You Don’t Want To Make These 7 Mistakes!
A broker may be able to help you choose the right loan, however, you must do some research before choosing a broker.
If you’re wondering how exactly to purchase a car, truck, boat or motorcycle once your loan has been approved, look no further. Tiger Finance has put together this handy guide so you’ll be able to know how to purchase your asset in no time at all.
Once you have been approved for a loan, the funds will generally be released into either your or a dealer’s possession. This might depend on your lender, or where you have organised for the funds to go. Once the funds have cleared, you can begin to shop for your asset, and decide whether or not to go for something new, or sued. This will usually depend on your budget, and what your dealership offers. You can then negotiate a price once you have chosen your asset, and once that is agreed on, you can sign your paperwork.
Read on below to find out more about the process of getting a loan for an asset, and how to use that loan to purchase a car, truck, boat or motorcycle.
A vehicle or boat loan is a loan that you can use to purchase a vehicle or a boat. After conducting background checks, a lender will approve you for a loan, which you can then use to purchase your asset.
Depending on the type of loan that you are applying for, the loan process might differ slightly. Generally, though, you will fill out your application and supply your lender with your documents. You may need to provide your lender with a few different documents compared to what is listed below, but usually, lenders will need to see:
How long a loan should take to get approved generally depends on which lender you are applying with. Waiting times will generally differ depending on your lender, although you may be able to ask for a time frame estimate when you apply. Some lenders may only take a day or two to approve your loan, and some may take weeks.
When you receive a loan for the purchase of a car, motorcycle, truck or boat, the funds can be deposited in one of two ways. The loan is either deposited directly into your bank account or given directly to your dealer or seller. The way that your funds are given could depend on your lender and their usual standards of practice. Before you go ahead with your loan, it might be best to check with your lender if this a concern for you.
Once the funds have been deposited, you generally will need to pay back your lender with interest. How long repayment will take might vary due to the type of loan you have been approved for, the current interest rates, and your loan terms.
Generally, you should be able to purchase any vehicle that falls within your budget, and your loan amount. You might find that your lender does not put too much thought into what kind of vehicle you are purchasing with your loan and that it is up to you. However, if you receive funding from a dealer associated with a certain brand of vehicle, you will probably find that you must stay within their products.
If you’ve decided to purchase a car, a truck, a motorbike or a boat, you need to consider whether you will purchase it new, or used. Buying a new vehicle or boat gives you the ability to pick and choose exactly what you want, as well as giving you peace of mind of knowing that no one has owned it before you. However, new boats and vehicles are generally more expensive than their used counterparts. Buying a used boat or vehicle is usually less expensive, although given that they are pre-owned, are likely to require more frequent maintenance and repairs compared to something new.
Once you have decided on whether or not you will buy new or used, you will be able to purchase your boat or vehicle. This can be done through a dealership, or through a private seller. Generally, where you purchase your asset is up to you, provided your lender is not part of a dealership themselves. You can then negotiate a price, and sign your paperwork to claim ownership of your vehicle or boat.
In four simple steps, you could have the perfect loan that you’ve been looking for with Tiger Finance. Call our finance experts today for an obligation free consult, where we will tailor-make a loan to suit your needs. We will then negotiate with hundreds of lenders on your behalf, before getting you approved and settled in your new loan.
It’s never been easier to get the right vehicle loan. Through our many partnered lenders, we can have you approved and settled in the right loan in no time. We offer fast and easy applications, competitive rates and simple applications. We’re also bad credit experts, so if you’ve been denied funding from traditional lenders, we can help get you approved.
Contact us today to speak with one of our loan specialists for your free loan consultation.
A broker may be able to help you choose the right loan, however, you must do some research before choosing a broker.
A broker may be able to help you choose the right loan, however, you must do some research before choosing a broker.
A broker may be able to help you choose the right loan, however, you must do some research before choosing a broker.
A broker may be able to help you choose the right loan, however, you must do some research before choosing a broker.
Our vision is to make it simple and easy for every Australian to get the funding they need to achieve their big life goals.
National Home Loans Group Pty Ltd trading as Tiger Finance | ABN 57 168 971 346
Tiger Finance Credit Representative: Kiara Patricia Halley | Credit Licence: 468465
*Interest Rates: Conditions, fees and charges apply. Interest rates are subject to change and will vary. We cannot guarantee that the interest rate advertised on our website will be the one offered to you. Interest rates offered will be dependant on your situation.
*Consolidating high-interest personal loans and credit cards into a lower-interest home loan may result in significant savings on interest for some consumers. However, this solution may not be suitable or accessible to everyone.
*The approval timeframe is varied. Approval time is subject to change depending on your circumstances or loan type. Processing times may be subject to your lender.