Bad Credit Car Loans Melbourne
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Bad Credit Car Loans Melbourne

ByDarin Hindmarsh

Applying a car loan with a bad credit record is usually impossible for the lenders to approve. Typically, lending companies measure the risks they put into a client. In most cases you must have a stable job and source of income to ensure that you are able to pay your car finance consistently. This would also allow you achieve or improve the positive credit on your file. If you do not have this kind of standing, you have less chance on getting financed by banks or lenders. Our car loan products are available for both regular debtors and people with bad credit records. We offer a refinance opportunity here in Melbourne with low interest rate. This is a way to give chance to Australian borrowers who have been denied by lending financiers. If you are one of these people, take advantage now by calling Intellichoice – 1300 55 10 45. Our well-trained loan specialists are available to listen and evaluate your situation. In this way they can help you improve your bad credit. If you really qualify, we can help you succeed on the application. Getting a bad credit car loan approval is not easy if you don’t ask for professional support such as ours at Intellichoice. This is also the best way to ensure you can choose better options from our network of lending companies.   For you to maintain a good credit standing, you must be a responsible borrower. This means paying your credit and loans regularly. Being on time on your monthly repayment obligation will enable you to keep a good impression on your credit history. This will reflect on your credit standing for the loan providers to see. Having the least debts by eliminating most of them will also allow you to efficiently finance other important needs. This is the best thing you can do for the lending financiers to give approval. In addition, creating numerous sources of income also allows you to be a low-risk client for the lenders. Having a high and steady income also enables you to have access to better deals. Still have questions? Call our office now for us to help you get approval for a bad credit car loan here in Melbourne.

Bad Credit Car Loans Sydney
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Bad Credit Car Loans Sydney

ByDarin Hindmarsh

High-risk borrowers have now nothing to worry about in getting a loan here in Australia. High-risk borrowers mean lending customers that are having negative credit score on their record. There are many of them living across the continent. And sad to say, some have become hopeless. But things have changed for them. For as long as they can comply with the requirements, they will be surely granted funding. This is what our company does; we work to help people get a loan approval from the lenders. We believe that people have different reasons for having bad financial management. Just because they cannot handle their finances effectively, doesn’t mean they are irresponsible persons. Many of these borrowers just need a clear understanding and more insights. We believe that many of them deserve to get another consideration and most probably, professional help. That’s why they need to have opinions about our company’s perspectives. That’s what our service is for; we exist to help the so-called high-risk debtors to “get back on the track” again.  Are you one of those people? Are you really determined to get a car? You must continue reading this article. If you are planning to get a car loan here in Sydney, there is a company that can help you make that happen. It is called Intellichoice. Through our bad credit car loan offer, we help Australians who are having a negative credit score. Call – 1300 55 10 45 – now and we will help you secure a car without having to resort for a high interest rate. Our program is designed to help clients fix their credit standing while also connecting them to the willing lenders from all over the country. We simplified this process to make it more plausible. All they need to do is cooperate with our team of loan specialists. But before we can guarantee your approval, you must make sure that: These are the only requirements we need from you. Forget about those stressful paper works. Never worry about the exhausting legwork again. We have a group of credit staff ready to receive your call and help you organize everything! But before we can proceed for your application, we must first need to learn about your credit standing. That is, you need to call our experts and tell them your credit history. We will assess your financial situation to see how we can get you through the process. 

Bad Credit Home Loans Melbourne
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Bad Credit Home Loans Melbourne

ByDarin Hindmarsh

Have you been rejected for a home loan? Do you have a poor credit history? You don’t need to worry now because Intellichoice is here to help you! According to Veda, a credit rating agency, there are over 600,000 Aussies having “high to extreme risk” of credit default. Many of these clients experienced loan rejections from various lenders of the country. If you are one of these people, you still can be qualified for a bad credit home loan here in Melbourne. Most of the times, these types of loans are known as “non-conforming loans” or “subprime” loans. However, not all bad credit home loans are subprime products. This type of financial product is designed to help people like you get their dream home for their family. In Australia, credit financiers assess risk based on the client’s credit report. It is part of their standard application and approval procedures. This usually takes month to complete. You may be required 20% deposit to offset the risk lenders take. It is also called 80% LVR (Loan to Value Ratio). Lenders do this all the time to secure their end of the bargain. If you are currently having problems with your credit, this is a better offer for you to get a loan. So, if you are interested to apply for a home loan, start calling our number now – 1300 55 10 45 – so that we can get you on your first steps. We have a network of financiers that offer bad credit home loan to qualified applicants here in Melbourne.     If you want to get a fair deal for this type of loan, you must talk to one of our mortgage brokers today. At Intellichoice we make sure that our clients will get the most of our quality service. Just be sure to provide all the necessary information and requirements. We believe that Australians deserve a good chance in getting a mortgage to finally purchase their dream home. As a mortgage company based in the land down under, we would like to make a significant contribution to its economic growth by helping our fellow Aussies get sure loan approval. We have established a strong relationship with the most dependable lenders around the continent. Our group of loan experts is trying their best to maintain this good reputation by working hard day and night.    It would be very helpful if you would talk to our loan specialists. They will take you through each step carefully on finding your bad credit home loan of choice. They have been trained to “circumnavigate” effectively on the process for your sure approval. Through this strategy, lenders will consider your application.  They will grant loans based on the product that suits your needs.

Bad Credit Home Loans Brisbane
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Bad Credit Home Loans Brisbane

ByDarin Hindmarsh

Giving favor to borrowers who have bad credit history is not really a bad thing. Most of us people undergo financial difficulties at some point of our lives. It is important for each of us to consider the situations on a case to case basis. All of us commit mistakes on our financial decision sometimes. All of us deserve a second chance. At Intellichoice, we are committed to help people who are having a hard time getting loan approval. We do this without asking too much. This is the reason why we are here, and it will always be like that. This is our purpose. We would like to send a message that it is not the end for people who have negative credit score. That is why we have loan experts who are always willing to listen and provide credit advice. Intellichoice has been known for this and this also makes us effective. For more than two decades, we help people get loan for very cheap interest rates. Many times, we have lifted people who have been denied for a loan; allowing them to rebuild their lives for the second time. This made them changed and started to be a responsible payer. For as long as they show that they can manage to organize their financial matters again, we will always be here to support them.     A home is one of the most important possessions for a person. Without this, it is very difficult to live and actualize yourself and your dreams. That is why we have a bad credit home loan offer in Brisbane for people who have been in a financial crisis. We created this for people who have been denied by strict lending companies here in Australia. We know that because of this situation, many of them have become desperate to get help. If you are one of these people in Brisbane, you don’t need to worry anymore. Call this number – 1300 55 10 45 – and talk to our well-trained staff so that we can help you with your application. With everything secured and prepared such as requirements, credit file, etc., Intellichoice can help you materialize your dream. Having your own home is a very great achievement, we all know that. If we can see that you really deserve this, we will help get you connected to our loan financiers.  We will guide you through the process. Our years of working with them have created a strong bond that helped many debtors in Brisbane succeed on their mortgage application.

Bad Credit Home Loans Sydney
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Bad Credit Home Loans Sydney

ByDarin Hindmarsh

Intellichoice is a loan and credit management company that is committed to serve Australians. It has been established to assist people with bad credit record, help them get loan approval, and support them on its maintenance. All around Australia, we have built a strong network to loan financiers that are ready to release funds to appropriate borrowers. This is the most important strength of our company that is why we are doing our best to maintain this. Our honest reputation has been very crucial to this connection. We earned the trust from lenders which other loan assistance companies failed to do. This is the reason why we are continuing to be helpful to our clients. Satisfied customers come back to us and still patronize our service because of its efficiency. They don’t just get financial support; they also receive helpful information from us on how to handle credit and finances properly. Just remember, with Intellichoice, bad credit record is not the end of it all. We are here to give chance to people who are willing to fix their credit file. Our assistance cannot be found or experienced in other companies. This is what makes us popular here in Sydney. Helping Australians is the main priority of our business. Our workers have pledged to keep this oath. They will do everything to help clients; thus, to keep this company efficient and successful. They will make sure customers get most of the advantages from our services. If you are planning to apply for bad credit home loan here in Sydney, call this number – 1300 55 10 45 – and talk to them. Some tips to keep your credit positive: Manage your debt Financial challenges sometimes can be so overwhelming. If you do not have other people to help you, you will probably give up or might settle for uncertain decisions. This is very unhealthy for you not only financially but also psychologically. However, you don’t have to worry now because we will certainly help you. We are here to guide you to your financial success. Just call us now and listen to our experts’ advice about your concerns. Once you understand our loan offer clearly, then you can decide for yourself!  We don’t want to promise you so much; you can confirm that yourself once you decide to use our service.

Bad Credit Loans Guaranteed Approval Brisbane
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Bad Credit Loans Guaranteed Approval Brisbane

ByDarin Hindmarsh

It is important to seek advice from loan experts regarding your credit management and finances. It is necessary to ask questions about its different aspects so that you can strategize and plan. Managing your credit is not a simple task; you must equip yourself with enough knowledge and understanding. You must do the work yourself but also, you must find the right allies. On this matter, you can connect with Intellichoice to get a proper assessment. Loans are not easy to manage that is why it is our main concern. That’s what we’re here for. We can help improve your financial standing and get you connected with the right mortgage financiers around Australia. At Intellichoice, we can help people with bad credit records. We make sure everybody who’s applying can have real benefits from the loan. We listen carefully to our clients’ needs. We treat our clients equally by providing the same amount of assistance and services. Intellichoice helps select the best loan products according to their needs. We work for our lending partners as much as we work for our clients. Satisfied clients mean effective business; happy lenders mean efficient assistance. These are interconnected. These are the principles we have at Intellichoice! We keep this by constantly improving our staff’s expertise and by carefully assessing our clients’ finances.     If you want us to help you get sure approval for a loan, first you must talk to our staffs about your current credit file. Dial 1300 55 10 45 to get started. If you have been denied of loan for so many times, we can help you identify possible reasons for this. With careful analysis, we can help explain why this is the case. If you have a bad credit record, we can help you fix and improve it. If you cooperate with our mortgage specialists, everything will be OK.   You can have a good chance of funding access. Our range of lending experts here at Intellichoice is always available to listen and aid our customers. The kinds of lenders we have partnered with are always more than willing to offer loan approval to the right borrowers. Mostly, the reason for disorganized credit and finances is mismanagement. This is due to a person’s lack of troubleshooting skills. The values given to credit scores determine the rating. That is why it is important to consult our experts at Intellichoice as they have the right tools to recognize glitches. Unpaid bills, personal loans, and bad credit transactions, in general, leave long term impact on your record. It is necessary to work on them as early as possible before applying for a loan. Financiers often choose responsible borrowers. But with our experts’ assistance, there is an opportunity. There is a big chance that you can fix this and succeed. Disapproval from lending companies will not happen if you work with us.

Business Loans Melbourne

Business Loans Melbourne

ByDarin Hindmarsh

Many people who applied for a business loan in Australia have been connected to the wrong type of mortgage brokers. Instead of helping them get approval, they made things more complicated by failing to provide a thoughtful service. Oftentimes, we hear stories about regrets and disappointment from these clients themselves when they do apply for us. This usually happens when people don’t do their own research and comparisons for the many competing companies in the industry. They do not want to take advantage of their imagination and they refuse to listen to their intuition first. Keep in mind that if you’re not being vigilant, most companies just lure you, but they won’t really listen and care for your business situations and needs at all. Instead of sympathizing and offering their hands so to speak, they just come to you for profit. This should be stopped. This isn’t new here in Australia, though. Many people are getting ripped off by their mortgage brokers through many unspoken terms that are designed to extract so much money from their customers. Thousands of dollars have been put to waste leaving unsuccessful accounts on the client’s history book.    However, this can also be both faults by the borrowers and the loan assistance company. It is important to take responsibility for your own survival. If you are going to apply for a business loan here in Melbourne, choose Intellichoice.  You will get effective support. This is a fact! Things like those do not happen to our clients as we provide them with proper guidance on crucial procedures regarding the loan application. We work with our conscience.  We make sure we deliver them the best service so that we can be an efficient instrument to achieve their goals in the market. We act as their resiliency tool against many odds by giving them unlimited access to our expertise. If you are ready, you won’t really need to hesitate for our business loan offers here in Melbourne. We take care of the legwork, paper works, and most of the time, the brain works. We have established very useful loan strategies through the years that others are just too young or too inefficient to accomplish. We have a group of smart loan specialists armed with motivation and brilliance that could make things happen for your business. Intellichoice takes good care of clients like you so that you are not going to go astray. We will help you fix problems on your credit file, small or big. We can help re-write your credit history by taking the most appropriate steps. We have intentionally established a selection of reliable loan financiers who are willing to help people in Melbourne.  So, what are you going to do? Call now at 1300 55 10 45.

