If you’re on the look out for your new wheels (and finance to suit), getting ready in advance can make things a little easier. Check out our list of what lenders will generally ask for so you can get sorted with a car loan:
To get a car loan, the first step is usually completing an application. The process for every lender is different – application can be in person, on phone, or via email. Or you can use our handy online application to apply for a car loan. When you apply, you’ll be asked for all the usual contact details, along with some further information which will help the lender approve your loan.
Partners details (if a joint application)
If the application is joint, a lender will also need similar information for your partner. This includes their income, details of existing loans and cars, drivers licence and contact details.
How much you’d like to borrow
When you apply, you’ll be asked how much you’d like to borrow. Here at Sprint, we offer car loans from $3,000 to $12,000.
Requesting bank statements is a way for lenders to get to know your current financial situation. It can be hard to understand why lenders need such personal information, like where you had lunch yesterday and how much it cost!
We’re not fussed about where you had lunch (or how much it cost) but as a responsible lender, we need to ensure you’ll be able to comfortably afford your repayments. A few things we look for include: a stable income, affordability, payday loans and gambling transactions, and other loan repayments.
As part of your application with Sprint, we’ll ask for the last 2 months bank statements. You can complete your application, and upload these later, but providing them at application means we can give you quick approval.
Any existing loans
You’ll be asked for details on any existing loans – including credit cards, personal or car loans. This helps lenders estimate what you can afford after your existing expenses.
Drivers licence and proof of address
You’ll be asked to provide both a copy of drivers licence and proof of address.
At Sprint, we can accept photos of these documents taken on your mobile, which can then be uploaded as part of your online application.
We can give you quick approval if we have these at time of applying, but if you don’t have these handy at the time, you can provide them after completing the application.
We accept any valid NZ or Aussie licence – including Learners!
Registration number of any existing car/s
Lenders may ask for the registration number of your current car. This allows them to run a PPSR (Personal Property Securities Register) to check for any current car finance.
Details of the car you want (if you have it)
If you haven’t already found your dream new wheels, it’s a good idea to get pre-approval for a car loan.
At Sprint, the process is the same, then once you’re ready to buy, you just need to let us know so we can sort the final details.
If you’ve found your new wheels before application, we will need the basic details of the car to be able to sort a car loan. Check out our article: What car can I get with a Sprint car loan?