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The Ultimate Guide to Car Loans

car logo

Chapter 1

Introduction to Insurance

advantage

Chapter 2

Comprehensive Car Insurance

Chapter 3

Loan Protection

Chapter 4

GAP Insurance

insurance

Chapter 5

Warranty

application

Chapter 6

How to apply for car insurance?

chapter 1

Introduction to Insurance

Protection for you and your lifestyle

What is car insurance?

Nobody likes the word, but it is an unfortunate fact of life that bad things happen that can often be out of your control.

 

You might like to go skiing, you could be at the bottom of a ski run and an out of control rider crashes into you, breaking bones and making you unable to work temporarily. You could be sitting at a red light, minding your own business, then all of a sudden you hear tyres screeching and someone slams into you from behind. Events like these are not your fault, but you could attain a high level of unexpected expenses and experience significant financial stress, or worse, if you’re not protected.

Why should you consider car insurance?

Life would be perfect if we all had a crystal ball that would tell us what will go wrong when. We would take out insurance at very specific times to cover ourselves for the bad events we know are about to happen. Unfortunately, life doesn’t work like that. Some people like to gamble and hope things will never go wrong, however most people see comfort in protecting themselves so their livelihood and their family’s quality of life is never impacted by unexpected events.

 

At Credit Capital, we offer full protection packages on all of our loans, so you have peace of mind that you will never be paying extra if something goes wrong. Read more below, or talk to one of our consultants today who can explain the various levels of protection we can provide and which package may suit your needs best.

chapter 2

Comprehensive Car Insurance

What is Comprehensive Car Insurance

 

We understand your car is a valuable asset and often a part of the family as well. You want your car looked after in the event of an accident, just like you would want one of your children looked after if they were ever hurt. Our comprehensive cover will ensure that your car is looked after with the same amount of care as any family member.

 

Comprehensive Car Insurance will cover you in the event of an accident, or your car being stolen, and ensure that you’re always on the road so your life can run on time. If you are in an accident, the comprehensive cover will cover all damage repair costs to your car, and any other vehicles involved in the accident. If you are at fault in the accident, all you have to pay is a small fee to lodge the claim called and “excess.” If you are not at fault, there is nothing to pay at all.

 

In the unfortunate event of an accident, you can be certain your car will come back to you in as new condition. We can even include a hire car within the policy as well so you are never off the road. With flexible options on excess payments, agreed or market values, and payments being made either monthly or yearly, we can tailor a product that meets your individual requirements.

Comprehensive Car Insurance Advantages and Disadvantages

Advantages

For a small cost, you can be certain you won’t be subject to extraordinary charges in unfortunate events. Without comprehensive cover, how much could you afford to pay if you crash into a Mercedes?

With options to pay either monthly or annually, and the ability to increase your excess to reduce your premium, we can tailor a policy to suit every individual’s needs

Unforeseeable events can impact your quality of life. With our full comprehensive cover you will never be left without a car, meaning your life is always running on time.

You’re never locked into your insurance policy. If you feel you’re paying too much for your insurance, and you find a better value insurer that suits your needs, you always have the option of canceling your existing policy and switching to the best suited policy for your individual circumstances.

Disadvantages

You might like to gamble, but if you take a car loan, comprehensive insurance is not an option. The lender wants to ensure if worst case scenario happens, you’re not left paying a loan for a car that is damaged, or been sent straight to the scrap yard.

If you’re a fantastic driver that never gets into an accident, you might spend your life paying for insurance that you never claim on. You are part of the lucky few. Although you will never recover money paid for the un-used policies, you will experience discounts on your insurance premiums as insurers will see you as “low risk.”

chapter 3

Loan Protection

What is Loan Protection

Loan protection protects you against the risk of you being unable to make your loan repayments due to circumstances outside of your control. Whether you injure yourself playing sport on the weekend meaning you can’t work, or the company you work for downsizes making you redundant, unforeseeable events can occur that can have drastic impacts on your life. Without loan protection, you could risk not only having your car repossessed, meaning you’ve got no transport anymore, you also place significant risk on the integrity of your credit file.

 

It may all be completely out of your control, but if you attain a car loan default on your credit file, it could take you between 5-10years to rebuild your credit score. Loan protection ensures that your loan, and your credit file are protected. During a covered event your repayments are covered and your loan will never go to default as a result of an accident.

 

What events are covered under loan protection?

  • Accidental injuries, or trauma which leave you unable to work
  • Medical condition which imposes driving restrictions
  • Involuntary unemployment
  • Bankruptcy (self employed)
  • Death or Permanent Disability

 

There are various levels of cover available, with varying costs. Talk to one of our consultants today to discuss options and work out which level of loan protection best suits your requirements.

We protect your credit score

At Credit Capital, as we pride ourselves on building lifelong relationships with our clients, we go above and beyond to ensure that your credit score is looked after. We do all the work ourselves up front, before submitting an application to a lender, to ensure that who we apply to is 100% the best lender for your individual circumstances, and the approval is almost guaranteed.