Business Loans Sydney

Business Loans Sydney

ByDarin Hindmarsh

A business loan is one type of financing you can avail to meet your business needs. This will help your business improve and grow. This can be very helpful for you to get everything you need for your operation such as machinery, tools, computers, or vehicles. It enables you to boost your production or even fund your workers’ training to improve your services. If you are thinking of getting a business loan here in Sydney to develop your service, call our company Intellichoice now to make it happen. Just dial 1300 55 10 45. In Australia, many lending companies provide strict terms for business or any type of loan. This is usually the case. If you are not smart and patient enough to look through all these company offers, you might end up losing more on repayments. Instead of thriving financially, you might possibly go bankrupt. That is why we are proud to claim that Intellichoice has changed this. We have made the deal easy for borrowers like you. Through our system, we helped borrowers and lenders alike to get what they want. Through creativity and resourcefulness, we have developed a very efficient scheme.     Types of business loans: Inventory finance – this is an asset-based loan that enables businesses to use inventory as collateral to get a revolving line of credit. This line of credit is also used to buy additional inventory. It is also used to help business get through fluctuations in cash flow. Plant loan – it is used for buying new and refurbished industrial machinery for business expansion requirements. Equipment or machinery loan – the kind of loan used to buy equipment secured by the equipment itself instead of using your house or other business assets. Vehicle loan – this is a kind of loan used to buy a vehicle for the business. This is usually designed as an installment loan secured by the value of the vehicle being purchased. To be more effective in your financial management, it is advisable to plan. Planning will make you see all the possible situations to happen. This will also enable you to foresee solutions in advance. In planning ahead, Intellichoice has many useful ideas to provide. If you agree to work with us, our loan experts will help you with this. They can assist you with essential knowledge on how to organize and even fix your credit and finances. Through this, you can save time and effort and gain more insights on how to successfully manage them.

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Car Loans Brisbane

ByDarin Hindmarsh

If you are to get a car loan in Brisbane, Intellichoice has some recommendations for you. Before you decide, we would like to help you figure out how to get the best deal available. There are many car loans offers here in Australia and choosing the right one is quite tough and time-consuming. But with our help, you are now on your way to getting the best! By providing you the most important considerations, you will have the power to choose the most affordable product for you.  Loan Rate The first thing you must consider is the loan rate. For many borrowers, this should be the most priority. You can work on finding the lowest interest rates available in Brisbane by checking different loan management company websites. Utilizing the internet is a big help in doing your research; this is a miracle of our time. Check out Intellichoice website to find out the cheapest loan rates available in Australia. Loan Amount The second one is the loan amount. You must choose the lowest amount because it also has the lowest monthly repayments. For sure it depends on your needs but as always, the lower the better. You might want to consider a used car or a least new model for your car to avail a lower loan amount. Loan Terms The third is the loan terms. You must select the mortgage that has the shortest term because it also has the lowest interest rates. With this concern, Intellichoice is the right answer. Call our staff now (1300 55 10 45) and find out why. Fees and Charges The next things you must ponder about are the fees and charges. You should compare the difference between those offers. Although lenders differ from each other, generally the ones that have few fees and charges are the best ones. It is very advantageous to compare and determine the different car loan offers. But if you want to save time, check the Intellichoice’s offers first. Cheap loans are not really that hard to find at all. In Australia, common fees may include but not limited to: The last question you must ask yourself is, “how about the affordability?”. To determine if you can afford the offer, compare it with your income. You must know if you really have the financial capacity to pay your monthly repayment obligations. The mandatory expenses required by the lending companies vary from case to case. That is why it is a very wise decision to carefully organize your monthly finances – home, food, bills, emergency expenditures, children’s education etc. before you decide to choose an offer. If you think your monthly income is enough to cover all the necessary repayments, then you know that you can continue the application. For as long as you think that you can still afford to live comfortably with the remains of your income, then for sure, you can afford the loan. If you don’t know how to effectively do this, call our loan experts now and ask for their support.

Understanding Personal Loans Australia 2019

Understanding Personal Loans Australia 2019

ByDarin Hindmarsh

Much like any types of loans, personal loans Australia function in the very same way. Basically, personal loans help in financing your short term or long term monetary needs. You acquire some money from a lender or a traditional bank. Both you and the lender will need to sign a contract to repay your loan in equal increments within a specific agreed period. Your monthly payments will comprise of the interest, fees, and principal loan. Should you make your monthly payments diligently as established within the loan agreement, the loan will be repaid at the time the term of the loan ends. Personal Loans Australia – Understanding the Process Look for the right personal loan that will match your needs. Depending on your needs you will want to consider the right loan among the many personal loan types. For example, if you are looking to purchase a new or used car, car loans can work for you. Other types of loans to consider are secured personal loans, unsecured personal loans, short term loans, personal overdraft loans, and personal line of credit type of loans. 5 Things to Consider in Choosing the Right Personal Loan Loan amount. The highest or the least loan amount a lender can approve depending on your circumstance. Does it suffice the need? Loan terms. The length of time that you are going to repay the loan. Terms differ from lender to lender. Generally, it follows a one year to as long as seven years. Fees. Is there an upfront fee, application fee, and ongoing fee? Are fees incorporated in the loan amount offered? Interest rate. What is the interest rate? Is it fixed or variable? Is the rate affordable? Repayments. How much is your monthly repayment? Is it affordable? Use a loan repayment calculator to determine this. Can you choose between monthly and weekly repayments? Is making extra repayments accepted without a fee? Is early repayment possible? Is there a penalty with early loan repayment? Find out if you are eligible to get a loan. Most lenders follow general set rules to determine if you (borrower) are eligible to take out a loan. General eligibility requirements are as follows: If you meet all eligibility requirements, lenders will still look into your financial situation to determine if you can afford to pay monthly payments on the loan. Personal Loan Application Process The process for application is different from lender to lender. You can choose to apply online, through their branch offices, or over the phone. During the application process, the lender will require you to furnish them personal and financial documents as follows: Proof of Identification. A sample of this includes a driver’s license, passport, or any government-issued photo IDs. Proof of Income. This could be a copy of your payslips, bank statements, and recent income tax returns. If you are receiving Centrelink benefits, you can provide receipts issued to you. Other documents. Depending on the lender, they may ask you to provide other financial documents to gauge your financial standing. The Approval Process There are lenders who can give you an immediate answer after you have submitted application form and requirements. However, there are also other lenders who may need time to assess your application. This can take days or weeks. You may receive full or conditional approval. Conditional approval is a possible approval however requires more documents from you. This could be additional financial documents such as payslips or documents that relate to your assets and debts. Full approval means you have provided adequate information and as a result, the lender was able to make an informed decision to provide you with a loan. Loan Release You can receive your loan in various ways but it usually depends on the loan you applied for. For instance, if you took out a car loan, the lender can directly pay the seller on your behalf. If it is for an unsecured loan, you will be receiving your funds through the bank account you have elected to use. Repayment Structure Lenders allow you to select your repayment structure. You can elect to pay on a weekly, fortnightly or on a monthly basis. Typically, the more frequent you pay back your personal loan the lesser interest you are going to pay. Also, you will have to consider additional payments and repayments when selecting a repayment structure. Know if the lender charges you extra fees for extra monthly payments. You may also what to check if there are limitations on extra payments you are going to make each year. Finally, it helps to know if there are penalties involved for early repayments. Closing the Loan Should you be making regular repayments as defined in the loan agreement, then expect the loan to be closed after the final repayment. But if you are going to make an early loan repayment, call your lender as to know the exact figure you are going to pay to make sure the loan will be finally closed. Getting a personal loan approved this 2019 is possible with Intellichoice Finance. Whether it’s an Owner Builder Home Loan or a car loan, you can get approved with the best rates possible for you with our help.

LVR Calculator: How it Can Help
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LVR Calculator: How it Can Help

ByDarin Hindmarsh

A LVR calculator, also known as the Loan to Value Ratio Calculator. It is the amount of your loan compared to the value of your property. To give you a better picture, a $300,000 property with a deposit of $75,000 has a Loan to Value ratio of 75% LVR = [(300,000-75,000)] ÷ 300,000 x 100 What Does a LVR Calculator Do? A Loan to Value ratio, as simple as it may seem can do a lot of help in deciding whether to proceed with your loan application or if you would rather hold your plans while saving up for a higher deposit. The LVR is also a number used by mortgage lenders to comprehend how risky you are as a client and whether they will approve you for the home loan amount that you require. A high LVR means that you need to borrow a large amount of money to be able to secure the property you have in mind. This also means that your repayments will also be higher compared to someone who secures a large deposit parallel to a low LVR. A deposit lower than 20% of your home value will also require you to pay from a Lenders Mortgage Insurance. This insurance is required by home lenders in Australia as protection in the event that the borrower fails to repay the mortgage. The amount of LMI you’ll have to shoulder is equivalent to the value of your home loan repayments for a set period of time as discussed within the insurance policy. Computing the LVR for Mortgage Refinance For clients that are seeking to refinance a property that they already own, you can compute your LVR by getting your property appraised or undergo valuation. Your property’s worth may differ from what it is initially valued during the time you bought it. A renovation or an increase the prices properties in your area may affect the current value of your property. Valuation is required for the following types of property The bank or a company hired by the bank will do a valuation of your property and will include such the amount as the price on the Contract of Sale if you meet the criteria mentioned above. Why Aim for an 80% LVR? You can avail 95% LVR home loans if you are short in cash, but having a huge deposit does a lot of wonders and offers several advantages in terms of repaying a mortgage in Australia. If you can save for a 20 percent down payment, or even more, it will help reduce several other costs included in taking out a home loan. Below are a few advantages of aiming for an 80% LVR or lower You’re exempted from paying Lenders Mortgage Insurance if your deposit is within or above 20% of the value of your property. LMI will cost you around 2% of the total value of your loan. For a $300,000 loan, it will cost you $6,0000. You’ll save that amount if you aim for more than 20% down payment. Banks and lenders under intellichoice.com.au offer lower interest rate for borrowers who have an 80% or lower LVR. The more equity in the home, the less is the possibility of getting a default since the risk becomes lower with a higher down payment. This reduced interest rate can add up in time to tens of thousands of dollars over the whole repayment term of the loan. You’ll be able to borrow less with a higher deposit. Such will lower your total loan amount, which is parallel to the amount you have to repay your bank or lender. Your borrowing power also increases in the process. Your borrowing power also increases in the process. If you are aiming for a higher loan amount and you were able to provide a deposit greater than 20% of the property value, the chances of getting that loan approved are also higher. Understanding how LVR affects your mortgage in the long run makes a lot of difference is you want to save thousands in your home loan repayments.

What are Personal Bank Loans?
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What are Personal Bank Loans?

