not necessarily assessed in exactly the same way as:
a much older vehicle.
If you’ve found a used car, give us:
the year,
make,
model,
purchase price,
kilometres if known,
and whether you’re buying from a dealer or private seller.
What if I’m Buying From a Private Seller?
This is another area where buyers can become confused.
Yes, finance may potentially be available for an eligible vehicle being purchased privately.
But the process isn’t simply:
the lender transfers money to a stranger because you’ve sent through their bank details.
The vehicle and transaction need to be appropriately verified.
There may be requirements relating to:
vehicle identification,
ownership,
existing finance,
seller details,
purchase documentation,
and settlement.
If the seller still has finance owing on the car, that can also affect how settlement needs to occur.
We’ll deal with private-sale car finance separately in this journey because it’s an important search and buying situation in its own right.
I’ve Already Found the Car. Is It Too Late to Organise Finance?
No.
This happens every day.
You might be reading this while standing:
in a dealership,
at home after inspecting a car,
or sitting in the passenger seat of the vehicle you’ve just test-driven.
If you’ve found the car already, tell us:
the purchase price,
year,
make,
model,
whether it’s dealer or private sale,
and where you are in the purchase process.
Also tell us if you’ve:
paid a deposit,
signed a contract,
or made any other commitment.
Be Careful About Making Commitments Before Finance Is Sorted
Finding a car you love can create urgency.
You don’t want:
someone else to buy it.
But don’t assume finance is approved simply because:
you’ve submitted an enquiry,
spoken to a broker,
received an estimate,
or been told something “should be okay”.
If you’re entering into a purchase agreement or paying a deposit, make sure you understand:
what you’re agreeing to.
What if I’m Buying a Car on Saturday?
This is where the buying process can get interesting.
Cars don’t only get sold:
Monday to Friday.
People inspect cars:
Saturday morning.
They visit dealerships:
Saturday afternoon.
Private sellers advertise vehicles:
all weekend.
And buyers often find the vehicle they want when:
traditional business hours are over.
Thrive Broking is available to assist with car finance enquiries:
seven days a week.
That means if you’ve found a car on:
Saturday
or
Sunday,
you don’t necessarily need to wait until Monday just to start the finance conversation.
Can Car Finance Settle on a Weekend?
In some circumstances, weekend settlement may be possible.
But we don’t want to tell someone:
“Yes, your car will definitely settle Saturday.”
before understanding the transaction.
Weekend settlement can depend on:
the lender,
application,
vehicle,
seller,
required documentation,
verification,
banking arrangements,
and whether all settlement requirements can be satisfied.
So the useful message is:
contact us.
If the transaction can move over the weekend, we can work with it.
If something must wait until the next business day, we’ll explain:
what still needs to happen.
What if I Find the Car on Sunday?
Start anyway.
Don’t lose Sunday simply because:
Monday hasn’t arrived.
Information can potentially be gathered.
The transaction can be understood.
Documents can potentially be prepared.
Questions can be identified.
The sooner we understand what you’re trying to do:
the sooner we can determine the next step.
How Quickly Can Car Finance Be Organised?
There’s no responsible answer that says:
every application takes exactly the same amount of time.
Some applications are:
straightforward.
Others require:
additional information.
The vehicle may need:
verification.
A private sale may require:
different steps.
Existing finance may need:
a payout.
The lender may request:
additional documents.
The important thing is not to confuse:
fast response
with
guaranteed approval.
We can respond quickly and start investigating the application without pretending every finance application will be approved or settled immediately.
What Can Slow an Application Down?
Sometimes the problem isn’t:
the lender.
It’s missing or inconsistent information.
For example:
the income information doesn’t match the documents,
an existing debt wasn’t disclosed,
the purchase price changes,
the buyer suddenly chooses a different vehicle,
documents are missing,
or the private seller hasn’t provided the information required for settlement.
The cleaner the information:
the easier it is to understand what needs to happen.
What if My Credit History Isn’t Perfect?
Tell us.
Don’t try to hide:
a previous credit problem.
