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Friday, June 17, 2011

The Top 5 Reasons Car Finance Approval Is Denied

It could be said getting car finance approval is easy, easy until you actually apply. In itself applying is very straightforward and many applicants will make an application before considering what actually goes on in the approval process. This rush to apply can actually make the approval process take longer, so here is our list of the top 5 mistakes that are made when applying for car finance.
The top 5 mistakes when making an application:
  1. The applicant can't afford to make repayments. A simple use of an online car finance calculator could have shown this. Hint: Buy a cheaper car or another applicant on the loan could solve this.
  2. Having bad credit: Some types of bad credit will be accepted by a lender, but an applicant needs to consider their credit history before choosing which lender to apply to. HINT: If you have a VERY poor credit rating, apply at the companies that advertise to help people in your situation. If you only have a couple of smaller defaults that have been paid you should be OK at a wider range of lenders.
  3. No stability: Swap jobs allot, move house allot? The lenders are going to wonder why and it doesn't inspire a lot of confidence that you will keep making repayments. HINT: If you are serious about getting car finance approval, settle down and become more stable in your job and living situation.
  4. Too much current debt or too many loans: If you liabilities are greater than your assets a lender will have questions about getting their money or goods back in the event of an applicant defaulting. Likewise if you have a lot of current loans they may not want to give you another. HINT: Pay off your current loans.
  5. You want WHICH car? If the car you want is too old or in bad repair don't expect approval, Likewise if the car is overpriced this can stop approval. HINT: Save a deposit, shop around for a good deal and find out the lenders car guidelines before making the application.
Avoid these 5 mistakes and getting your approval will be allot easier. It comes back to an applicant's doing their own research and budgeting as well as realizing that - If they are serious about getting a loan they will have to adhere to certain criteria. Not an unreasonable ask from a company willing to take a risk lending your their money.

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