ByDarin Hindmarsh

The primary feature of a personal bank loan is that it’s not guaranteed by collateral. The term collateral suggests something valuable, such as a house, motorboat or automobile that the loan provider could claim should you not pay back the loan as agreed upon. A personal bank loan holds solely on a borrower’s promise to make repayments and therefore these type of loan is also referred to as signature loan or unsecured loan. In most cases, this loan follows a fixed interest rate with a repayment period of 1 to 5 years.   How to Qualify for a Personal Loan Since the loan provider has to depend solely on the borrower’s motivation to settle the financial loan as arranged, credit rating is very crucial. Banks and other private lenders rely on your credit history to foretell the way you will manage your finances in the future. The lending company will take your loan application and then look into your debt to income ratio. Income and debt are two factors that impacts the loan amount that the lending company can extend to you. Lenders also look into these factors to determine the period that you are going to pay. The lending company likewise takes a look at your credit report in order to determine a credit grade. Your credit grade, the loan amount, and the length of the loan will determine your loan rate and terms. This varies considerably so it is always nice to compare quotes from at least 2 or 3 competing loan companies to find the best loan rates, terms, and features. Where Can We Use Personal Bank Loans ? Personal bank loans could be used for varied purposes as follows, debt consolidation, tuition fee, other school expenses, trips, wedding, and even pay off credit cards. While personal loans can be used for practically any financial needs, several loan specialists suggests not to use long term personal loans for short term financial needs. Unsecured personal loans have different repayment fees and cost compared to secured loans. It does have a similar repayment term of 5 years but the cost of loan is usually around 50%-60% of the total repayment amount (principal + Interest rates). Extra repayments are allows but some banks and lenders require an early repayment fee if you intend to pay for the loan earlier than the initial loan term agreed. Advantages of Personal Bank Loans If you are considering to submit an application for personal bank loans, contact a trusted loan broker to match you with the best personal loan for your needs.

How to Apply for Emergency Cash Loans
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How to Apply for Emergency Cash Loans

ByDarin Hindmarsh

If you don’t have an emergency fund, you will most likely turn to emergency cash loans. These types of loans are available in many types but the fastest emergency cash loan there is are those that are offered online. Application takes a few minutes and you can expect to receive a loan offer within a day for qualified loan applications.  What are Emergency Cash Loans?  Emergency cash loans are small amounts of money that you can borrow from a lending facility. These types of loans are not offered by standard lending facilities such as banks but can be made available by specialized loan facilities. Application and approval process is fast (usually within 24 hours) to serve its emergency purpose. Emergency cash loans are also referred to as fast cash loans, quick loans, and payday loans.  How to Qualify for an Emergency Cash Loan?  Various lenders have different requirements to qualify. Bottom line is that you should be of legal age and prove that you have the ability to pay. Here are a common requirements that lenders look at:  When you meet all these qualifications, application and approval process can push through and you can expect the money to be deposited into your account.  Application Process These days, there are many loan facilities that offer emergency cash loans online. This means that application is done online. For the most part, you will have to complete application form and submit requirements digitally.  Requirements are usually as follows:  Note that all requirements will have to be uploaded during the application process. You can scan the documents and save it to your computer for future uploading. After you have completed and submitted online application, expect to receive an email within 24 hours. For most lenders, email response takes as soon as you submit your application. You may expect to receive a call at the number that you have included in your application.  Approval Process After assessment of your application, approval is also done online. You will be informed either through email, SMS, or call so make sure to keep your lines open. During approval process, you will be then asked to provide your full bank details for the lender to deposit cash.  Repayment Emergency cash loans have weekly, bi-weekly, and monthly repayments. Most emergency cash loans have a short repayment period from one month to three months.  Interest fees Most of emergency cash loans have higher interest rates compared to standard loans. Expect to pay fees on top of the interest on the loan.  There are many ways to access emergency cash loans and it’s not limited to lenders who offer it online. These types of loans are designed for emergency purposes. Using it for other purposes that can actually wait is not advisable. Research and look at other options before submitting yourself to this type of loan.  Loans are available from $200 to $2000 which are electronically transferred to your account when you have been approved, meaning you get your cash in the easiest possible way and more importantly as quickly as possible.

Secured Loans You Can Apply for in Australia
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Secured Loans You Can Apply for in Australia

ByDarin Hindmarsh

A secured loan is a type of loan supported by a collateral or a security (a financial asset you own like a car or a house) and could be taken as a settlement to the loan company should you not pay off the loan. The principle guiding secured loans is simple. The loan company accepts a collateral as a security for the secured loan and encourages the borrower to settle the loan within due time. All things considered, the chance of sacrificing your house or car is a strong incentive to settle the loan and prevent reversal or property foreclosure. Secured Loans You Can Apply For Secured loans are available in many types, however the three most popular forms of secured loans comprise of three main consumer loan types, all necessitating proper security prior to loan approval. Home loans or Mortgage Loans: Home loans or Mortgage loans makes the list of secured loans. These loans are considered “securable” by loan companies. If the borrower does not repay the secured loan, the house may go into property foreclosure and the borrower may lose the house. Car Loans: Loans for cars, boats, motorbikes, and civilian aircraft are regarded as secured loans because loan companies use the vehicle as collateral to secure the loan. Like a mortgage, top the loan company can take possession of the property in case of defaults or failure to pay.  Secured Credit Cards: An excellent way for individuals to build or rebuild credit is through secured credit cards. However, not like home loans or car loans, these types of credit cards require a deposit as collateral. By default, if the top is not able to make payments due, the bank can withdraw from the cash deposit.  Types of Collateral That Can Be Used To Secure a Loan Virtually any asset authorized by law may be used to get a secured loan. However, loan companies prefers a collateral that’s liquid and has a value that is around the total loan amount being applied for.  Acceptable collateral are usually the following listed below: When applying for a secured loan, the loan company will inquire what kind of security do you have as a security to repay the loan. Should you have difficulties with loan settlement, the lending company could put lien obligation on the collateral (the statutory lien is a legal right of the lender to claim the property placed by the borrower as a security or collateral). The loan company will maintain the lien active throughout repayment period until the loan is paid in full. When loan is fully paid, the statutory lien will be removed and the ownership of the security will return to the borrower. If the borrower fails on payments, the loan company can collect the collateral and sells it to the market in order to compensate for the losses suffered in the loan. For this reason it’s crucial for borrowers taking out a secured loan to fully understand the type of asset they are putting up as a security for the loan. Borrowers should think about the value of the asset versus a potential lien or security loss in case the secured loan defaults.

Is it Possible to Get a Second Mortgage in Australia?
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Is it Possible to Get a Second Mortgage in Australia?

ByDarin Hindmarsh

Yes, you can definitely get a second home loan in Australia. However, there could be several glitches to avoid when considering this loan option. A second mortgage is a financial loan obtained on a property or home which you previously have a mortgage. This enables you to gain access to extra finances. But, this may not be a healthy option for many borrowers. Prior to deciding to get a second mortgage, be sure you fully grasp the way they work and also the process that you will need to go through. Multiple Home Loans – How Does it Work? Should you be currently settling a home loan, applying for a second mortgage entails obtaining one more loan using the same property like a security. The second mortgage loan is placed right behind very first home loan, meaning that in case of default and you were not able to pay off your debt, your property will be set out for sale. Once the property had been sold, your first mortgage is the priority for payment before your second mortgage loan. This is among the main reasons why second mortgages more difficult to get than conventional home loans. For instance, suppose you do have a home loan for $200,000 with Lender A. You then make application for a second mortgage of $200,000 on the same property with Lender B. In case of default and payments had not been made, the property will be sold. If the property had been sold for $380,000, Lender A would be repaid in full in the amount of $200,000. Lender B will receive only the remaining amount from $380,000 after Lender A had been fully paid. Remember that to be able to be eligible for a second mortgage, you have to get authorization from your present loan provider. Why Opt for a Second Home Loan? For most of borrowers, refinancing a mortgage with another loan provider provides a less risky alternative because it enables them to gain access to a higher loan amount. On the other hand, in some cases obtaining a second mortgage could be helpful. For instance, if you wish to gain access to some of your home’s equity however your current loan provider has declined your demand for a bigger amount, a second mortgage might be a feasible alternative. This may be the case should your first mortgage is under a fixed rate loan. You don’t need to be worried about costly exit charges the fixed rate you could have in your loan maybe considerably much better than the present variable rate offered. One more typical scenario in which a second mortgage is a good idea is where you stand ensuring financing for another person, for example if you are making use of your home to secure your child’s mortgage. In this instance, the second mortgage offers additional security for the lender, letting them recoup their deficits when your son or daughter fails on the mortgage. Is it Difficult to Apply for a Second Mortgage? The majority of Australian loan companies are hesitant to agree to a second mortgage application. This is for the reason that second mortgages are viewed as a high-risk choice because of the lower priority positioned on second mortgages. Being mindful of this, most loan companies will possibly put tight restrictions on the loan amount you could access or just decline to provide a second mortgage entirely. However you can find loan companies who are able to provide a second mortgage. A reliable mortgage broker can assist in this scenario. If you would like sign up for a second mortgage, you will need to obtain endorsement from the loan provider that funded very first home loan. You will generally have to pay fees to have the first loan provider evaluate your request of second mortgage. Should you be applying for a second mortgage using the same loan provider that provided your first home loan, you could be in a position to borrow as much as 95% Loan to Value Ratio. On the other hand, borrowers applying for a second mortgage using a different loan provider might be able to gain access to as much as 85% Loan to Value Ratio. For self-employed individuals looking to get a low doc loan, you may not be able to get an approval for second mortgages except if you choose to use private lenders, however, this is not a good option to take. Should You Take a Second Home Loan? Getting a second home loan is not an easy decision to make. There are considerations that you will have to look into much like when taking out your first home loan. Second mortgages usually have higher interest rates. Making additional repayments can help second mortgages however you have to make sure that you will be able to afford these future payments. You may want to seek for financial advice before taking out second mortgage loans.  

Pros and Cons of Cash Loans for Unemployed
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Pros and Cons of Cash Loans for Unemployed

ByDarin Hindmarsh

Facing sudden unemployment is tough especially for someone who has family to feed, bills to pay, and children to send to school. That’s why it’s very important to properly manage your money and save funds for situations like this. Even so, the reality is that not all people have emergency savings set aside and you will need some finances to see you through while you get back on your feet.  In circumstances like this, you may want to consider taking out a loan. Cash loans for unemployed individuals is possible however it may be harder to get compared to those who are employed.  Are Cash Loans Accessible for Unemployed Individuals Fact: Should you be unable to present proof of income, loan companies are more unlikely to give you a cash loan. On the other hand, even though you don’t have employment, you will find available options so long as you offer an alternative income source. What’s the Best Loan Terms and Rates for Cash Loans? With loan products in the market, the best rates and loan terms are often offered to those with good credit standing and those who keep a steady source of income (employment). Traditional banks usually turn down applications without a steady source of income as the risk of late and missed payments is high. Nonetheless, unemployed individuals have the possibility to apply for short term loans such as cash loans online. However, please note that these loan types offer high interest rates with expensive costs and fees.  Cash loans for unemployed can offer assistance for Australians who are facing this circumstance, whether or not they are college students, pensioners, solo parents, or individuals with families to look after. These types of loan products are good as temporary solutions as there are consequences associated with it.  Pros and Cons of Cash Loans For Unemployed Cash loans as mentioned are a temporary solution for those who find themselves out of work. It maybe good for now but it could also lead to more financial issues at some point. Let’s take a look at what’s good and what’s bad about cash loans for the unemployed.  Advantages Cash loans are easy accessible cash that can help you make both ends meet. Responsible lending and repaying your loans on time also improves your credit standing. The application process for cash loans is fast and easy considering that it can be completed online.  Short term loans online like cash loans have easy approval. Typically, you get an approval within the day if without problems. Loan application can also be done online. You’ll be able to determine if you are qualified with the loan amounts you have in mind simply by going through the application form you’ll get access to when doing an online application. Online lending allows you to compare several loans and compare the lowest interest rate and best terms that suits your financial situations. Disadvantages Much like other short term loans, cash loans online have higher interest rates compared to standard personal loans. Also put additional fees and charges into consideration when taking out a small cash loan. Shorter repayment period. Cash loans online have very short repayment period that being unemployed you will have to race against time to get employment so that you can make payments on time.  No early payment savings. Online lenders don’t usually charge for early payment penalties but they also don’t offer early payment savings. This means if you pay earlier than the due date you still get to pay the same interest rate and fees.  While cash loans for unemployed may appear feasible for the moment, it is important to watch your timeline in order to avoid accumulating fees and negative marks on your credit report. For the most part, if you find yourself in hardship, you may want to consider other options before signing for a cash loan online. 

What Makes Home Loan Brokers Beneficial in Purchasing a New Home?
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What Makes Home Loan Brokers Beneficial in Purchasing a New Home?

