Hi Guys,
Had a client today, Easy auto.
Looking for $24k over five years for private use (secured loan)
In my initial call with him; I qualified him;
Substancial income, was paying off a mortgage, stability in both residency (7 years) and employment (3 years).
No previous car finance before
Thought he was a strong client, so when he sent through his pre approval docs with his wife on as a co-borrower, I was suprised. (His wife had the same stability and substancial income)
Esanda automatically approved it.
Lately when I am putting through deals, I’ve taken Mike’s Advice and started to do a quick calculation of their assetts and liabilities, and their commitments with income and things like that -> I have found this helps assess whether or not the financier is going to ask for a co-applicant. I don’t know if anyone else has done that! But it does help, and instead of esanda asking us for a co-applicant, we can submit a deal to them with one already on it! - the joy of forward thinking :)
Thanks Nicole.
Our Car Finance Options
Platinum Car Loans offers you all the right car financing options, these include Novated Lease or Novated Leasing, Commercial Hire Purchase, Chattel Mortgage, Car Lease, Finance Lease, Novated Lease, Operating Lease and all Consumer Secured Car Loans.
Tags: Car Finance Scenarios
November 25th, 2008 at 5:43 pm
Nice job Nicole,
I agree with you, present the deal correctly to the finance lender and its easier to get the deal approved. Especially with Esanda who have tighten their lending criteria, submitting the car finance deal correctly saves everyone a heap of time.
cheers
Zane