Car Finance: From Application to Funding

Finance (verb)

1. provide funding for (a person or enterprise).

Simple right? Finance exists to allow us to purchase things we ordinarily would not be able to afford. Car finance allows us to purchase vehicles, whether they be for personal or business use, without having to save an exorbitant amount of money first. We’re afforded the ability to pay off the borrowed amount over a set time, making the process as simple as possible.

With the capability to put us in a new set of wheels sooner, car finance is something we should all consider.

After all, who doesn’t love that new car smell?

Before we document the steps for attaining car finance below, we’re going to make a few assumptions:

a) You’ve worked out a healthy budget,

b) You’ve ensured your credit rating is as healthy as it can be, and,

c) You know exactly which car you want, and how much you’re willing to pay for it (including insurance and interest rate).

If you’re unsure of any of the above, we strongly suggest you check out this article here.


Step 1: The Application


Ensure you have the following documents on-hand when working through the application:

  • A valid copy of driver’s licence will be required to verify your identity.
  • Lenders will need to know you can handle the payments when you are granted the loan, so be sure to have proof of your monthly income or bank statements available.
  • The lender may need to know you live at the address listed on your driver’s licence, so ensure you have documents to act as a proof of residence. This could be something as simple as a gas or water bill.

It’s a good idea to get your finance pre-approved BEFORE you find the car you want to buy.


Step 2: Find The Car


If buying a used car you can buy the car privately to avoid going going 15 rounds with a car salesman at a dealership. If buying a new car you can either go to a dealer or avoid the hassle by using a Car Buying Service.

Once you’ve agreed on the price, it’s time to finalise your car loan..

In most cases, if you’ve provided all the documents above, finance can be finalised within 48 hours (often, within 24 hours).


Step 3: Funding & Fine-Print


Once your finance payment has gone through to the seller, all that remains is some paperwork to transfer ownership to you. Most car dealers will release the vehicle as soon as they receive confirmation of the finance payment.

If you’d like to start your car finance journey, or just have a few questions, the team at Auto Car Loans are here to help. Feel free to give us a call on 1300 301 051 or reach out at any time at [email protected].


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