ByDarin Hindmarsh

It is a hard fact that home buyers are confused on the first steps to take in purchasing a new home. The main reason is that there’s a huge range of option to choose from. Choosing the right one can be confusing in terms of rate, loan terms, and features.  The vast range of home loans available today offers a lot of benefits for home buyers depending on your situation. However, the main problem is how to identify what’s right for a certain home buyer. This is where home loan brokers come in most handy. They can direct you to the right loan according to your requirements and your situation.  Why Consider Home Loan Brokers When Purchasing A Home  It is no wonder that about 50% of Australians use mortgage brokers to match them with the right home loan to purchase a new home. So why should you consider home loan brokers? Here are a few reasons why.  Mortgage broker services are almost free Over 50 % of mortgage loans in Australia are bought via a mortgage broker. Home loan brokers services tend to be free because their payments are from the commission rate they get from the loan provider which they eventually match you with. Potential brokers who can help you are not associated with just one loan provider and therefore can use their resources to match you with the right one. But they still receive commissions on the right match they make.  Mortgage brokers gets paid when they help How do we know they are not really siding lenders who pay out for the best commission rates? According to a longtime independent broker in Australia, all traditional banks pay the same commission rates as the rest. Even non-traditional loan companies pay commissions on the same range.  The Mortgage and Finance Association of Australia’s National Consumer Credit Protection Act mandates brokers to disclose details of their commission rates. Brokers are audited regularly to ensure that disclosure is happening. Therefore, it’s always a smart move to ask your broker details of their commission upfront.  Niche Broker or Mainstream Broker When looking for home loan brokers, you can either go for a niche broker or through the mainstream broker. It is your decision whether you decide to go using a broker associated with a bigger community of loan providers. Although mortgage brokers normally have an excellent community of loan companies, they could just market and sell loan products to which they are licensed to.  Specific brokers may not be certified to discuss every single loan companies and traditional banks in the market. Many brokers prefer to use a niche route, sticking with a couple or three loan companies that satisfy specific demands of their customers. Very good and up-to-date knowledge The home loan industry is very competitive. And to remain on top of the business, brokers will have to constantly be updated with news and information. Therefore, you can expects home loan brokers to be totally up to date, having good and in depth knowledge about their field of expertise.  Recommend only the best loan Most brokers are by nature small businesses. They depend on good reputation and word of mouth marketing. Bank loan representatives market their very own services only acknowledge mortgage loans coming from employers. But note that a professional mortgage broker who spent years in the industry know very well which ones are the best and they will suggest only the best loan option for the customer according to their needs. You’ll get better interest rate and home loan applications are bearable, compared with working directly with the bank. Brokers can find you second chance loans For those who have a negative credit rating, expect the banks to deny you of a loan right off the bat. But note that there are lenders who particularly work with people who have negative credit ratings. Home loan brokers can help you find these type of non-traditional and specialized lenders in the industry.  They help assess your financial situation to find financial services and products that are within your budget. Mortgage brokers work with a personal touch An excellent mortgage broking can customize home loans so that it meets customer needs. Mortgage brokers can give good results while working one on one with every customer, together with a panel of lenders to assess their precise requirements and locate a loan company that suits them. With a good record of client data and no conflicts of interest customers can always seek the services of the same broker for future loans they require. With past client data, the work becomes easier for both parties.  Home loan brokers can help you with all the paper works too So you have finally chosen a home loan that fits your needs. When you work with a mortgage broker, the burden of having to fill tons of paperwork is a bonus because your broker can do that for you. All you need to do is sign the documents so that the process will be on its way. You don’t need to understand jargons as your broker will take care of that for you. B Working with home loan brokers provides many benefits. If you are a first time home buyer, ask friends and relatives for mortgage brokers they have already tested. Most of the time, the best in the industry are those recommended by word of mouth. If you prefer to find a mortgage broker in your area, reading through customer testimonials can be beneficial too.

How to Secure the Best Car Finance Rates in Australia
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How to Secure the Best Car Finance Rates in Australia

ByDarin Hindmarsh

The best car finance rates can help you get your dream vehicle while allowing to make affordable repayment and enjoy other features that match your demands. There are many factors to consider when securing the best car finance rates in Australia. You would like to keep your repayments low by choosing low-interest car loans. Low-interest rate auto loans are offered by credit unions, banks, and dealership finance via brokers and dealers. To secure the best car finance rates, It makes sense to do a comparison of car loans. How Do Car Loans Work? Car loans work much like personal loans, only that the car you are buying is used to ensure the loan. For this reason, car loans have considerably more competitive rates, typically ranging from 5% to 10% per annum. In case you don’t like to connect your car to the personal loan, it is possible to get an unsecured personal loan. These financial loans feature a rate ranging from 7% to 20% per annum. Car finance is available through dealership finance or through standard regular car financing from banks, credit union, or private standalone lender. You can typically borrow from $1,000 and $100,000 with loan terms of up to 7 years. The kind of financial loan you are entitled to is determined by the worth of the car, new or used car, credit history, and your present financial condition. How to Secure the Best Car Finance Rates Make it a point to check and double check all the fees being charged on your car loan. Wherever it is possible, you can always as loan providers if these fees can be reduced or waived. If dealers or brokers are hard on the price, you can always shop around to make a comparison. The best car finance rates go beyond low-interest rates. You will also have to consider the terms and other features loan providers have to offer.

What is Reverse Mortgage? Is it Ideal for You?
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What is Reverse Mortgage? Is it Ideal for You?

ByDarin Hindmarsh

A reverse mortgage is a form of mortgage that is created specifically for retirees and those who are receiving pension. They are generally referred to as rich in assets but poor in cash. This type of loan is also referred to as senior’s finance or senior’s loan. You can practically purchase an investment property, through the use of your assets. Reverse mortgages allow individuals who are at the age of 60 turn the value in their home straight into cash for just about any beneficial uses. No cash flow is needed to be eligible. On the other hand, credit companies is mandated by the housing laws to grant a loan sensibly, therefore certainly not everyone can receive this kind of home loan. How Does Reverse Mortgage Works? Much like regular mortgage loans, a reverse mortgage is guaranteed by the very first documented mortgage on the borrower’s home. The sum of equity that could be released is normally based on age and also the associated worth of the property. This is similar to your line of credit or the basis of your loan amount. Even if interest is incurred just like any other financial loans, there is no need to make monthly payments while you reside in your home. The interest on this type of loan is compounding as time passes and it is included in the loan balance. You continue to be the owner of the house and can also live in it as long as you would like to. The loan will be paid back in full plus interest and charges once the house is sold or if you decide to live in a facility for the aged or pass away. Nevertheless it is possible to generally make voluntary repayments if desired. What is Negative Equity Protection? For all reverse mortgage entered after September 18, 2012, the Department of Human Services of the government of Australia has imposed negative equity protection which means that the borrower cannot end up borrowing more than the worth of the house, in terms of equity or market value. This amount is also known as the reverse mortgage cost. As soon as the reverse mortgage agreement comes to an end and the house had been sold, the loan provider is going to receive the profits from the sale. The borrower should not be kept accountable for any financial debt above this (other than in conditions like fraudulence or deceit). If the house had been sold exceeding the total amount the borrower owes to the loan company, the borrower or his or her estate receives the excess funds. For those who have applied for a reverse mortgage prior to September 18 of 2012, it is best to check your contract. Verify with your loan provider what protection you have against loan balances that’s more than the worth of your house. Associated Risks of a Reverse Mortgage Products How Much Can Loan Companies Offer Using a Reverse Mortgage? Various loan companies could have numerous guidelines regarding the amount they are able to lend. Generally, the higher your age is, the higher the amount you are able to borrow. For anyone who is 60, the highest amount you could borrow will be around 15–20% of the value of the property. For each year past 60 years old, you could generally add 1% to the maximum loanable amount. Meaning should you be 65, the highest amount you can borrow could be at around 20–25%. For minimum amount you could borrow, this could rely on the lending institution. It can be as little as $10,000. Important: if you receive the highest amount already, you may not have access to more money after. A reverse mortgage will surely have a tremendous effect on your financial situation, associations and your way of life when retirement comes. It may be helpful to alleviate financial stress or strengthen your way of life. In any way, you have to be fully understand the conditions and terms that are included with the loan. Look at other options that could be good for you. These days, going for the reverse mortgage option have become more bendable and complex given that the market continues to grow.Talk to a mortgage broker if you are not sure which direction you should take or which options are available for your circumstance.

Bad Credit Car Loan Dealerships: Is This the Best Option for You?
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Bad Credit Car Loan Dealerships: Is This the Best Option for You?

ByDarin Hindmarsh

In Australia, there are numerous possible choices to take when it comes to car financing. Among the most known approaches are dealer loans and brand new car loans. It is essential to know the difference between both financing options so that you can select what can work best for you. Dealership Finance and Car Loans Fast and easy application processes can be enjoyed by individuals with good or perfect credit scores. However, it can be quite more daunting for people who have been in a bad financial situation. Even after surpassing such issues in their finances, a poor credit remains on your credit history for quite some time, depriving you of the best competitive rates and fast approval. But, bad credit histories are not the end of the line. You can opt for bad credit car loan dealerships to secure your dream car. Dealership finance refers to the finance options offered by a car dealership. Examples include Toyota Finance, Nissan Finance, and Esanda. Dealership finance can offer lower interest rates, however, expect to pay for a balloon payment at the final payment of the loan which can go as high as $2,000. A finance specialist can help you understand which options suit you best in terms of financing a car purchase. This can be through a car dealership they are connected with, via a bank or a non-conforming lender or other financing options that suit your current financial standing. A credit check or having a credit card may or may not be necessary. Again, these all depend on which bank, lender or dealership will accommodate your car loan application. The same goes for people with bad credit. There will be basic and additional requirements and documents to fulfill during and some, even after your application. Bad Credit Car Loan Dealerships No matter what the reasons you have for having bad credit, this makes it hard for individuals to purchase a car. Generally, car dealerships have higher interest rates for those who have bad credit scores. Buyers who demonstrate poor to bad credit ratings are also called subprime buyers. They pose a higher risk compared to buyers who demonstrate good credit ratings. This is the reason why most banks would reject a car financing application immediately. Some banks and lenders do not entertain the idea of risking money to clients that have higher potentials of not being able to afford or repay a loan. Although some may welcome and approve applications with such financial circumstances, the best features and rates are not accessible for most of these clients. On the other hand, despite a bad credit rating, it is essential to look at other options other than dealership financing. You may contact an established bank or loan company to find out what alternatives are designed for funding your car loan rather than instantly taking a high-interest rate. If you are looking for professional help in securing car financing, even with bad credit to worry about, Intellichoice Finance is the right place to go. We can offer you the best rates and features possible for your financing through our several networks or car dealerships, lenders and banks all throughout Australia. Tip: Opt for Bad Credit Car Loan Dealerships only if you need the car badly. Don’t take out dealership financing with bad credit if the car isn’t necessarily an urgent need. Build Your Credit When you don’t have a good credit history, one way to rebuild your credit is get a secured card. A deposit in the bank is required to gain a secured card. When you decide to close your account, the deposit amount will be returned back to you. Start paying your bills on time, this can help revamp your credit score even after a few months of regular payments. You may also seek the help of a credit repair professional to improve your credit score by getting rid of inaccuracies. Shop around Bad credit highly impacts your ability to take out a loan but it doesn’t mean that you can’t be given a loan. Banks and lenders may give you a hard time and may deny you from time to time. But by choosing the right lender to work with, by talking to the right people, you can definitely get a car loan. Shop around by trying to determine the rates other lenders demand so that you compare rates despite your credit score. Discounts on Bad Credit Car Loan Dealerships Bad credit car loan dealership, do they offer discounts? Unfortunately, after asking credit experts, a car dealership can provide financing however at a high interest rate. So getting a discount with bad credit is not feasible. The best advice in this scenario is to work on fixing your credit and shop around for bad credit loans offered by specialized lenders rather than working directly with a dealership.

