Singh Finance - Trusted Name in the Car Loan Market

Buying a car is not like buying a pair of shoes or a shirt. So, don't think you can find your favourite car and the perfect car finance deal in one day. Finding the most suitable car and car loan is a time-consuming process. But, you need not get overwhelmed by the endless car financing options available in the Australian market. You can take help of Singh Finance, the Australian finance brokerage firm that will support you in finding the car loan of your choice.

Singh Finance is known for providing prompt services and affordable car loan options to its customers. Its finance experts are experienced in understanding the needs of Australian car buyers. So, don’t worry if you are looking for dealer finance or personal loan. The firm is well-equipped in handling your car needs.

“Before you start looking for your new or used car, you should seek assistance from Singh Finance and let a specialised and professionally qualified finance broker calculate your budget and let you know how much you will be able to borrow”, said Singh Finance Compliance and Risk Audit Manager Frank Zelasko.

Singh Finance can assist you in finding the right car and the car loan at the best possible price. It is a licensed finance brokerage firm and so, it has access to the services of well-known financial institutions.

Singh Finance will consider car dealer finance & alternative car finance sources and help you in choosing the ideal one. It has been of tremendous help to car buyers in obtaining following car finance options:

1. Personal Lease

This financing option offers a flexible loan term ranging from (one to five years), and the interest rate can be lower than other car finance options. You can select the residual value that suits you, which will give you a lower monthly repayment.

2. Car Loan

It enables the lender/credit provider to take security over the car that you are buying to protect their loan.

3. Personal Loan

It can be secured or unsecured. If you opt for a secured personal loan, it will not be secured against the car you are buying.

4. Chattel Mortgage

If you are thinking of using the car for business purposes, you should consider a chattel mortgage. It is also an ideal option for sole traders, partnerships, companies, trusts, and ABN holders. The lender/credit provider will use the car as security for their loan.

Singh Finance has a wide range of car financing options to help you. Its expert finance brokers will play a crucial role in finding you the perfect car and the right car loan deal.

How to become Successful in obtaining Car Finance?

An automobile is not just a means of communication. People are passionate about it and their love for the four-wheeled beauty is eternal. If you want to buy a car of your own, here’s some help. The car financing guide will provide you information about the entire process. It will aid you in obtaining a successful finance deal. It includes a list of factors that you should consider before taking a decision. So, let’s start.

Be ready

Financing a car is not like buying a new pair of shoes or a shirt. You will have to be ready with few things.

• Borrowing Capacity

Good things come to those who wait and prepare. So, don’t think you can find your favorite car and the perfect loan package in a day. Before you start looking for your new or used car, you must sit and calculate your budget. Know much you will be able to borrow. Also, ascertain your monthly payments. You can use online calculators for this purpose.

• Documents

A. For PAYG Employed Applicants - Copies of recent 2 pay slips and the Group Certificate for last financial year are required

B. For Self-Employed Applicants - Copies of the last 2 years Tax Returns including full financials

• Deposit

The dealer may ask you to pay a deposit so that he can reserve the car for you. Deposit is ten to twenty per cent of the car loan amount. It is not a small amount. So, you should spend some time in getting together money for it.

What’s available?

Before you start searching for the low rate car loan package, you must have knowledge of the car financing options that are available in the market. There are two main sources of car financing.

1. Car Dealer Finance (i.e. provided by the car dealer)

2. Alternative Car Finance (i.e. provided by banks, credit unions, finance companies, etc.)

After you decide the source of financing, you will have to choose the car financing product. There are a number of car financing options to consider. To make your decision process easier, here is a list:

• Personal Lease

It is an ideal option if you are using the car for personal purpose. The lease term can vary from one to five years. It is available with both fixed and variable interest rate. Its rates are lower than other car finance products. It is possible for you to select the residual value and opt for lower monthly repayment.

• Car Loan

A car loan enables the lender/credit provider to take security over the car that you are buying. It helps them in protecting their investment. To get approved for a car loan, you must purchase your vehicle from a licensed car dealer. You have the benefit of choosing a long term loan (up to seven years) as well as the residual value.

• Personal Loan

These loan packages can be secured or unsecured. If you opt for an unsecured personal loan one, it won’t be secured against the car that you are buying. The interest rates are slightly higher but, you get benefits of flexible loan terms and simpler approval requirements.

• Chattel Mortgage

It is an ideal option if you are using the car for business purpose. The lender will use your car as a security. Sole traders, partnerships, companies, trusts, and ABN holders use this option.

The loan term ranges from one to half a decade. It has low interest rates. The monthly payments on the chattel mortgage option are eligible for tax deduction.

