It’s a familiar scenario: a young woman who’s got a good credit score is looking to buy an old car and it comes with a $10,000 loan.
But what if the loan comes with an extra $4,000 and the car is not eligible for the new financing?
If the loan isn’t eligible for an upgrade or the car’s mileage falls short of its original $10000, the lender could ask you to pay the difference, potentially ending up with a bill of $16,000 or more.
And in Australia, a car loan may not be covered by the same loan guarantee scheme as a house loan.
The loan guarantee is a part of the Australian Consumer Law (ACL), a new law which gives consumers a guarantee that they’ll not be forced to pay back a loan if they lose their job or get divorced.
But it’s still a risky move for a young person, especially if it’s a loan they already have a loan on their record, because they may not know what the terms of their new loan will be, according to the ACL website.
A recent article on the ACL’s website revealed a young student with a car debt of $8,000 would have a much higher chance of losing her car than someone with a less-than-prime credit score.
For more information on the car loan guarantee, check out the ACL site.
Get your car loan sorted on the loan guarantee website For a loan guarantee from the ACL, you can also apply directly to the lender and have your application processed online.
If you want to use the loan guarantor, you’ll need to complete the online application form and submit the documents that are required to be signed by the lender.
You can also get a letter from the loan holder, which can also help you negotiate the terms and conditions.
It’s worth mentioning that it may be a good idea to use an existing loan to help you make the loan repayments.
Find out if your car is eligible for a loan guaranty online If your car needs to be serviced, you may be eligible for assistance from a loan servicer.
If you’re considering applying for a car servicer, be aware that the ACL can make changes to your car and its title without notice.
Lenders usually require a deposit to help cover the cost of servicing a vehicle, but you can use your existing credit to help pay for servicing.
Here’s how to apply for a servicer if your vehicle has been serviced:Apply online to apply online, and fill out the form.
You can then call the lender to see if it will be servicing your vehicle.
If the lender will not provide the vehicle’s title or payment details, you need to get a title search.
You will need to fill out a form to obtain the details.
If you can’t get a car title search, you could ask the lender for a title scan, which will be sent to you.
You will need a title survey from the lender, which is not a required part of applying for the servicer’s help.
If your vehicle is serviced and you don’t know the current cost of the service, you should contact the lender directly.
You can get more information about a car and a serviced car loan at the ACL.