Apply for a Car Loan Fast: How a Loan Specialist Helps

Apply for a Car Loan Fast: How a Loan Specialist Helps

ByDarin Hindmarsh

Do you have a need to apply for a car loan fast? There are many specialized loan companies who can provide you with a quick application and approval process so that you can get the car you need in time. If you have located the car you need and require financing completed as soon as possible, then quick car loans can work well for you. There are lenders who accept applications online and can help you get endorsement within an hour. Knowing the important information in applying for a car loan even makes the process even faster! How Do Quick Car Loans Work? Quick car loans are similar to typical car loans when it comes to interest rate, loan period, and loan amounts you can borrow. Fees and charges also applies to such types of financing as well as a set of lending criteria, either from the bank, lender or car dealership. The primary benefit of a quick car loan is it provides you with the money you need faster, which can be helpful if you wish to secure a good deal. Anyone don’t like to spend more of their time looking for a car simply because you overlooked a very good purchase as a result of insufficient funding. Whether or not you’re purchasing via a car dealership or independently, used or new, getting your financial resources all set to go can give the vendor a feeling of pressure, rendering you an extra power to push the retail price down. This is true for most credit products. Your financial situation matters – both in applying to buy a car through a financing and in repaying that loan. Apply for Car Loan Fast with a Loan Specialist Working with a loan specialist can help you expedite the process of your loan application by providing them with all the required details and showing them a good credit history. They can endorse pre-approval or denial of your loan based on their assessment and evaluation. A loan specialist works on client loan applications. They are also able to approve the loan if the application meets all requirements asked by the lending company. They are in charge of processing applications in conformity with lender guidelines, meeting investor regulations and showing financing maneuvers. They discuss with prospective customers to evaluate their demands, gather data, confirm documents and make sure the application is complete. So if you meet all their requirement, the loan process can go well. They can tell you what’s lacking in your application and how to go about supplying the needed information. They can guide you from start to finish. Another positive  note in asking help from a car loan specialist is that several factors, in your favor are included in the comparison between the banks and lenders that would fit your financing needs. The information service you’ll get is first hand and accurate compared to applying online, directly with a dealership. You’ll be more versed with the terms and conditions and get to know every aspect of the financial product or service that you will get. How Can Pre-Approval Help Me Get My Car More Quickly? Should you still be searching for a vehicle, then getting pre-approval can make the process of buying the vehicle can make it faster. Pre-approval functions by submitting an application to the loaning company. The loan specialist will be able to guide you with the requirements you need provide for a better chance of approval. You will have to provide the same details just like you when applying for regular loans. Documents needed are proof of income, assets, and liabilities, and the cost of your living estimations. The loan company will either offer you “conditional approval” for the highest loan amount possible. After you have chosen a vehicle the pre-approval is then updated with the loan amount you need to cover the car purchase. Then you are ready to sign the contract. Pre-approvals are generally released for a short time. Use the time given to close the deal of car purchase before it expires. If pre-approval time expires, then you will need to submit a fresh new application for a car loan. The Intellichoice Difference If you need to apply for a car loan fast, get in touch with a loan specialist from Intellichoice now for you to get the proper guidance in expediting the loan process. Gather the requirements you need and make sure that your credit is in good standing. If in doubt of the documents or requirements to provide, talk to the nearest loan specialist in your area now.

Pre Approved Car Loan: Advantages and Disadvantages
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Pre Approved Car Loan: Advantages and Disadvantages

ByDarin Hindmarsh

When you walk into a dealership having a pre-approved car loan, it provides you the confidence to push your bargaining power to achieve the best rates possible. It also helps you determine your budget but it can limit how much money you can use to purchase a new car. What is Pre Approved Car Loan? Having been able to receive pre-approval for a car loan implies that you are all set to purchase the car. You primarily have the money to make the purchase. It entails a hard credit assessment that briefly reduces your credit standing however provides you with more power to deal at the car dealership. Prequalifying is Not Pre Approval Prequalifying is advantageous for those who only want to have a knowledge of which terms and rate they’re qualified to apply for with a loan company. It entails a soft credit check which provides you with an idea of the car loan you may get once you submit an application. It is useful when you compare loan companies, however, it will not provide you with control when negotiating car deals. How to Get Pre Approval For Your Car Loan Look for loan companies who will assess your financial position to find out the amount you are able to borrow. You can apply for an auto loan online, in person or over the phone. Provide the following information below: What is Conditional Approval for a Car Loan? Conditional approval is offered prior to preapproval of car loan. Using the data you provide the lending company, you are provided a highest possible loan amount. You will need to wait around to obtain details like interest rates and loan term. Once the loan company approves your loan application to purchase a particular vehicle, this is called unconditional approval. Benefits of Pre Approved Car Loan Drawbacks of Pre Approved Car Loan You will want to get pre approval car loan for many of its benefits. Mainly, When you enter a car dealership having a pre-approved car loan, you are ready to grab the best deal and can also negotiate an ideal price and interest rate that works for you with confidence. Note that a preapproval is not a commitment, therefore if the car dealership can provide you with that lower rate, go ahead and grab it. Should you be unable to get a considerably better bargain, you can look for another car dealership that can work with you.

How Do Land and Construction Loans Works
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How Do Land and Construction Loans Works

ByDarin Hindmarsh

Land and construction loans can help you achieve your dreams of owning a house and lot. These types of loan allow you to make progressive payments as needed as opposed to having to pay full payments. You can purchase land and cover construction costs with construction loans. These are specialized loans packaged and designed for those who are looking to building their own homes. The Application Process To apply for a construction loan, you need to have a good to excellent credit score, a low debt-to-income ratio, stable and regular income, as well as an estimated and appraised value of the house plan. During the application process, lenders will require construction plans which includes complete costing for the entire project and the timeline for completion. Your lender will also like to see a licensed and qualified builder is enlisted in the building process. Expect to give a down payment ranging from 10% to 20% of the total cost. Applying for a construction loan may take time. As construction loans take a lot of risks, lenders are more careful in reviewing applications. To speed up the process and to have a better chance of approval, you will want to provide a thorough construction plan. You can also elect to work with a builder as recommended by the lender. Note that the lender will be involved in the entire process as money will be disbursed only after the completion of each building stage. An owner builder should connect with their lender or financial service for better coordination as well.   Land and Construction Loans Structure Please note that land and construction loans differ in loan structure compared to standard home loans. Let’s take a look at the structure of construction loans to fully understand how it works. The objectives of your financial situation matters as much or even more when interest rates are taken into consideration. Land loans can be far so different from how other mortgages works. In construction loans, each distribution is referred to as a draw. Multiple draws are generally spaced throughout the project known as progressive drawdown. That is, you withdraw from the loan amount as necessary to spend on the construction development obligations. The draw schedule is determined by an agreement between the bank, the builder, and the buyer in such a way that draw dates will match the timeline of the project and meets the requirements of each party involved. Also, expect the banks to inspect and assess the project before every draw. How much can you borrow with a construction loan? The loan amount to borrow is based, to some extent, on the property value of the home after construction had been completed. A construction loan, in most cases, follows interest only repayments over the period of 12 months. It will revert back to standard payments (principal and interest), after the first 12 months. This may be the same as that of a home loan, depending on your lender. How Does Progress Drawdown work? As soon as the lender approves the construction loan, property construction can commence.  Lenders release funds through progress drawdowns or progress payments throughout the entire duration of the project. Progress payments are usually released upon completion and approval (by the lender’s assessor) of each stage as follows: The slab down or the base. The funds released at this stage will help complete the foundation of the house. This includes ground leveling, plumbing, and waterproofing. The frame stage. After the lender’s assessor approves completion of the slab down stage, lenders will release funds for the framing stage. This involves building the frame of the house. It includes part of the brickwork, roofing, trusses, and also windows. The lock-up stage. Funds released at this stage will cover the external walls, windows, and doors. The fitout or the fixing stage. At this stage, the funds will help with the fittings and fixtures inside your property. It covers plumbing, electricity, gutters, plasterboards, and the partial installation of cupboards and benches. The finishing and completion stage. Funds at this stage are for any finishing touches in plumbing, electricity, and all-around cleaning. It also includes the final payments of items that had been used in the contract. Interest and payments Interest and repayments are computed based on the funds used. For example, if the approved loan amount is at $350,000 and only $200,000 had been drawn on the fourth stage of construction, then only $200,000 will be charged an interest. Important note: Lenders will only allow succeeding draws if all the funds drawn in the previous stage had been used up. Land and construction loans are the best way to acquire land and finance a home construction project. It takes a lot of hard work and paperwork but the whole process pays off once approval had been granted.  

How to Make Your Home Construction a Success
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How to Make Your Home Construction a Success

ByDarin Hindmarsh

Home construction can be complicated especially for first time home builders but it doesn’t have to be that way. Building a home entails several processes and each process can be tedious. Make every process a success by following these simple guidelines. Planning and Budgeting Planning. The first and the most important step is planning. Thoroughly plan the details of the house. Details will include the layout, the flow of rooms, the kind of power points to install, and etc. There are also planning tools (Floorplanner, Magicplan, Roomscan, etc) that you can find online to help you design and create a mock floor plan for your house. Look for design ideas that you’d like to copy for your house. Employ a professional to create the floor plan and design. Based on the ideas you have gathered from your mock floor plan and home design ideas, an architect or a designer can come up with the floor plan and specifications for the house. You will need this plan once home construction commences.   Create a budget. Together with your house plan is your cost estimation. This includes all the materials going to be used and how much it may cost. Estimation and budget will include lot price (if the lot has not been purchased yet), stamp duty, site cost, planning fees, finishing costs, constructions costs, and others. Detailed estimation during the construction costs is also pertinent as this will be required on the financing process. The actual building process may cost more. There could be items that had been overlooked during the estimation process. For example, costs on gas and electrical, window coverings, and landscaping may have not been included. So it’s essential to budget more than what’s been estimated in order to cover these costs. Apart from overlooked materials, you will also have to put an allowance for unforeseen events. Employing The Right Builder Choose the right builder to work with. One of the most critical decisions to make in home construction is choosing the right builder. This is essential because you are going to work with them for a very long time. When choosing the right builder, here are some factors to consider: Read through the agreement/contract. Once you have chosen the right builder, there is a need to seal the deal into a contract. The contract will usually come from the builder, therefore it is important to go through the contents of the agreement before affixing your signature. Look into what the construction costs include and what is not included. The agreement should include the cooling off period, timeframe of construction, the detailed plans, insurances, warranties, and the payment schedule. It is wise to get a trusted solicitor to look into the contract before signing the document. Maintain constant communication with your builder. Make it a point that you receive frequent updates on construction development. Don’t rely on words alone, check on the site yourself. Take pictures of the developments on a regular basis to point out problem areas to avoid issues in the future. Financing your Home Construction Find out what you are entitled to. First time home builders could be entitled to First Home Owners Grant and stamp duty concessions. This differs by state or territory so it’s important to check with your local government unit. Read more information about the first home owners grant for your proper guidance. Read more information on stamp duty concessions and what you are entitled to. Finding the Right Financing Home construction will require sufficient funds. Many people will have savings intended for this project. But the reality is that more people don’t have sufficient funds to finance home construction. The solution is to get a home construction loan.   Construction Home Loans. When you are constructing a house, you will require a construction home loan for proper financing. This type of loan is arranged diversely compared to a standard home loan. In construction home loan, the lender will determine the total amount you need for the entire construction. The funds will be released in periodic payments (known as draws) directly to the builder at the conclusion of each specific stage of the construction. When applying for construction home loans, the lender will require your detailed plan with complete costing. The assumed value of the property will be based on the estimation of costs that you will provide along with the construction details.FThe home construction process is expensive and it can go more than anticipated. You will want to save in areas possible. Look around to get the best price ranges on materials to be used. Acquire multiple quotes and compare prices. Need assistance? Talk to an Intellichoice mortgage specialist today.

