Car Loan
Purchasing a car is a major financial commitment, and for many people, taking out a car loan is the most practical way to fund the purchase. We will provide a clear understanding of the various types of car loans, their benefits, and clarify the criteria for approval to help you make a well-informed choice.
How can Levio help me?
- We assess your financial circumstance and calculate the amount you can comfortably borrow and repay each month. Shorter loan terms usually lead to higher monthly payments but lower overall interest expenses.
- We comparing interest rates from various lenders and take into consideration of any associated fees, such as application fees, monthly service fees, and early repayment penalties.
- You choose a loan type that aligns with your financial situation and requirements, whether it's a secured, unsecured.
What criteria does lender hold for application of car loan?
Proof of Identity
2 types of Id such as driver's license, passport, birth certificate or a Medicare card.
Proof of Income and employment
To prove ongoing income source, it can be evidenced by recent pay slips, tax returns, and bank statements.
Credit History
Having a strong credit history improves your likelihood of approval and may help you obtain a lower interest rate.
Deposit
Although not always necessary, a down payment can boost your chances of approval and decrease the amount you need to finance.
Age of the Car
Lenders typically favors newer cars that retain their value more effectively. The car's age and condition will be taken into account.
