There are times in life when you just need things to be done fast.
When it comes to buying a new car, this is often the case. Maybe you’ve found your dream ride, but you’re facing competing buyers and don’t want to let it slip away. Or maybe you urgently need a new car for work purposes.
Whatever the reason, fast car loans are an option for those who have no time to waste.
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What is a fast car loan?
A lender provides a fast car loan when it can generally approve and transfer funds to the borrower quickly.
As to how quick ‘quickly’ is, that could depend on the lender and the borrower’s needs.
Usually, the time it takes to reach a decision depends on the lender and whether the application is a simple one. If the lender needs more information or additional documents from you, you may need to wait longer than expected.
At RateCity, we consider a fast car loan to be one that generally has a turnaround time of up to 72 hours.
Due to tight competition in the car loans market, it’s not uncommon for lenders these days to offer speedy service to win your business. If this is a priority for you, be sure to compare turnaround times from multiple lenders when shopping for a car loan.
Remember, it pays to do thorough research, compare different loan options and calculate a loan’s total costs. By doing so, you could be putting money back into your pocket over time. It’s rarely a good idea to rush things and overlook important details.
What are the pros and cons of a fast car loan?
- You may be able to secure funds for your car faster, so you could hit the road sooner.
- The application process is relatively fast, easy and is usually online-based, with potentially less paperwork (if any).
- You may be put on a higher interest rate and/or charged higher fees for the faster turnaround.
- Lenders may still take longer if they need more information from you.
- Not every lender provides fast car loans or express services.
- Approval for car loan is not guaranteed.
Can a car loan pre-approval help me buy my car quickly?
If you need to buy a car quickly but haven’t decided which car you want, pre-approval may help speed up the loan process.
Pre-approval is when a lender agrees to lend you a certain amount of money before you purchase a car. Keep in mind that you still need to provide all the usual information required to the lender, even if you’re just applying for pre-approval.
The beauty of pre-approval is that buyers gain a better idea of what a lender is willing to actually lend them. That knowledge will help them avoid over-stretching their budget. Plus, as the approval is conditional and not a guarantee, it allows you or the lender to back out if the situation changes.
Note that pre-approvals often expire after a certain period. After the car loan pre-approval expires, you’ll need to either apply for it again or go for an unconditional loan, so it’s best to get pre-approved when you’re seriously shopping for a car.
While pre-approval is not required for a car loan, it may be helpful for some people if they’re still shopping for a car. If you already know exactly which car they want, a pre-approval won’t be able to help you buy your car faster.
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Yes, you can get a car loan with bad credit, although you’ll probably find the process trickier and dearer than that experienced by people who have good credit histories.
You can find a number of lenders that specialise in bad credit car loans. However, make sure you compare bad credit car loans before you sign on the dotted line, because not all car loans are alike and having bad credit may mean you are more likely to be hit with higher fees and interest rates.
If you have bad credit, it’s important not to take out a car loan unless you can afford the repayments because a default could further damage your credit rating. Conversely, if you make all the repayments and repay the loan successfully, your credit rating might improve.
Being a student is tough enough, and while you might find the odd student discount on movies and technology, the same can’t be said about car loans, as you can’t really get a discounted student car loan.
Lenders make money on the interest and fees that they charge with loans, and the lowest interest and fees are given to the most reliable credit holders: people with excellent credit history.
As a student, you are unlikely to have enough on your credit report to warrant an excellent history. There are however, ways of getting a lower interest car loan if you can’t get an interest-free loan from the bank of mum and dad. One way of doing this may be through getting a guarantor car loan, which can get you a secured car loan by setting your parents up as guarantors.
Even if you’ve been denied a car loan before, you might still be able to get car finance. The key is to make the right application to the right lender.
The ‘right’ application is one that makes you look like an acceptable risk, which might include things like improving your credit score, increasing your savings rate and accumulating a bigger deposit.
The ‘right’ lender is one that deals with borrowers like you. For example, while some car loan lenders only deal with good credit borrowers, there are others that specialise in bad credit or poor credit borrowers.
If you already own a car, you could potentially bring down the cost by selling your car in the process. Before that happens, though, you’ll need to find out how much your car is worth.
One of the first places to find this value is to research the value of your current car, giving you an idea of roughly how much it’s worth in its peak condition.
There are plenty of websites that offer a free online valuation, allowing you to enter your car’s make, model, year, badge and description, with results listing a price guide based on both selling your car privately and through a dealership.
Of course, dealerships will try to profit on your trade-in by buying it for less than they can sell it, making it highly unlikely that you’ll get the same price selling a car to a dealer as you would selling a car privately.
However, private car sales can be costly and can take months to sell, making car trading more convenient with a guaranteed return, even if you may not be able to realise the total value of your car’s worth.
Remember that everything is negotiable. If the dealership is offering you less for your trade than you wanted, try to negotiate elsewhere to gain that money back. Start by negotiating on the price of the trade and then ask them if they can give you a further discount on your new car.
There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.
Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.
Lenders that provide bad credit car loans tend to be smaller challenger lenders rather than the bigger banks.
Bad credit car loans are a niche product. The bigger banks tend to focus on mainstream car loan finance for borrowers with better credit histories. That’s why smaller lenders tend to be the ones that provide bad credit car loans.
Bad credit car loans can have high interest rates and fees, so it’s important to compare options before submitting an application.
Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.
A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.
Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.
To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.
A bad credit car loan is a car loan for borrowers who have ‘bad credit’ or a bad credit history.
Some lenders refuse to offer bad credit car loans, because they believe there is an excessive risk that bad credit borrowers will not repay their loans. However, other lenders are willing to provide bad credit car loans.
Generally, these lenders charge higher interest rates for bad credit car loans than ‘prime’ car loans, reflecting the higher level of risk. Bad credit car loans may also have higher fees than prime car loans.
However, the big advantage of a bad credit car loan is that it allows borrowers with bad credit to access finance. Another advantage is that it could help bad credit borrowers improve their credit rating, assuming they make all their repayments on time.