Loan Protection Advantages and Disadvantages

Advantages

For a small cost, you can be certain you won’t be subject to extraordinary charges in unfortunate events. Without loan protection, how long could you keep paying your loan, and cover your cost of living, if suddenly you’re unable to work for any reason?

We have many levels of cover available for all situations. Everyone is different and has different needs. You might have an unencumbered lifestyle with no one else requiring your support, your needs are very different to someone who has a spouse and kids all dependent on your income. We have a policy to suit every individual.

Unforeseeable events can impact your quality of life. If things go wrong, without loan protection, you could be forced into financial hardship causing ongoing credit issues, and leaving you without a car.

You’re never locked into your insurance policy. At any time you can cancel your loan protection policy and have the portion of the unused policy refunded. This is mostly useful when upgrading your car mid term in a loan.

Disadvantages

The most common method of paying for a loan protection policy is to have it included within your loan. Although this is extremely convenient, it does mean that interest will be charged on the policy premium the same way any additional funds on your loan accrue interest. You do have the option of paying for the policy up front if you want to avoid the additional interest expense.

If you’re lucky enough to complete your loan without experiencing an event requiring you to claim on your loan protection policy, you will not receive any rebate for the unused policy.

chapter 4

GAP Insurance

What is GAP Insurance?

Guaranteed Asset Protection covers you in the event that your car is stolen, or written off by the insurer as a total loss, and the insurance payout is less than the amount owing on the loan. It’s an unfortunately anomaly with car finance that in almost all cases, your car will be depreciating quicker than the loan is being repaid in at least the first few years of your loan. This is due to the fact that cars lose most of their value as soon as they drive out of the dealership, whilst your loan balance decreases the slowest at the start of the loan as that is when you’re paying the most interest. Interest charged to you is at a fixed rate, based on the amount owing on the loan, so whilst the loan balance is the highest, you pay the most interest. This means that if your car is written off in the early stages of the loan, once you’ve recovered from the shock of not having a car anymore, you may receive an even more painful shock that you still owe your bank or finance company an amount of money because your insurance company didn’t pay out the loan in full. GAP will cover the shortfall between what your insurer pays, and the amount owing on the loan, so you are never left out of pocket. You can even receive an out of pocket bonus to cover all other expenses incurred at the time such as car hire and taxis.

You don't need to be at fault to claim

The unfortunate fact of life is the world is full of careless people that we have no control over. You could be stopped at a red light, listening to your favourite song, loving life, then all of a sudden you hear tyres screech, and SLAM! Out of no where a careless person was checking their phone, doesn't see the traffic ahead of them and plows straight into your pride and joy. You've done nothing wrong, but you can't stop the gut churning feeling inside as you watch your car being loaded onto the tow truck never to be seen again. It's ok though, you weren't at fault in the accident so you don't need to pay anything right? The at fault's insurer is entirely liable to pay all costs to get you back on the road yeah? Unfortunately this is not always the case. Whether or not you're at fault in the accident, the payout from the insurer is the same. The only difference in a not at fault accident is you don't have to pay an excess. The majority of car loans have loan balances greater than the value of the car for the first few years of the life of the loan. That careless idiot who thought it was more important to check their phone than it was to watch the road, has not only left you without a car, but you now could be paying thousands of dollars out of your own pocket to cover the outstanding balance on the loan, for a car you no longer have.

GAP Insurance Advantages and Disadvantages

Advantages

For a small cost, you can be certain you won’t be subject to extraordinary charges in unfortunate events. Without GAP, do you have the savings you would be willing to commit to cover any shortfall after an insurance payout?

We have many levels of cover available for all situations. Everyone is different and has different needs. With varying levels of shortfall cover from as little as 5k all the way to 25k, and different options surrounding out of pocket payouts, we can tailor the policy to meeet your individual needs

Unforeseeable events can impact your quality of life. With GAP you can be certain you will never be left without a car meaning your life will always be running on time

You’re never locked into your insurance policy. At any time you can cancel your GAP policy and have the portion of the unused policy refunded. This is mostly useful when upgrading your car mid term in a loan.

Disadvantages

The most common method of paying for a GAP policy is to have it included within your loan. Although this is extremely convenient, it does mean that interest will be charged on the policy premium the same way any additional funds on your loan accrue interest. You do have the option of paying for the policy up front if you want to avoid the additional interest expense.

If you’re lucky enough to complete your loan without having a car accident, you will not receive any rebate for the unused policy.

chapter 5

Warranty

Whether you’re buying a new car from a dealership, or a used car from a private seller, you want to have peace of mind that your car will always be running and you will never be paying for unexpected maintenance costs.

Having a warranty cover your vehicle is a great way to ensure your pride and joy is protected and always looked after. A warranty will cover unexpected maintenance, repairs, or replacement of non wear and tear components of your car.