There is a big difference between:
a minor historical issue
and
significant current financial difficulty.
The circumstances matter.
Depending on the applicant and lender, credit history can affect:
eligibility,
structure,
pricing,
or whether finance is available at all.
If something happened:
explain what happened.
What if I’ve Just Started a New Job?
Again:
tell us.
Employment history can be relevant to assessment.
Someone who started a new role last week may present differently from someone who has been in the same position for:
six years.
But don’t automatically decide:
“I can’t get finance because I’ve changed jobs.”
Let the actual circumstances be assessed.
What if I’m Casual?
The same principle applies.
Don’t assume:
casual employment automatically means no.
The lender may want to understand:
your employment history,
income,
consistency,
and other aspects of your financial position.
Requirements vary.
What if I’m Self-Employed?
Tell us:
how long you’ve been operating,
how the business is structured,
and what you’re trying to buy.
A self-employed applicant may require:
different supporting information
from a PAYG employee.
If the vehicle is being purchased primarily for business purposes, the finance discussion may also move into:
business vehicle finance,
rather than simply treating it as an ordinary consumer car purchase.
That is a separate journey we’ll cover properly.
Should I Apply Everywhere to See Who Says Yes?
Be careful.
Submitting applications indiscriminately isn’t the same as:
properly investigating finance.
A broker’s role includes understanding:
the applicant
and
the transaction
before determining what finance options may be appropriate to investigate.
The goal isn’t:
send your information everywhere.
The goal is:
understand what you’re trying to achieve and investigate suitable options.
Why Use a Broker for Car Finance?
Different applicants can have:
different circumstances.
Different vehicles can create:
different transactions.
A broker can help investigate finance based on:
the person,
the vehicle,
the purchase,
and the available lender options.
That can be particularly useful when the transaction isn’t completely straightforward.
Perhaps:
you’re buying privately,
you still owe money on your current vehicle,
you’re self-employed,
you’ve just changed jobs,
you’re buying used,
or
you’ve found the car over the weekend and want to get moving.
The Car Matters, But So Does the Applicant
Two people could both want to buy:
the same $42,000 SUV.
That doesn’t mean their finance will be:
identical.
One may have:
stable PAYG income,
a trade-in,
and few existing commitments.
The other may be:
self-employed,
have an existing car loan,
and be buying without a trade-in.
Same car.
Different applicant.
Potentially different finance assessment.
Let’s Go Back to Our Thornton Buyer
They started with:
“I need a car.”
They hadn’t chosen:
the exact vehicle.
They expected to spend:
$35,000 to $45,000.
Rather than immediately buying the first SUV they liked, they started by investigating:
their finance position.
That allowed them to think about:
the purchase price,
potential borrowing,
repayments,
their existing commitments,
and what information might be required.
Now when they start seriously looking at cars, they’re doing it with:
more information.
And What if They Find the Car This Weekend?
Send us the details.
If it’s Saturday afternoon and they’ve found:
a $41,500 SUV,
we want to know:
year,
make,
model,
purchase price,
dealer or private seller,
and whether they’ve made any commitment.
Then we can determine:
what needs to happen next.
You Don’t Need to Make Car Finance More Complicated Than It Is
Start with:
What car do I need?
Then:
What price range am I considering?
Then:
What does my financial position look like?
Then:
What finance options may be available?
And once you find the vehicle:
What needs to happen to complete the purchase?
Those are the questions this car finance journey is going to work through.
Need Car Finance?
Whether you’re:
just starting to look,
already comparing cars,
standing at a dealership,
buying from a private seller,
or you’ve found the car you want this weekend,
Thrive Broking can help you investigate your car finance options.
We’re available:
seven days a week.
Tell us:
the approximate amount you want to spend,
whether you’ve already found the vehicle,
whether you’re buying privately or through a dealer,
your employment situation,
and whether you currently have finance owing on another car.
If you’ve already found the vehicle, send through:
the year,
make,
model,
purchase price,
and seller type.
From there, we can work out:
what information is required
and
what the next step is.