So, these are the available options. Once you choose the car finance option, you can apply with a lender or dealer. But, don’t be in a hurry. Take ample time in deciding on the things mentioned in the car finance guide. It will help you in choosing a best finance deal.

Remember that Rome was not built in a day.

Don’t know where, when and how to start seeking your low rate car finance solutions? Singh Finance’s professionally qualified finance and mortgage experts will find you the perfect car finance solution package at the right price. Contact us today on 0424 190 908 and make an appointment to have an obligation free assessment.

Obtaining Car Finance is now Easy

Buying a car is easy when you have car finance. But, the world of finance can seem very confusing for a buyer. There are several options to consider. You have to make many calculations. And, you have to take several decisions. But, don’t get overwhelmed. Your perfect car financing guide is here. It will help you overcome all the obstacles and aid you in finding the most beneficial financial solution.

Your Financial Capacity

There is no point in finding your favorite car and then knowing that you cannot afford it. It is important to research and prepare a budget before beginning your car search. So, before you start looking around for a new or used car, use online calculators to ascertain:

• How much you may be able to borrow, and

• What your monthly payments will be

Your Credit History

Not all lenders offer car finance packages to people with default history. But, there are some lenders/credit providers who will consider your car finance application. They will take into consideration the following situations:

• When the default was listed

• When the default was paid

• The reason for the default, and

• The situation that has led you to default

So, if you have a default history on your credit file, make sure you apply with a lender that offers bad credit car finance. Also, know everything about the default. It will help you in answering any question asked by the lender.

The Purpose

Tax implications and car finance options are different for different purposes. Wrong choice can cost thousands of dollars in loan fees, extra interest charges and penalties. So, take some time in deciding the use of your car. If you are going to use the car predominantly for personal use, then you will have to apply for a personal loan or car loan. And, if you are going to use it for business purpose, you will have to obtain another type of loan package.

Source of Car Finance

Choosing the right source of car finance for your new or used car, can be complex and time consuming. So, don’t take a hasty decision. Understand them in detail and then select an option.

1. Dealer Car Finance

Many car dealers offer finance to buy a car. If you are considering "dealer car finance" as an option, you should ask the car dealer some questions, such as:

• What is the dealer's interest rate?

You should compare the dealer's interest rate with the interest rates of other car finance options. It will help you in choosing the best rate.

• Do you have to pay a balloon payment at the end of the dealer car finance loan?

Balloon payment is a type of mortgage in which you have to make a large payment at the end of the loan term. Lower monthly payments are offered to the car buyer because of his agreement to make a large payment later.

• Is the price of your new or used car negotiable?

In most cases, the price of your new or used car is not negotiable with dealer car finance. So, check this before signing the loan contract.

2. Alternative Car Finance (i.e. from banks, credit unions, finance companies, etc.)

There are numerous Alternative Car Finance options and products that you should consider. Here is a list of the most common alternatives.

Option 1 – If the car is used for personal purposes

(A) Personal Lease:

The personal lease product allows for:

• A flexible loan term ranging from 1 to 5 years

• Fixed or variable interest rate

• The interest rate is generally lower than other car finance products

• You can select the residual value that suits you, which will give a lower monthly repayment

(B) Car Loan

A car loan enables the lender/credit provider to take security over the car you are buying. The key details are:

• Your vehicle must be purchased from a licensed car dealer

• A flexible loan term ranging from 2 to 7 years

• You can select a residual value, which can reduce your monthly repayment

(C) Personal Loan

These loans are also called unsecured loans. The car that you are buying is not used to secure personal loan. The key details of personal loans are:

• Flexible loan term

• Simpler approval requirements

• Slightly higher interest rates

Option 2 - If the car is used for business purposes

(A) Chattel Mortgage

This unique car finance product uses the car that you are buying as security. A chattel mortgage allows for:

• A flexible loan term ranging from 1 to 5 years

• Lower interest rates

• A tax deduction, because the car you are buying will be used for business purposes

The chattel mortgage car finance product is used by:

• Sole Traders

• Partnerships

• Companies

• Trusts

• ABN holders

After you decide on all the things mentioned in this car financing guide, you can apply with a lender or dealer. Remember that don’t take the first deal that is offered to you. Take some time in understanding every aspect of the car financing package. Don’t forget these tips because they will ensure that you get a tension free car finance package.

Make car financing easy with pre-approval from Singh Finance. The Aussie brokerage firm has an experienced team of finance experts who will find the best car finance package for you. For an obligation free assessment, please contact on 0424 190 908 or “Enquire Online Now.”