How to Build Your Own House Through a Mortgage
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How to Build Your Own House Through a Mortgage

ByDarin Hindmarsh

Building your own home could be a challenging yet an exciting project. When you decide to build your own house, it means you are taking the entire responsibility of building a home from scratch, from determining the layout, choosing the number of rooms, choosing the finishes, and even the landscaping. While the idea could be exciting, financing is another challenge. Only a few people have something saved specifically for these types of projects but the majority of homebuyers don’t have this kind of savings. Therefore, financing will have to come loan options. In this case, however, landing a loan to build your own home is not that easy. A Regular Mortgage Loan is Not an Option Standard regular mortgage loan could be an easy approval for those homebuyers trying to purchase an existing house, provided they have a good credit standing and a strong source of income. But for those building their own home, getting approval for a standard regular mortgage is an extremely challenging task for the following reasons: A Construction Loan is a Better Option Consider a construction loan, also called a self-build loan. This type of loan s a specialized type of financing specifically for those wanting to build their own homes. Construction Loan Features Builders Risk Insurance Policy Consider taking a builders risk insurance policy for protection. You don’t want to be caught off guard when unwanted circumstances occur such as a storm or fire damage. The insurance protects you and the lender at the same time. This will be significant even when you have hired a building contractor who has commercial liability insurance. How To Get A Construction Loan To Build Your Own House Prepare the plans. As a requirement to the loan, you will need to present for approval a professionally drawn plan and full costing of the home building project. An appraiser will complete an initial assessment of the supposed value of the home based on the plans provided. Make a deposit to the lender or purchase the parcel of land where the home is going to be built. At this state, the lot purchased for the project is adequate security for the loan. Lenders would like to see how committed you are to the project. Thus, presenting your equity in the project right from the start demonstrates this commitment. If you own the lot already even before starting the project creates a good impression to the lender. Don’t commit to the first offer yet. It pays to look around to find out what other lending companies can offer so that you can compare the best rates. Interest rates for a construction loan are way higher than standard regular home loans. Hire a licensed general contractor in order to get approval for a construction loan. Lenders would like to reduce risk to as minimal as possible. Hiring a qualified builder will provide the lender peace of mind that the project will go as smoothly as planned. If you are the general contractor to build your own home, there are possibilities that lenders will not approve the loan. If this is the case, you may want to consider another specialized loan which is the owner-builder construction loan. If you are able to provide a well-researched plan and you are equipped with the right knowledge and abilities in construction, lenders may consider your loan. Build Your Own Home Through a Loan To build your own house is a rewarding journey, however, getting the right financing for the project is challenging. Opt for a construction loan if you are building your house with the help of a qualified contractor. Increase your chances for approval by providing a detailed construction plan. Or opt for an owner-builder loan if you are the general contractor of the project.

Home Equity Loan and Investing: How Do They Work
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Home Equity Loan and Investing: How Do They Work

ByDarin Hindmarsh

A home equity loan makes it possible for you to borrow against your current home value. This type of loan is easier to qualify for over types of loans simply because the loan is secured. The difference between the current market value of your home less the amount you still have to pay for the property is your home equity. Here is another example. Example 1: You purchased your home 10 years ago at $302,000 (based on Sydney’s 2018 median). Through the years, you have made payments amounting to $186,000. You still have $116,000 in repayments for the mortgage. Since 2008, the value of home prices in Sydney has increased in value so that the $302,000 home purchased in 2008 is now valued at $925,418. Thus, by getting the difference of the current home value and the money you still owe ($925,418-$116,000), the equity you have in your home is $809,418. Example 2: Considering that there were no changes in home valuations in recent years and if your home is valued at $500,000 and you still owe $210,000 on your mortgage. Then, the equity of your home is $290,000. There are two ways that equity builds in your home – your regular mortgage payments and price appreciation. The combination of both makes up your home equity. Home Equity Loan and Investment You can actually purchase an investment property by using the equity in your existing home. By getting a home equity loan, you can use the funds to pay for an investment property downpayment. How much can you borrow against home equity? Banks will not allow a borrower to maximize the equity of the home. However, banks usually allow up to 80% of the value of your home less the outstanding balances that you still owe the bank. This is also referred to as usable equity. There are some banks that offer more than 90% of the home value provided you take out an LMI or Lenders Mortgage Insurance. Example 1: If you have a home with $500,000 value, the computed usable equity is at $400,000 or 80% of $500,000 less the money that you still owe the bank. So if you still have $250,000 in repayment, you have a usable equity of $150,000.   To determine the total amount you can borrow for your next investment, just multiply the usable equity (80% of home value – money you still owe to the bank) by four. Example 2: Based on the example above, with a usable equity of $150,000, you can borrow $600,000 and use $150,000 usable equity to pay for the 20% deposit and other costs required for the investment. How to access the equity in your home? 1. Discover the current home value of your property. Speak to a qualified appraiser to find out the true value of your home and determine what you can actually comfortably pay for your planned investment.2. When you know the amount you could borrow, begin looking for loan offers. Get in touch with loan providers or compare offers online for the best home loan rates.3. Talk to a financial advisor and a professional appraiser to help you make better and wiser decisions. If you are planning on investing in a new property, you may consider taking out a home equity loan for that new investment. However, note that this could be a risky move but with proper planning and financial management, all can go well.

How to Use Equity in Buying Investment Property
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How to Use Equity in Buying Investment Property

ByDarin Hindmarsh

Interested in investing in a property? Are you watching other successful investors building their property portfolios? You can start building your portfolio while avoiding the pitfalls of investing, without blowing your savings falling apart. Owning a home would help you discover the power of home equity and give you the kick start that you need to start investing in real estate. Your home equity is the difference between the market value of your home and the amount you owe on your current mortgage. To explain further, If the value of your home is $500,000 and you still owe $160,000 on your mortgage, your equity is $340,000. If you are planning to buy an investment property, you can have access to 80% if the value of your home equity. In this example, it would be 80% of $340,000 which is $272,000. You can use this as security which frees you from having the pay for a deposit. This is also referred to as your useable equity. How to Calculate Your Mortgage Repayments As a common rule of the thumb, it would be advisable to multiply your useable equity by four. If you would want to calculate how much you can borrow for a property that you intend to invest in, you can follow this rule. In the example about, you can borrow as much as 1,088,000 for your investment property. However, this amount is not accurate because it is still dependent on several other factors as well as your lender. One big factor to consider is to really check your financial numbers. Look into other details about your target investment property to avoid possible issues in the future. There are really a lot of factors to add up before taking the plunge to invest in a property. Investing in an apartment may cost extra strata fees, money allotted on the sinking fund and other costs for maintaining such property type. These expenses will impinge on the return of the investment. Tax deductions should always be included in your computation as well. Maintenance tax may be tax deductible in some circumstances, but for maintenance costs above $2,500, your tax deductions may only be around 50% of that amount. Do Not Forget to Repay Your First Home Loan! Another very important consideration when investing in property through your equity is repaying your first mortgage. To be able to make your real estate venture successful, you should be able to repay your first home loan while repaying on your equity financed one. If you fail to repay them in a timely manner, you might not receive the tax breaks that you should be enjoying. Maintaining a good cash flow will make it possible for you to get a second home loan and pay for it together with your first mortgage. Investing in real estate is easy, but you should take time to understand and measure if investing through equity is indeed something you can afford in the long run. Need expert advice ins securing a mortgage with your equity. You are at the right place here in Intellichoice.

90% Home Loan Lenders: Applying for Mortgage in Australia
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90% Home Loan Lenders: Applying for Mortgage in Australia

ByDarin Hindmarsh

90% home loan lenders can help you secure a loan with a low deposit to worry about or prepare for your purchase. The challenge is finding the right bank or lender that can provide you with such an offer. Every bank and lender in Australia have a different set of lending guideline to follow. To be able to get access to the right lenders suited for your low-deposit mortgage, working with a loan specialist would be ideal. Eligibility Requirements for a 90% Home Loan To begin with your application, you can ask yourself these questions to be able to determine if you are indeed qualified for a 90% home loan. 1. What is your loan purpose? If you are to purchase a new property, refinance an existing home loan, build an owner occupies the property or invest in a property, you are qualified for a 90% home loan application. Debt consolidation can also be considered as a 90% home loan application but under special circumstances. 2. What is your credit standing? If you have a strong credit history, you are most likely eligible for a 90% home loan. Unlike bad credit home loans, our risk as a client is higher, thus allowing you to enjoy better chances of approval plus better features when it comes to applying and getting approved for a mortgage. 3. Status of your current debts Do you have minor defaults or small defaults on your credit history? You are still eligible for a low-deposit home loan even with these few issues in your finances. If you are currently paying other liabilities such as your credit card bills, rents and other personal loans on a timely manner, the chances of getting approved for a mortgage is higher. 4. Stable employment and income Your capacity to repay a mortgage is one of the biggest factors that makes you eligible for a loan. You need to have a stable source of income. Stable employment is always given preference by lenders, generally 6 months in the current job upon application or two years of total work in the same field or market. Having a considerable income is also essential since it affects your capabilities to repay a loan. Your serviceability counts. 5. Savings Your savings can sometimes be eligible for a home loan. However, with a good credit history, some lenders may not require such amount. Nonetheless, it would be advisable to have enough savings to avoid possible issues that may hinder you from repaying your mortgage in the future. Applying for a 90% home loan over $1,000,000? Most lenders surprisingly will only approve a 90% mortgage up to $1,000,000. They rarely approve anything higher than that. They will only allow you to borrow such amount if you have several properties that can be used as security for your home loan. Some banks can approve a 90% loan for above $2,000,000 properties, only to those that have exceptionally strong finances. An LMI is usually required for 90%LVR homes above $1,000,000 and you’ll probably get about 87% of your loan amount after the LMI is deducted. Ready to apply for a 90% home loan? Intellichoice’s mortgage brokers can help you get approved through these tough loans. You can call us at 1300 55 10 45 or visit our Facebook page for more information.

Why Do I Need a Mortgage Broker to Get A Home Loan?
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Why Do I Need a Mortgage Broker to Get A Home Loan?

ByDarin Hindmarsh

Applying and getting approved for a mortgage can be difficult. One big reason is the numerous options available out there. Thinking you already found the best only to discover that a different bank or lender offers something better than you expected. To make the process easier, faster and hassle-free for you, getting the best mortgage brokers in Australia on your side is the key. Aussies are getting into the real estate market because of two common reasons – to buy a home or to invest. The median house prices of homes are leaning towards a downhill and would be an ideal time to invest in a new property – for whatever reason it may be. To be able to pick the best option for you and to help you out in areas you do not understand, getting help from a mortgage broker is ideal. How to Choose the Right Mortgage Broker? For a more successful real estate purchase, asking help from a professional makes the home loan application process easier and more secure. To be able to find a reliable broker who can help you buy a home, these are the things you need to look out for. Look for Accreditations You can check if you are coordinating with an experienced and licensed broker if they have an Australian Credit License or if they are an Australian Credit Representative. You can also check for memberships from the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA) to check if they are accredited mortgage brokers. Ask about their lender network A seasoned mortgage broker will most likely be connected with several lenders and banks to be able to offer the best possible loans for their clients. If a broker fails to be able to give you the option to compare loans from different lenders and banks, you might want to consider talking or working with someone else. A lending panel is one of the many advantages an authentic broker can offer. Do your research A broker will do the back-bending work for you. The more you are aware of the ins and outs of the mortgage industry, the easier it will be to determine if your broker is indeed doing the best to help you with your home loan application. A feasible transaction is also possible with a mortgage broker that is already visible online and offline. Most brokers nowadays have an online presence and you can easily find reviews and other information about your prospect broker. You’ll have better chances of landing with an effective broker if you’ll look around and verify as well. Do You Have to Pay Your Broker? You do not have to worry about paying extra fees by hiring a mortgage broker. Brokers are paid by commissions from lenders’, so you’ll need not to worry about extra fees or charges. What’s even more beneficial for you is that these brokers will usually do the best they can offer to be able to secure you a mortgage because it is also the only way for them to earn a commission. A broker will receive an upfront commission after you take out a loan and then a recurring commission, every year as you repay your mortgage. Why Do You Need a Loan Broker? A broker can find a loan suitable for your financial need, something you might have a hard time to analyze. A broker can effectively represent you to a bank or lender and find a perfect mortgage for your budget. With so many loan types and loan products to chose from, getting someone to understand personal situation would be ideal for a successful home loan application. Compared to applying to a bank directly, giving full attention to every area of your finances that may affect your chances of getting a loan approved can be efficiently done by a broker, instead of trying to do it on your own. You might end up getting a mortgage for a piece of land but failed to get approval for getting a construction loan to build your home. Avoid these situations with the help of a mortgage specialist. How Does a Mortgage Broker Work? As mentioned earlier, a broker represents you to prospective lenders and banks that may fulfill your loan application. Australian banks and lenders differ in policies and requirements for loan applications. It would be stressful and time-consuming to do all of these, for different lenders alone. This is where the mortgage broker falls perfectly into place. They can function effectively from getting your mortgage approved, to getting a better interest rate as well as in refinancing a mortgage. At Intellichoice Finance, we have access to over 40 banks and lenders that gives you a wide range of option and opportunities to secure a home loan. With so many options available within our reach, you can find a perfect fit for what you need. We can help you start investing in real estate or simply buy your first home. Here are some of the situations where we can assist you in securing a mortgage: Is it Really Difficult to Get a Home Loan Application Approved? Some home loan applications can go through different lenders or at least 20 different lending companies. A home loan application can be touched by banks, valuers, online systems, solicitors and the like. If you would be coordinating with all of these or managing at least 3-5 prospect lenders, it would be difficult to progress with your loan application, especially for first-time applicants. If you are planning to take the real estate investment route or would simply want to buy your first home, talking and working with a mortgage broker, especially in Australia would be a worthy advice you can follow. Ready to take the plunge? Talk to an Intellichoice mortgage specialist today or send us your details through this application form.

