Personal car loans

Obtaining a personal car loan might seem daunting. However, as long as you are prepared and have all your paperwork together, the application process should be simple.

To help you prepare, we’ve outlined a few simple steps to follow.

1. Choose your car

Visit a car dealership and when you see a car you like, take a test drive. Maybe bring along a friend and ask the dealer any questions you might have. Make sure it really is the car for you!

When you’re certain, you may consider leaving a deposit to hold the car – although the choice is up to you.

2. Talk about finance

Once you’ve decided on the car you want (exciting!), the dealer will ask if you want to talk through the options for finance.

They can give you some information on Power Alliance Finance and our personal car finance.

We offer both business and personal car loans, so make sure you take some time to read up on the differences and talk to the car dealer about which option is right for you. The dealer will give you lots of information or you can read up on our products here. It’s OK to ask as many questions as you want!

3. Look at the numbers

Power Alliance Finance offers an interest rate which is tailored to you using a sophisticated algorithm. It works almost like magic! All the dealer needs to do is collect a few details and run these through the system.

Along with your credit score and other relevant criteria determined by us, the software will use these specifics to calculate your own tailored interest rate.

Your dealer can also talk to you about other flexible options, such as adding a balloon payment, which allow you to make lower repayments during the term of your loan and a single larger payment at the end, or putting down a bigger deposit which will reduce your total loan amount and the total interest you have to pay.

And feel free to ask about all our fees and charges so there’s no hidden surprises – we are always transparent.

4. Apply for a loan

Once you’ve decided to go ahead, the dealer will help you complete the application then lodge it for you.

After your application has been reviewed, the dealer will contact you to let you know if it has been approved or if you have to provide any other information.

5. Bring all your documents

When you apply for the loan, you can make the process quicker and easier by ensuring you bring all the documents along with you.

Firstly, you’ll need two forms of ID. One of course needs to be your driver’s licence, and the other can be your Medicare card, credit card or debit card.

You’ll also need to confirm where you live, as well as confirm property ownership or rental payments if applicable. So you’ll need a rates notice if you own your home or tenancy agreement if you are renting.

And finally, you’ll need three months worth of payslips with year-to-date figures which must be issued no more than 2 months prior to the contract is due to settle.

You’ll also be asked to estimate your monthly expenses like food, rent or bills, so it’s a good idea to work these out beforehand.

6. Ask away

Remember, at Power Alliance Finance we want to make the buying process as transparent as possible and we are always transparent. So, if there’s anything at all that you don’t understand along the way, no matter how small, then ask your dealer.