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Can I get a car loan with no credit history?

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  • 100 points of ID. For example, your driver’s license, passport, Medicare card, etc.
  • Proof of residence, such as council rates or a utility bill, etc.
  • Proof of income, such as recent payslips, current bank statements and a letter from your employer stating your employment details.
  • Assets, including property or other vehicles that you own.
  • Liabilities, including any other debts or loans in your name, such as credit cards.
  • Contact details for people who can authenticate these details, such as your employer, landlord or accountant.
  • The loan amount
  • The interest rate
  • The repayment period
  • You know exactly how much your repayments are each month.
  • You can plan and budget with certainty, knowing your repayments won’t change.
  • You’re protected from future interest rate rises.
  • If the market interest rate falls, you pay more interest with a fixed rate.
  • Some lenders may insist upon a shorter lending period.
  • Fixed rate personal loans may not have a redraw facility.
  • If the market rate drops, you could pay less for your car loan overall.
  • Most lenders offer longer repayment terms with a variable interest rate.
  • You may have the option to make additional repayments which could save you money over the life of your car loan.
  • You may be able to redraw from any additional repayments you have made if you need some extra cash along the way.
  • If the market rate rises your repayments increase.
  • Interest rate rises are unpredictable and could make it harder to budget and make plans for the future.

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