Credit check – Tips to boost your loan worthiness
Shopping for a truck loan can be as daunting as choosing the right vehicle. As well as seeing who offers the best rates, it’s worth assessing how attractive you appear as a potential borrower. Showing you’re a good risk improves your credit rating, saving you time and money.
Here are some things to remember before applying for a loan or credit:
Think carefully about the amount of money you wish to borrow. Choose a figure that is realistic and suits your means.
Joe Martinovic, Managing Director of Aussie Truck Loans, explains new or near-new trucks are considered a safer prospect by credit providers and can be used as security to support the loan. It’s harder to secure a loan for an older truck because of the lower resale value.
Credit providers prefer borrowers with a stable work history. You’ll stand a better chance of obtaining approval if you can demonstrate uninterrupted work history over a long period of time.
Your bank account and income should demonstrate your ability to meet repayments. If you can show a savings track record it greatly improves your position. Aussie Truck Loans will want to see your credit history before negotiating a loan. Check your credit rating file and credit ratings with previous credit providers for errors, and ensure they’re corrected before the current credit provider does its own check.
Shopping for the best deal
Bargaining for a better deal is not a sin. Just like the new business and used-car markets, finance is a competitive industry. Credit providers should fight for your business.
There are many important questions to ask a financier before deciding on the best deal. Are there monthly administration fees? Ongoing bank fees? Penalties for early payout? Is the loan daily reducible? Can extra payments of any amount be made, and at any time? The People at Aussie Truck Loans know the answers to these questions and many more.
We challenge you to ask these questions and compare Aussie Truck Loans. We’re confident that we have the most competitive finance connections in Australia, ensuring you real results. If you want to find out more about our truck finance you can either call us on 1300 769 999 or apply online to get things moving.