Top 5 Tips when applying for Finance
Positive Credit Rating:
This one sounds quite obvious
however depending on your credit score you can finance higher amounts with
little to no deposit and better interest rate. Bad credit history will limit
your options of Lenders, Deposit percentage interest rates and amount given or
you may not be approved at all.
Stay away from Gambling
Seeing gambling websites on your
bank statement will severely hamper your chances of being finance approved. My
advice would be to stay away totally from gambling or at least use cash so it
does not show on the statement. Erratic cash withdrawals however will still
hamper your chances of being approved.
Payment Capacity / Bank
This is a super important step!
Manage all incomes and outgoings to see your expendable cashflow. You will then
marry this with a monthly figure you can afford to pay the finance loan with.
You may then see you can actually finance a higher figure or it might show you
that the current figure you are looking to finance isn’t affordable. All in
all, knowing this figure will help your finance expert find a suitable
Have Documents Ready:
This is one of the easiest things
to get the ball rolling quickly on a finance application. The main
documentation needed will be;
Proof of identity
Proof of address
3 month recent back statement ( which can double
as a proof of address )
2 – 4 weeks wage slips
One thing to note is bank
statement may not always be needed however it's better to be prepared than not.
Avoid Stretching your
Just because it looks like you
can afford it does not mean you ‘’Can’’. Applying for finance on a car that’s
slightly out of budget can result in you being declined. Some people may then
think they were not eligible, when in fact if they applied for a car of lesser
value, they would have been improved. This can turn people off applying
altogether, so the best thing you can do is not stretch your budget.
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