Documents required for availing car finance in Australia
The boom in the car sales is taken to be an indicator of the increasing riches of the people. Besides the increasing economic prosperity of the people, the other most important reason for the increase in the sale of cars is due to the easy availability of the car finance in very affordable monthly instalment. Even the down payment amounts may not be required or it might be quite less. The people, therefore, prefer taking the car loan rather than making the full payment in one go.
You are only required to carry some documents in support of your incomes and the identity and some amounts to make the down payment while taking the car loan. Every car manufacturer nowadays has arrangement with the car finance companies and banks to provide the loans to the prospective customers with ease.
The list of documents required for getting the loan are the following:
1. Income proof: It is quite natural to expect the car lease companies to ask for your income proof since they would like to know whether they will be able to pay the monthly instalment or not. This income proof can be furnished in the form of some salary slips, bank statements or the financial statements of the company.
2. Address Proof: The car lease company would like to know where it' car is being taken or where the owner of the car resides. For that purpose some address proof is required as well. The driving license or the passport copy can be given as a proof of the address to the company.
3. Property ownership proof: This is required to be given only by those people who own a property of their own.
4. Insurance copy: The car finance company would be giving the car only if it is duly and comprehensively insured.
5. Roadworthiness certificate: This certificate tells whether the cars are fit for being on the roads on not.
6. Photographs of the vehicle with the number plate and vehicle body.
7. Proof of the bank account details of the seller.
If you are an employed person, you can take the novated car lease wherein your instalment gets reduced from the salary that you are taking. On changing the employment, the person must check whether the new employer can provide the novated lease facility or not. Similarly, there are a few other types of car leases.
With increasing sales of cars, there have been problems of urbanization like jams, pollution in almost all the major cities of the world. Some people have mooted the rise in the government taxes and insurance rates to make the car finance dearer and to maintain the sales of the cars at sustainable levels. Some others are even calling for a putting a limit on the total car production and starting of a quota system of production for the cars. These suggestions have been discounted for one reason or the other, and the car loan companies have been doing brisk business.