Import Car Loans Pre-Approval

If you’re shopping around for an import car and haven’t decided on a particular model; Applying for pre-approval import car loan before you start can help you stick to a budget and vehicle without over spending.

Having a pre-approval car loan helps in providing information on how much you will be able to borrow and what your estimated repayments will be.

A pre-approval car loan is a safe alternative than shopping for your new car and having to apply for finance once you’ve committed to the purchase. This can bring disappointment if you don’t qualify for the loan amount or the repayments are outside your budget.

What is a car loan pre-approval?

A car loan pre-approval is a conditional approval offered by the bank or lender to provide you the applied amount. The lender releases the funds to the seller when you have found a vehicle that’s suitable to you and the lenders guidelines.

Factors that need to be taken into consideration are the lender may withdraw their approval if your financial circumstances change between the time you receive pre-approval and purchasing the car.

It’s recommended that you don’t apply for any further credit, change jobs or incur any defaults or marks on your credit file during this time.

Are there benefits of a pre-approval loan?

Having the comfort of a car loan pre-approval gives you more clarity on how much you can borrow and what your repayments will be.

Once approved for a loan, you know exactly what your repayments are, what fees and charges and the total cost of the loan payable over the loan term.

A pre-approval also gives you the power to negotiate with dealerships as it shows you are a serious committed customer.

What types of vehicles can be pre-approved for?

Import car loan pre-approvals are available for both dealership sales and private sales including classified websites and social media marketplace.

Each lender has their own credit guidelines with import vehicles and whether they will be suitable for they’re financing. At iCREDIT, your personal finance consultant is experienced with import car loans and can offer guidance on who can assist you with this.

How do I arrange a pre-approval car loan?

The easiest option to gain a pre-approval car loan is to APPLY through our website.

Once submitted, an iCREDIT car finance specialist will be in contact with you to discuss the various loan options available.

We’ll provide you with a guide on the repayments and a comparison interest rate quote to help you choose a loan suitable to your requiremetns. Once your happy to proceed, we’ll assist you with any documents requests the lenders may need for the application.

We’ll present your application correctly to the lender to ensure your loan is processed in a timely manner and providing the best result possible.

How does iCREDIT help you find the best interest rate?

iCREDIT offer customers access to a wide range of banks and lenders throughout Australia. Our experienced finance consultants have in-depth knowledge of import vehicle finance and lenders criteria.

When applying through iCREDIT, you are assigned a personal broker who will work with you to find a lender who can offer the best interest rate based on your situation.

What happens if I change my mind with a car loan pre-approval?

There is no obligation to proceed with the loan, even if you have a pre-approved car loan. If you cannot find a vehicle that’s suitable to your needs or simply want to put the loan on hold for a while, we can archive your application until a later date at no cost to you.