Car Finance Approval Tips

 

Are you about to approach a lender for car finance? STOP, there are several things to make sure of first before putting an application forward.

 

Here are some things to make sure of:

 

Make sure that you have had a fairly strong employment history. Ideally, the lender will want to see you in your current full-time position for at least 3 months. If the position is part-time, then generally 6 months will be the requirement. In saying this, there also must be some employment history attached for a lender to approve.

 

A decent credit file! At Quantum, we have products that suit both clean and bad credit clients, however, there are policies in place that will forbid an approval depending on the severity of the credit file.

 

Verifiable income gives you access to the best products and cheapest rates. We can provide finance for self employed businesses, without verifiable history, through a No-Doc, however it is not the ideal situation, and you will need to pay more interest because of the added risk involved for the lender.

 

Make sure all previous loans were up to date, not in arrears and not in default.

 

Request a loan amount that is affordable and within your means.

 

Never have undisclosed credit. If a lender finds out that you have undisclosed credit they will automatically decline the car finance application on the spot.

 

You can feel comfortable at Quantum, that we are on your side and work for you and with you. As part of our service, we will, if necessary, cover all these points mentioned above and more in order to present your application in the best possible manner to maximise your car finance approval result.