How Long Does It Take to Finance and Register a Car?

12/01/2017

Getting your own car for the very first time is one of the most exciting things you could ever experience in a lifetime. Plus, they say that when you finally buy a car for yourself, it's also a sign that you're now ready to be an adult. Because when you do, it means you're not just ready to pay for a rather expensive item, but all the more, you're now ready to take on more responsibilities.

Those responsibilities do not start when you drive that brand new car for the very first time. Actually, the work and the responsibilities start when you're in the process of buying, having it financed, and also, registering that car.

Now getting a loan and registering your vehicle could seem a little daunting. But with the proper knowledge and a bit of faith, there's nothing really to worry about. Having said so, we, Advance Car Wreckers - your leading car and truck wreckers Melbourne company - is here to help you realise that these things don't really have to be stressful. Our team of expert car wreckers, vehicle appraisers, mechanics, and car removalists ought to provide you with a simple guide so that you'll know exactly what you're getting yourself into. We'll provide you all the necessary information so that you could successfully loan and register a car for the very first time:

Having your car financed...

Getting a car loan is one of the best options you could choose if you're really determined to get a brand new car. Some actually believe that it's wiser to have a car financed than buy it spot cash. First things first. Once you decide on getting a car loan, you must already have these two things in check: (1) you are ready to take on the responsibility of paying every month and, (2) you have saved some amount of cash for the downpayment or equity - as there's no bank or financial institution that will lend you 100% of the total amount of the vehicle.

Now getting a vehicle financed in Melbourne or Victoria is technically the same as in other places in the world. You can choose from two ways to go about it:

  1. Shop around and get a loan pre-approved directly from the financial institution. - when you choose this, it can take more of your time and effort. As you'd go around scouting for the best rates and deals. But the good thing about this is, you can incredible discounts from dealing directly with the bank or lending company. Plus, it'll also save you from misleading promos, schemes, and deals that many car dealers and agents make to get more income. This is also your best option if you're looking to buy a second-hand car.
  2. Let your car dealer assist you in getting a car loan. - if you prioritise your convenience more than anything, we suggest you go with this one. Most car dealerships offer in-house financing options as well as assistance in getting a loan from a bank (those they're in partner with). However, we'd just like to remind you that the dealers also get their own fair share of commissions or incentives as they get a loan approved. So make sure you're backed up with all the necessary information on current lending rates - this will protect you from falling for the 'too good to be true' deals and promos.

Generally, car loans should be approved within 24 - 48 business hours. But that time frame will depend on a lot of things like if you have provided complete and accurate information and required documents; if you have a clean credit record; and many things like that. Certain information in the application may have to be investigated more or perhaps the car is out of the usual lender guidelines and policies. There are many problems you could encounter in this process. Therefore, some applications would really take longer than others. But to help you not be so anxious about this whole process, we'll provide you with some tips so you could ensure a quick approval of your loan:

  • Make sure to complete the application form with honest and accurate information.
  • Gather and submit all the required documents altogether on time.
  • Come early. (some banks and lending institutions have daily cut-offs for processing loans)
  • Provide complete and accurate information on the vehicle you're buying; especially if it's a used car.

Registering your brand new ride...

Once you buy a car, it needs to be registered so that you could legally drive it around. Another good thing about getting a new car from a dealership is that you are saved from the hassles of registering your new car yourself. Dealerships also work with the local government and so they can process the registration on your behalf. All you need to do is pay for the necessary fees needed to register your vehicle.

When you buy a new unregistered vehicle or a vehicle with a cancelled registration, you will have to undergo the new car registration process. These are the steps:

  1. Get a certificate of Roadworthiness from a roadworthy tester location near you. (this isn't needed for brand new vehicles)
  2. Make an appointment (and pay the appointment fee) for you to visit the VicRoads Customer Service Center.
  3. Prepare your car and yourself by recovering all the documents you need to bring to the appointment.
  4. Attend your appointment on time.

Now when you buy a used car which was already registered, its vehicle registration must be transferred in your name. Now you must remember that if you have bought the used car from a private seller, you would have to send your application for transfer of registration within 14 days after the sale. But if you have bought the vehicle from a dealership, then the dealer is the one responsible for handling all the paperwork and submitting the documents to VicRoads.

As you can see, because the process of car registration involves more or less the work of the dealer, the seller, and the government office, it is relatively longer than getting a car loan. Having said so, don't expect it to be done overnight. You may count days or even weeks to finish the whole process depending on how you and all the parties involved will expedite the process, and assuming there'd be no problems with your car.

In summary, financing and registering your car shouldn't be as stressful and intimidating. Just think that these things are but necessary for you to be able to enjoy your brand new ride legally and for a longer period of time. Besides, not that we're scaring you even more, but these processes don't even match up to the stresses and responsibilities you'll encounter as you use and maintain your car. So don't fret. Instead, be more excited and just look forward to the days when you'll finally enjoy driving your new baby.

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