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Instant Car Registration Loans
January 14, 2021●
5 minute read●
A lot of maintenance goes into keeping a vehicle. As a car owner in Australia, there are specific requirements your vehicle must meet to prove that is in sound condition, and good enough to be on the road. Of course, these rego checks are worth more than a dollar, and for some Aussies, it might be an unpleasant necessity to endure, and even more so when you need to visit a mechanic first. But did you know you can get an advance to cover these necessities? In this article, we’ll be unpacking the right way to get a car registration loan.
What are the eligibility requirements?
First, we have to discuss the eligibility requirements before we dive into the right procedure to get an instant car registration advance. While registration loans cost a small fraction of regular loans, lenders still need to run a background check on the borrower before proceeding. There are specific requirements you must meet before a moneylender can agree to fast-track a loan for you. Some of the qualifications include:
- Australian citizenship or permanent residency
- Be at least eighteen years old.
- Proof of stable earnings for at least three months
- No obligations to three or greater cash loans in the previous three months
Requirements differ from one financier to the other, but these are the usual standard. If you don’t meet all these criteria, then your chances of getting approval for an instant advance, are very slim. It’s best not to proceed with the next step if you fall short on any of these steps because you could hurt your credit rating with a rejection. If you have a bad credit history, but still meet the following criteria, you still have a shot at getting a loan. Most financiers pay more attention to your current bank statement than your ratings because instant loans are usually short-term loans. Rego loans are generally between $300 – $5000 so when their repayment spreads out, and it isn’t typically burdensome.
How do I get an instant car loan?
Thanks to technology, it’s pretty easy for most Aussies to get a cash loan quickly. Depending on the lender, you can get one in less than an hour. So if you’re sure you fall within the eligibility criteria, then you can proceed as follows:
- Choose a lender: The first step is to decide on a suitable financier. You can do that by checking reviews or asking trusted friends and family to recommend someone. If you fall short of any of the requirements, it’s especially beneficial to you to use this step to find a lender willing to give you an advance.
- Submit a request: Most lenders now have secure websites where borrowers can log on to and make applications. Their servers are protected, so there’s nothing to worry about when filling in the forms. You might have to answer some confidential questions about your name, age, job, and income.
- Upload the required documents: As we mentioned earlier, one of the requirements is that you show proof of stable earnings. So there will be a section where you can upload your Centre link Income Statement alongside your identification papers, and some other documents. A passport or driver’s license serves as acceptable forms of ID.
- Sign the agreement: You’ll have to wait a while for the lender to look over your application and vet it properly. If they deem your request fit, you will receive a notification of approval and an agreement form. Before you go ahead, ensure you read through the document thoroughly. When you’re satisfied with the arrangement, you can sign and upload it again for confirmation. Once the financiers receive a signed copy of the form, they will make the transfer to the account you provided earlier.
Can I pay it back within a short timeframe?
You can repay a registration loan as instantly as you got it, depending on how much it’s worth. Rego loans are usually short-term loans lasting less than a year. Lenders even provide the option to pay back in less than three weeks, but if it that’s too soon for you, there’s no need to feel pressured. Borrowers also have the option of opting for monthly repayments.
So you can set up an automatic deduction that removes each instalment at a time you’ve already received your monthly income. If you take out a loan of about $2000 for a year, you could end up having to repay less than $100 every month, which doesn’t place a lot of strain on your finances. That’s enough to cover a modest insurance plan and your roadworthiness test, with some extra for necessary repairs. Usually, lenders put a cap on their establishment fee, so it isn’t more than $300, so you don’t spend a lot more on fees and interest.
Can I use it to pay for my roadworthiness check?
Due to the nature of rego loans (small principal for a short time), they are typically unsecured loans, which means you don’t have to attach any collateral to it. That’s great news for you because it indirectly implies that you can spend the funds you get according to your whim. So you can use it to cover the cost of vehicle registration, pay for your insurance, or replace one or two tyres. It also means you can pay for a roadworthiness test which is necessary to prove your car is in good condition. Although they are small to medium loans, you can use it to get good coverage for the running cost of owning a vehicle for up to two years. It’s a great idea to include a little more money than you require, so you can easily finance any emergency that arrives. The benefit of doing that is so you don’t have to take out another loan, which can look bad on your credit history.
Well, that covers everything you need to know about getting an instant car registration loan. Proper preparation can help make the process of acquiring an advance a smoother process. Rego loans can be life-savers, but you need to go in prepared with the documents your financiers are likely to request to make the most of their speed.
Written by Jacaranda Team