Do you intend to purchase an asset using financing? Before plunging in, take a few steps to ensure that you are well-informed and capable of making a decision. At Verified Lending, we specialize in tailoring asset finance solutions to meet your specific requirements. The following 5 steps are critical in the lead up to submitting a finance application;
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Step 1: Recognise your credit score
Your credit score plays a big role in the loan application process in general, but especially in asset financing. Verified Lending suggests that you check your credit score for free online before applying for finance. This will enable you to evaluate your current credit situation and identify any issues that require correction. By taking steps to improve your credit score, such as making on-time bill payments and refraining from making excessive credit card charges, you can increase your chances of being approved for financing.
Step 2: Understanding the “ins and outs”
Asset finance is not a one-size-fits-all product, so it is crucial to consider your end goal before submitting an application for financing. Verified Lending encourages its customers to list important and desirable things like being able to make extra payments, add insurance or a warranty, and more. By doing this, you’ll be able to better understand what you want from your loan.
Step 3: Why use a finance broker?
Among other options, you can finance an asset through a dealer, your bank, or a finance broker. Verified Lending advises using a finance broker for a number of reasons. First off, it saves you time and effort by comparing financial products on your behalf. They have access to a variety of lenders and loans, meaning your finance broker will provide you with more options. Finally, because they have in-depth knowledge of the industry, finance brokers can help you find the financing option that will best suit your needs.
Step 4: Obtain your pre-approval
When looking to buy an asset, getting pre-approval for financing is a great place to start. So that you are fully aware of your financial capabilities, Verified Lending can help you get a pre-approval for financing. This will enable you to focus on selecting the ideal asset within your price range and make the car-buying process much easier.
Step 5: The “Do’s and Don’ts”.
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It is essential to compare loan products and interest rates prior to selecting a financing option. Verified Lending offers access to a wide range of lenders and loan products, ensuring that you secure a favorable deal. It is crucial to note that every credit inquiry leaves a mark on your credit report, emphasizing the importance of limiting such inquiries. To minimize the number of inquiries made, Verified Lending follows a ‘soft touch’ approach by thoroughly reviewing your application before submitting it to our lenders.
At Verified Lending, we’re committed to helping our clients find the best asset finance options. If you need help financing your next asset, call (02) 7503 2790 or [email protected] or just simply fill our contact form