Credit check – Tips to boost your loan worthiness
Shopping for a loan can be as daunting as choosing the right equipment. As well as seeing who offers the best rates, it’s worth assessing how attractive you appear as a potential borrower. Showing that you are a good risk improves your credit rating, saving you time and money.
Here are some things to remember before approaching a credit provider:
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 Equipment Loans, explains new or near-new equipment is considered a safer prospect by credit providers and can be used as security to support the loan. It is harder to secure a loan for older equipment because of its low resale value.
Credit providers prefer borrowers with stable history. You will stand a better chance of obtaining approval if you can demonstrate uninterrupted time in business or employment over a long period of time.
Your bank account and income should demonstrate the capacity to meet repayments. If you can show a savings track record, it greatly improves your position. Check your credit record. Aussie Equipment Loans will want to see your credit history before negotiating a loan. The assessment team will check your credit file and credit performance with previous credit providers and if there are errors ensure they are corrected before the approached credit provider does its own enquiry.
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 admin 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 Real People at Aussie Equipment Loans know all the answers to these questions and many more.
We challenge you to ask these questions and compare Aussie Equipment Loans. We’re confident that Aussie Equipment Loans has the most competitive finance connections in Australia ensuring Real Results.