There are many types of warranties on the market, and you may have heard the saying before, “they’re not worth the paper they’re written on.” In some cases, this can be true. It is important to select the right warranty for your vehicle, and ensure you understand the coverage so you are always getting the best value. No matter how new, or how old, or how many kms are on your car, or even if the car is being sold by a private seller, we have a warranty product that will suit your needs.

 

Different Types of Car Warranty

Manufacturer Warranty

This is the warranty that comes with every new car and is covered by the manufacturer. All manufacturers are different and offer different warranty periods. Most are 3 years, but some offer 5 or even longer. The manufacturer warranty will cover everything on the car excluding wear and tear.

 

New Car Extended Warranty

If you like the security of the manufacturer’s warranty on your new car, but want it covered for a longer period, we can extend that for you for up to an additional 5 years.

Even if you don’t plan on keeping your car longer than the manufacturer’s warranty period, and usually sell your car after 3 or 4 years, being able to sell your used car with years of new car warranty remaining will set your car apart from the rest of the market, will give your car more value, and will give any potential buyer much more confidence to make the purchase so you can deal with less “tyre kickers.”

New car extended warranties will cover everything, excluding wear and tear, paint, panels, glass, and trim.

 

Dealership Service Warranty

This warranty is something many dealers will try and provide, however it’s something you should be cautious of.

The dealership you purchase your car from will agree to cover all non wear and tear maintenance to your car, providing you perform every single service at the dealership. This can be quite convenient for some people, but if for any reason you have a single service performed at any other mechanic, that will void your warranty.

Many people like the flexibility of taking their car to their own mechanic that they know and trust. Even for those lucky few who happen to live next door to the dealership, if you move during the ownership of your car, it could become quite inconvenient travelling back to the dealership for every single service.

This type of warranty usually serves the dealership more than anyone as it is usually utilised to lock you in as a repeat service customer.

 

Used Car Warranty

This warranty is for used eing sold outside of their manufacturer warranty period. There are 2 main types of used car warranty:

– Inclusions warranty. An Inclusions warranty will include cover for spedicified components and have specified levels of coverage for each component covered. When taking out one of these warranties it is very important to read the PDS and ensure that the level of coverage you are being provided is substantial enough for your car.

– Exclusions warranty. An Exclusions warranty covers absolutely everything on the car, only excluding wear and tear. It is very similar to a new car extended warranty, however the total maximum payout is usually reduced compared to a New car extended warranty.

Warranty Insurance Advantages and Disadvantages

Advantages

For a small cost, you can be certain you won’t be subject to extraordinary charges in unfortunate events. Without warranty, do you have the savings to cover major repairs if your gearbox decides to stop working for example?

We have many levels of cover available for all situations. All cars are different and have different maintenance requirements. With our broad product range, we can discuss, and match you to the policy that will best meet your requirements.

Unforeseeable events can impact your quality of life. With a warranty, you can be certain your car will always be running, and never be sitting in a workshop for an extended period of time whilst you save up for the hefty repair bill.

You’re never locked into your warranty. At any time you can cancel your warranty policy and have the portion of the unused policy refunded. This is mostly useful when upgrading your car mid term in a loan.

Disadvantages

The most common method of paying for a Warranty policy is to have it included within your loan. Although this is extremely convenient, it does mean that interest will be charged on the policy premium the same way any additional funds on your loan accrue interest. You do have the option of paying for the policy up front if you want to avoid the additional interest expense.

If you’re lucky enough to complete your loan without your car ever breaking down, you will not receive any rebate for the unused policy.

chapter 6

How to apply for car insurance

1. Find out your budget

Before approaching any lenders or searching for cars, the most important thing for you to know is how much you can afford each month for your car. This includes not just the repayment for the loan, but also your insurance and running costs for the car as well.

2. Choose what do you want

Whether you have a specific asset in mind, or just a set of requirements you needs to fulfil, everyone has different wants and needs when it comes to taking out finance and insurance. The more you can let us know about what you want or what you need, the better we are able to fulfil your dream.

3. Prepare Documentation

When it comes to taking out finance, there is no such thing as too much documentation. We will always strive to make the process as smooth as possible with the minimum amount of documentation, however, the more prepared you are, the quicker we can make the process for you. Be prepared with IDs, residential and employment histories, payslips, or tax returns and profit and loss statements if you’re self-employed. The more prepared you are the more efficient we are.

4. Speak to a Professional and apply

Once you know the above, enquire online or call us directly and we can help you with the rest. If there’s anything above you need assistance with, not to worry, our devoted team can answer all your questions and find the deal that best suits your requirements. We can guide you along the way no matter how early, or late, in the process you are. We put your mind at ease and make finding the best deal easy from start to finish.

The Best Partner to Find
New House.

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nihil impedit quo minus id quod maxime placeat facere possimus.

Get In Touch

The Best Partner to Find New House.

Nam libero tempore, cum soluta nobis est eligendi optio cumque
nihil impedit quo minus id quod maxime placeat facere possimus.

Get In Touch