Personal Loans Australia: Borrowing Options You Can Avail

Personal Loans Australia: Borrowing Options You Can Avail

ByDarin Hindmarsh

Which personal loans Australia is right for you? Securing one for a current specific need you have should not be a hassle especially if you are in good credit standing. Aussies apply for a personal loan for different reasons. This can either satisfy an urgent financial need, purchase a car, pay for medications, buy a boat or acquire a gadget. Thankfully, with Intellichoice, you do not have to worry about the time-consuming process and the amount of paperwork. Intellichoice Finance Personal Loans specialists will help you secure a personal loan fast, secure and easy. Personal loans can help you solve a few financial needs such as Personal Loan Definition A personal loan is an amount of money, borrowed from a bank, lender or financial institution, used to cover personal expenses, that is returned in regular increments together with an interest rate as monthly fees added to the principal amount. They can be considered as one of the straightforward financial products available for Aussies out there. Personal loans are very advantageous and cheaper alternatives than credit cards. It also gives you enough time to repay the loan. You can prepare for the repayment since its scheduled regularly. Some personal loans even allow you to make extra payments, thus shorten your loan term and the overall cost of your loan. There are two types of personal loans, secured loans, and unsecured loans. Unsecured Loans vs Secured Loans A secured loan is simply guaranteed with an asset. Such can be a car for a car loan or any kind of asset that secures a debt. You provide an item that can be later be seized or sometimes sold by your bank or lender if you fail in repaying your loan. Unsecured personal loans do not require security for your debt. The loan is still subjected to your ability to pay and failure to do gives the lender the right to act and bring the issue to court. And since the lender will be having a higher risk of losing money to the client, the interest rates for unsecured personal loans are higher compared to secured personal loans. Rate and fees differ, depending on the type of personal loan you will apply for. You should ask these questions to your lender when securing a personal loan. Interest rates A personal loan interest rate varies depending on the bank or lender as well as your financial situation. A secured personal loan’s interest rate ranges from 4.53% to as high as 19.49%. Unsecured personal loans can start at 6.28% to a high of 22.99%. The better your credit history is, the lower interest rates you’ll enjoy. Multiple personal loans from the same bank may require a different interest rate. Qualifications for a lower interest rate Interest rates depend on your credit rating. This explains why bad credit personal loans apply higher interest rates compared to regular personal loans. If you have a very low credit rating, your bank, or lender might decline your application. To prevent this, you might want to check your credit file to avoid any surprises. Having a better understanding of your credit score and credit standing helps in making better personal finance decisions. You can get a free copy of your credit report from Check Your Credit. Common fees that comes together with personal loans Most personal loans require an application fee and an ongoing fee. Some may even charge you with an early repayment fee. To give you an idea, most application fees ranges anywhere from $158 to $370 for secured personal loans and $150 to $580 for unsecured personal loans for a $20,000 loan with a loan repayment term of 3 years. An account-keeping fee or administration fee may also be included by your lender. Fees that may also be included are late repayment fees and early discharge fees. You can get a list of the additional fees you may need to cover for your loan from your lender. Are interest rates fixed or variable? A fixed interest rates comes with a singular interest rate throughout the term of your loan. Meanwhile, a variable interest rate varies, depending on the market and may be higher or lower that the initial interest rate you paid for. Choosing between the two is a personal choice. A fixed rate however gives you certainty on how much to pay for during the repayment term of your loan. If interest rates go up, you won’t be affected with an increase in payment. The same is true when interest rates go down. You won’t be able to avail savings as well. A variable interest rate is unpredictable. You will either save or pay more on top of your principal loan, depending in the current rates in the market. Are extra payments and lump sum payments possible? Most lenders welcome the idea of making extra payments. However, some may require you to pay an early termination fee, so it would be ideal to coordinate with your bank or lender to determine which offers the best possible savings for you. Fees for paying your loan ahead of your original loan term ranges from $0 up to a high $800. An average of $160 would be a reasonable amount as your early loan termination fee. Be sure to read the product disclosure statements to be able to identify the fees and charges included in your loan. Still, have questions? Talk to an Intellichoice personal loan specialist to learn more. Let us help you compare personal loans to get the best options available for your finances.

Discounts on Home Loan Rates: How to Avail
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Discounts on Home Loan Rates: How to Avail

ByDarin Hindmarsh

The finance market in Australia is picking up and starting to become competitive again. With Christmas just a few weeks around the corner, there are plenty of discounts and competitive deals available for those interested in taking out a mortgage. If you’ll do your research and be more attentive in looking for options, you’ll be able to find a lot of financial products and interest rates, perfect and timely for your need from different banks, lenders, credit unions and online finance providers. How to Secure the Best Home Loan Rate Deals in Australia To be able to avail the best possible discounts and home loan rates existing in the market, paying attention to how the market moves is a good starter. Christmas time is one of the best times to take advantage of when trying to get the best value for home loans, credit cards, and savings accounts. For home loan rates, you can take advantage of owner-occupier loans and get a mortgage priced as low as 3.44%. Popular lenders offer 3.60% for owner-occupied homes while investment rates are under 4.0%. The key really is to research the market because there are a lot of options out there, some you do not even realize exist. You can talk to a mortgage specialist to help you find the best home loan interest rates for your circumstance. You can also follow these tips to land with the best rate discounts for your mortgage. Make That Call The way lenders and banks decide on how much interest rate they apply on your loan depends on several factors. Your financial situation such as your earnings, how much you will borrow and at times, your occupation determines the discounted rate you’ll receive on your mortgage. The more money you earn, the stronger investment for the lender. Even if the advertised interest rate of the major banks can vary and you might get entitled to a discount if you make that call. You might want to explore the attractive incentives and package deals some of these banks offers. Make that call and coordinate with your bank or lender or let your mortgage specialist secure the best discount possible for your home loan. For example, a home loan of anywhere above $150,000 can come with an annual fee-free credit card, a $600 loan approved with fees waived, an offset account and monthly service fees waived. You just need to coordinate with your bank or lender to be able to avail the best possible deals available for you. It pays to be pushy and know what you deserve. Some banks just rely on lazy customers that are not coordinating with them in terms of possible discounts. Get the phone and do not be afraid to ask for a discount. Do Your Research Not knowing your numbers can cost you a lot- literally. For example, for an LVR of less than 80% with a home worth $500,000 and a loan less than $400,000, you can take control of your home loan interest rate. You can easily take control and switch lenders without worrying about excess lender’s mortgage insurance. This can be quite costly for a mortgage with an LVR higher than 80%. Reconsider taking that switch for a better deal on your mortgage or talk with your bank to know your options. Find a Cheaper Deal You can use a Comparison Rate Calculator and punch in the numbers from your prospect banks and lenders. Get the actual numbers on where you can get a better discount, interest rate or loan feature. Arm yourself with information to be able to close the best home loan account you can get from your bank or lenders. Compare home loans through the help of these financial tools. A mortgage broker can help you collect home loan products you can choose from. They can also help you decide on what loan offer to choose as well as in haggling the best discount and offers possibilities for you. Whether you plan to get a standard variable or variable rate home loans, a mortgage specialist can help a home buyer get the best monthly repayments and loan terms available out there. If you are currently paying for a mortgage and would want an instant drop in your interest rate, switching lenders or talking with your bank can give you the savings you long for. But if you are a client looking into securing a home loan with the best discounts possible, knowing your options and finding the best loan features out there, doing your research or asking help from a loan specialist can do wonders.

Business Financing: Which One Is Best for You?
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Business Financing: Which One Is Best for You?

ByDarin Hindmarsh

Business financing requires big decision and should be treated differently than how you approach personal finance. Understanding the difference between being in debt and equity finance creates a big difference in successfully managing a business. If you are a business owner looking into funding your business and taking the next step to expand your network or grow your business, you can either borrow or go for equity financing. Although there are many available types of funding you can avail for your business, the time to research and understand these options might consume more time than necessary. Thus, consulting with a business loan specialist would be ideal. Whether you are an existing business or a new one, deciding on the appropriate business finance for your company is essential. Is Debt or Equity Finance Suited for Your Business? Which type of finance is best for your business? Determining how much you need to borrow is the first step in successfully choosing the right type of loan for your business. The financial needs of a start-up business are different from an existing one. Here are some key points to consider when computing for how much money your business requires. A Starting Business would require financing for set-up costs which includes rent, equipment, inventory, wages, super contributions, legal, shop fit-out, and accounting costs. Financing for Asset Procurement may require a copy of the contract together with the purchase price and the other fees included in the sale of the asset. For Cash Flow Purposes, you can use a cash flow forecast to be able to determine any shortfalls. A cash flow template from a finance loan specialist can help you determine this. Compare these amounts to the current cash you have available. You can use this to determine the amount of money that you may need to borrow. To be able to lift the financial stress on your end, you may want to borrow a larger amount or consider money saving ideas inclusive in the business loan available for you. Explaining Debt Finance Debt financing is borrowed money that you need to pay back, together with the interest within an agreed period of time or within the loan term. The most common type of debt finance includes: You do not need to answer or report to investors if you choose to borrow money from financial institutions, unlike in getting Angel Investors for your business. Full control over your business is one of the advantages you’ll enjoy when you borrow financing for your business. Keep your business profit to yourself and your business. Since you do not have to answer to any investor on your business, you’ll be able to get the whole of your business profit. Interest fees and charges on your business loan are also tax deductible. Your accountant can help and advice you on how you can make the most out of this privilege. Things to Consider for Debt Finance A small business loan requires the same amount of documentation compared to a higher loan. Accurate financial records are required to secure your debt finance. If you are a start-up business, you need to provide a comprehensive business plan and projections to your bank or lender. However, you need to generate enough cash, from your business to be able to cover service repayments, fees, interest rate, and other surcharge charges. Keep in mind that monthly payments on dues will be affected with regular payments. Your cash flow will be affected and would be quite difficult to sustain in the first few months especially for new businesses. Prepare a back-up plan for this. In the event you used a security ass guarantee for your business loan, this property could be repossessed should you fail to afford repaying your loan. Whatever your finance options may be, keep the above tips in mind. Equity Financing on Your Business Finding investors who are willing to put money into your business is the basic definition of what equity finance is. What makes it different from debt finance is that the investor becomes part owner of your business. They are included in the decisions that will be made for the business and will receive shares from any profit the business will make. 5 Main Sources for Equity Capital 1. Family and friends – This business finance option is the one you have easy access to. You can ask for friends and families who are interested in investing money on your business. Doing so gives them rights on deciding for the business and will earn a share on the profit the business will generate. 2. Angel investors – Business angels are investors who put their money into start-up businesses. They usually invest up to $2 million on a single business. 3. Crowd-funding – A perfect example of crowd-funding is Kickstarter. Putting money or donating money to a start-up business usually earns a token from the business, or whatever is promised by the company for donating to the business. 4. Venture capitalists – Venture capitalists are professional investors who invest funds in companies that are already starting, Funds starts anywhere from $2-$10 million) 5. Public float– Public float is raising money by issuing securities or shares to the public such as IPOs. Unlike debt finance, you do not have to worry about repayments. However, you should keep in mind that there is shared ownership in equity financing. A loan specialist can help you compare and determine which type of business loan is ideal for you. Talk to an Intellichoice loan broker today and get the financial help you need for your business. Apply for the perfect financial product for your business. Call 1300 55 10 45 today.

