In this blog we’ll go through exactly what you need to apply for a car loan with us. Whether you are after something previously loved or a new shiny set of wheels, applying for a car loan is easy and we can have you pre-approved before you start looking. Below is all the information you need to start the process.
What is required to apply?
Before applying, use our car loan repayment calculator tool to get an idea as to how much you can pay off. New customers of Horizon will need to provide two forms of ID. We can verify you when you apply online, making the process even quicker. In regards to documentation, pay slips or bank statements are generally sufficient proof of income. We may call your employer for verification of these documents.
You will also need to disclose what you currently own (existing vehicles, savings, house) and what your expenses are. These include but are not limited to: existing loan repayments, credit cards, HECS debt and rent.
How do I know if I qualify?
Your lender at your local branch will respond to your application after assessing your income and doing a credit check. We request recent payslips, as proof of income is a key factor in order to qualify for a car loan, as you'll need to prove that you have a steady source of revenue coming in to meet your repayments.
After you’re approved
Before we release the funds the car must be comprehensively insured with motor vehicle insurance. You also might want to consider getting car insurance on your old car so it remains insured while you sell it. You can choose between market and an agreed value. Get a car insurance quote from us today.
We can set you up with a future payment or payroll split so you never have to worry about manually making your repayments.
Transfer of registration if it is a second hand car. When a used car changes hands, the registration has to be transferred from the seller to the buyer. It's the buyer's responsibility to transfer the registration.
Need some extra help with planning and saving? Get in touch with the friendly team at Horizon today and let us help you on your journey.
The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant Product Disclosure Statement and Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.