Using an NFC finance broker makes sense!
The following list explains the 6 different lending criteria for loans that National Finance Choice finance brokers and ultimately lenders use when deciding whether to approve a loan, or extend credit. While all lenders will put different ‘weight’ on these factors, they all consider them in their decision. When a finance broker from NFC looks at your application, deciding which lender to put your details to, they will look at:
What is the applicant’s asset position? Do they own their home, or have substantial equity in it? Do they own or have equity in other real estate? Do they own or have equity in vehicles, bikes, boats? Do they have savings or investments? Do they have home contents & is it insured?
Can the applicant afford to make the re-payments? Does the percentage of expenses to income meet the lender’s guidelines?
How does the applicant’s credit file look, any defaults? What about current or past loan history, were the payments made on time, and were the repayments at a similar level to what is being sought, this time? Does the history on this application match the history on the ‘credit file’?
How does the ‘equipment’ or car for example ‘book’? Does it meet the lender’s criteria?
How stable is the applicant in their home life, and work life. How many enquiries are on their credit file?
Outside factors that can effect a lender’s decision. Maybe everything looks Ok on paper but the lender is aware of something significant that you perhaps are not. Some examples are, maybe their employer is filing for bankruptcy, or the applicant is known to the Police or Australian Government.
For more information and to discuss how these factors effect you and your chances of a loan approval, contact a NFC finance broker.