How to Secure the Cheapest Car Loans in Australia
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How to Secure the Cheapest Car Loans in Australia

ByDarin Hindmarsh

Applying and getting approved for a car loan is not as difficult as it was before. It has become more accessible to people wanting to purchase a car as well as to those who have bad credit histories. The challenge in financing an automobile is in finding the cheapest car loans available for you in the market. In purchasing a car, you should do extensive research and know your way around the system to be able to get the best possible loan option suited for you out there. To be able to start your search, it would be ideal to identify the common ground when it comes to car financing in Australia. Here is an idea on how much car loans cost, together with the interest rates from actual banks here in Australia. For three different car models priced at $20,000, $28,000 and $37,000. Even with the same interest rate and loan term, the third car will already cost you more. The total interest amount that you’ll pay for the third car will be higher than the first two. Maintenance cost will also be more expensive for a high-end vehicle, thus an additional bump on your monthly bills. The higher your loan amount is, the more expensive it will be to repay. Surcharges is another factor you should consider when computing for car financing. Such include application fees, administration fees, accounting fees and the like. Adding this all up will surprisingly give you the total amount you have to shoulder to repay a car loan. Covering these specific areas when comparing prices will save you a lot of time. Effective Tips on How to Minimize Car Loans Doing your research covers a few bases to be able to secure the cheapest car loan available for you out there. A timely purchase can also guarantee you with the lowest interest rates and best deals available for the current season. Here are some additional ways to guarantee the best possible and cheapest car loan you can avail to finance a car. Zero-Interest Financing There is no such thing as zero-interest financing. The thought of having to purchase a car, through a loan, without worrying about the additional interest you need to pay for is just a marketing strategy. Zero interest car loans are not interest-free because banks and lenders will add the supposedly interest on top of the base price of the vehicle to come up with the vehicle cost. Not having to pay for interest is not always cost effective because in some cases, monthly charges and fees might also be included in your financing. This can be in the form of maintenance or surcharge fees that would eventually compensate with the interest you should be paying for without the zero-interest promotion. Check out for these items to be able to determine if you are indeed receiving a discount from your lender, bank or car dealership. Add-ons are never free Do not be deceived by add-ons. Additional features that can be added in your car purchase is not always free. Such may include tinted windows, leather seats, sealants, rust proofing and other items that eventually adds to the cost of your car purchase. You might want to add these extra features after purchasing your car and outside your car loan application. You may eventually get a cheaper price tag on these items if you purchase them outside the dealership.Removing these items on your car purchase can also help reduce the price of the vehicle. Decide to opt out for these unnecessary add-ons. Negotiate and Haggle Talk to your bank, your lender or your loan specialist to be able to find additional ways on how to save and get a better deal on your car purchase. You can always walk away and find a different car dealership that will bring more value to your money. Do not hesitate to ask for discounts or to qualify for promos that the car dealership may offer. Perfectly Time Your Purchase Certain months and seasons open opportunities to lower fees and generous discounts on car financing. Car dealership, just like malls offers generous discounts and promotions on different months or seasons of the year on their cars. Take advantage of these to be able to avail discounts and other special promos. These seasonal promos are usually available during the Christmas season ass well as during the start of the year up until February and March. Is Your Car Purchase Indeed Accessible? Do you really need a high-end car, or can you settle for an older model or a second-hand one? Would it be ideal to go for a 2-seater car instead of a van if you are the only one that will use the vehicle? The accessibility of your car purchase should not only be within your means but also within your needs. Be practical and go for an average car that would provide the comfort and accessibility that you need without hurting your budget. Always remember that the more expensive your car option is, that higher your payments will be as well as your maintenance costs. Buying a car and choosing a car loan is just the beginning of the process. The most challenging part is repaying for that loan as well as keeping up with the fuel and maintenance costs that come with using your purchased dream car.

Can You Have Multiple Personal Loans at the Same Time?
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Can You Have Multiple Personal Loans at the Same Time?

ByDarin Hindmarsh

Is it possible to get approved for multiple personal loans at the same time? Some Aussies may be faced with the situation of getting two loans at once or applying for another one while paying for a previously approved one. It is possible to have two loans at the same time. You can pay for an ongoing mortgage and then apply for car financing. You can also apply for a mortgage while paying for car financing. Multiple loans are possible but there are conditions that govern such instances. Such conditions also vary depending on your bank or lender. Two or More Personal Loans at the Same Time Aussies are sometimes faced with financial situations that may require them to apply for a new loan even after being granted with one. You might need to apply for a medical assistance loan right after getting a loan for a birthday or wedding celebration. A second loan can assist you in financing a specific event or circumstance, however, your second loan might be riskier and more expensive than the first loan that you secured. Some lenders or banks may allow you to take a second loan after paying a part of your initial balance on your first loan. However, this is not always a good idea. Here are some reasons why. Second loans, on top of an existing loan do not offer the best deals possible for you. Lenders measure your capacity to pay for a loan. It is based mostly on your credit score and debt-to-income ratio. If you already have existing debt on your “things to pay list”, your APR and loan terms are affected, mostly on the negative side. You’ll most likely get a shorter payment term, a lower amount as your second loan and a high-interest rate. Overborrowing is another factor that you might want to consider before applying for a new loan. Having too much debt will increase your monthly payments. Adding another loan on top of all those existing debts that you have will add up to your monthly amortizations and repayment needs – making it harder for you to repay your loan, not unless you generate more income than you used to do. It may start a cycle of debt if you do not put your finances in check. How Do Multiple Loans Work? Different banks and lenders have a varying set of conditions and rules when it comes to accommodating multiple personal loans. Although some do not entertain second loans at all. Here are some of the common conditions and eligibility criteria from banks and lenders that do allow second loans for their existing mortgage or financing clients. Do You Really Need a Second Loan? Again, applying and getting approved for a second loan is possible but is not advisable. A second loan may seem to be the best answer to your financial need at present but may affect your financial standing negatively in the long run. You might have a hard time borrowing in the future if you take that second loan. Too many inquiries on your credit report may make it hard to secure a mortgage or another personal loan in the future. Things will eventually get worse if you fail to repay these multiple loans. The possibility of getting hooked with a lot of debt is always there. A loan is not always the solution to relieve you with your current financial problems. You might want to reassess your current financial situation instead. If you are constantly taking out a loan to cover every day or regular expenses, you might have to sit down and get professional help. A debt relief or a personal loan from a friend (without interests) might be a few options you may want to consider. A debt consolidation might also help. Personal loans are mostly unsecured loans. Applying for a personal loan the second time around can lead to higher interest rates. Online lenders tend to see a greater risk in you as a client in such situations. Thus, your chances of getting the best deal for your unsecured personal loan are most likely impossible. Several loans mean several monthly payments to worry about. Although lenders will not approve a loan you cannot afford, qualifying for one does not necessarily means that you’ll be able to repay those loans without hassles. If your financial situation changes – a better paying job, or an additional source of income comes into the picture – affording to repay multiple loans without hurting your budget and affecting your lifestyle is possible. However, unable to improve your financial resources with additional debts to worry about is not good for your personal finances. Multiple Loans are Possible But Are Not Always Good It is possible to take out a second loan even while repaying for one. However, most of the time, this could do more damage instead or repair on your credit file. An additional loan increases your debt-to-income ratio. It can also lead you to overborrowing or a never-ending cycle of debt. Additional fees and charges also comes together with a second loan, thus adding up to your regular monthly payments. However, second loans or multiple loans are still beneficial. If your current finances can afford to take out another loan while paying for a first one, a second loan could indeed help you with your current circumstance. It would be ideal to talk with a loan specialist to know where you are at in terms of your chances and capabilities to repay a second loan. Intellichoice can help you understand more of this. Call now and get the financial advice that you need.

Better Car Financing Regulation Favors Australian Buyers
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Better Car Financing Regulation Favors Australian Buyers

ByDarin Hindmarsh

The last two months of 2018 is the best time to buy finance a car in Australia. With new regulation on Australian car financing introduced beginning November 1, 2018, potential new car owners can save thousands on their loan repayments. Both new and used car financing will give potential buyers an advantage in terms of interest rates. Stricter rules and regulations in car financing will also help reduce kickbacks paid to dealers by some of the lenders in Australia. Protection from Overpricing Prior to the implementation of these stricter regulations, a car dealership can add a huge margin to the actual price of a lender to be able to gain a bigger kickback in successful transactions. In this scenario, a 5% actual interest rate on top of a car financed by a lender. A dealership, instead of giving the same 5% interest would sign up a customer to a 12% interest rate, thus kicking back more in interest rates with additional profit from the actual sale of the car itself. This usual system in car dealership reached its end after the new rulings implemented last November 1. Inflation in car prices will no longer be an additional worry for Aussies who would want to purchase a vehicle. The good news for those who are interested in purchasing a new vehicle is that instead of the surcharge that dealerships include in a car purchase, what they can do on interest rates is to reduce the interest rate by a maximum of 2% or stick with the current interest rate that the lender implements. Lower Interest Rates for Aussies If a lender will assign an interest rate of 8% to a car loan, the car dealership has the discretion to stick with that interest rate or set it to 2% lower which is 6%. Again, the car dealership may decrease the interest rate by 2% maximum or stick to what the lender implements. A commission is earned by the car dealership if they decide to keep the original quoted interest rate from the lender. As the interest goes down, the kickback that the car dealership gets decreases too. Car dealerships can still earn through the process by sticking with the quoted interest rate, but not as much as they used to do with the past restrictions and rules prior to the changes starting November 1. Such changes provide a better chance for people in good credit standing to save a lot from car financing. On the downside, car loan applications might take longer for those people with bad credit score with these stricter rules being implemented. Industry experts estimate that 80% of new vehicles are bought under a finance and most of these finances are arranged through a car dealership. Thus, we can expect a lot of Aussie clients to be very happy with the current new rules and restrictions, especially those with good credit. How About Loans for People with Bad Credit? However, good credit standing individuals are mostly the ones who will benefit the most with this new ruling. Bad credit car loans will still implement higher interest rates compared to regular car loans. Thus, getting help from a car loan specialist becomes essential. Each customer, whether with bad credit to worry about or with good credit standing, will enjoy a personalized interest rate. This will still be based on the risk profile of the client, but with the best interest rate possible with their current financial circumstance. If a specific loan is of very high interest, it would not be approved to protect the client, especially those with bad credit to worry about. Need help with car financing? Call Intellichoice today- 1300 55 10 45.

Car Loan vs Novated Lease: What’s the Difference?
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Car Loan vs Novated Lease: What’s the Difference?

ByDarin Hindmarsh

Getting a car loan vs novated lease is one of the most common situations most Aussies are torn in between when it comes to financing or securing their dream vehicle. Car loan vs novated lease – which of these car acquisition routes is right for you? What is a Novated Lease and Why It’s Different from a Car Loan? A Novated Lease is a type of car financing wherein every day running expenses as well as maintenance are incurred in a Pre-Tax and a GST free arrangement. This simply means that your salary where your monthly payments are deducted are tax reduced. Thus, you can enjoy a higher take-home pay that can be used for your fuel, car insurance, servicing, and other financial payments related to your vehicle purchase. Your company who serves as the leasing entity of the vehicle to the car company. Thus, the company’s financial credentials are being scrutinized upon application and not your personal finances. What makes a novated lease different from a car loan is that novated leases are salary deducted. It is secured by the company. In car loans, your consumer credit establishes your capacity and qualification for a car financing. Your integrity to pay this personal loan secures your loan. No running costs are included in your loan repayment. Advantages of a Novated Lease Over a Car Loan What Are the Disadvantages of a Novated Lease Top Reasons to Choose a Car Loan Over a Novated Lease Novated lease is for some people, especially to those employees whose companies offer such benefits for their employees. However, a car loan is a preferred choice for most Aussies due to many advantageous reasons. Here are some of them: Disadvantages of a Car Loan over Novated Leases Knowing the advantages and disadvantages of a novated lease and a car loan can help you narrow down your situation and which car financing option would be most applicable for you. Take note of extra charges and fees so you can include this as well with your budget. A novated lease calculator and a loan repayment calculator can help you determine which is most cost-effective for you. Still confused? A car loan specialist can help. Talk to an Intellichoice car loan expert today!