Top 10 Common Finance Questions Answered

We get loads of questions daily from our customers about finance and the application process. So we thought we’d compile a list of the most common questions we get asked about finance for you right here in this article.

1. What are the benefits of dealing with a finance broker like Loans 4 U rather than going to my bank?

We have established great relationship with over 40 of Australia’s most trusted bank and non-bank financiers. This gives us access to some of the most competitive finance options, some of which are not even available to the general public. While your bank may have a few secured and personal loan products with competitive rates, we look at many different banks and non-bank lenders to find the best possible finance option for your specific needs and circumstances.

2. How long does it take to get approved?

This will depend on the type of finance as well as the asset and your overall profile. But can be as little as 2 hours providing we receive your supporting documents straight away. In general, you should have received your pre-approval within 24 hours.

3. I am just starting a business; can I still get finance for a vehicle?

Yes! As long as you have a registered ABN, contact our specialist Business Finance Consultants to discuss finance options available to you.

4. I am a stay at home parent and receive support payments, can I get finance for a car?

Yes you can! Speak to our friendly Finance Consultants to find an affordable car finance option to suit your needs.

5. Do I need to have already found a car to get finance?

No. Whether you have found your perfect car or need assistance finding a vehicle to suit your specific needs, we can help! Simply speak to our team today, they can help you to arrange a pre-approval and also assist you to find your perfect vehicle.

6. I am discharged from bankruptcy; can you help me get a car loan?

Yes! We have access to many bank and non-bank lenders who are willing to lend once your bankruptcy has been discharged. Simply speak to our friendly consultants today to discuss your options.

7. Do you do loans for other vehicles such as motorbikes or camper trailers?

Definitely. In general, if you can buy it, we can finance it! No matter whether you’re looking to buy a motorbike, boat, jet ski, quad bike, caravan, motorhome, camper trailer or even a plane, we can assist to arrange flexible and affordable finance to suit your individual needs.

8. What documents do I need to apply for finance?

In general, you will need to provide 100 points of identification such as a driver’s licence and Medicare card as well as proof of income, such as payslips or tax return. However, this may vary depending on the type of finance or your specific circumstances. Your specialist Finance Consultant will be able to tell you exactly what you will need to send through once you submit your application.

9. Does applying for finance affect my credit score?

Loans For U is able to look at your Credit File without putting an enquiry on your credit file which allows your specialist Finance Consultant to accurately assess which financier is likely to give you the best possible finance options. However, when an application is submitted to a financier, whether directly or through a broker, the financier will put an enquiry on your credit file. Too many enquiries on your Credit File can decrease your likelihood of being approved for finance, which is why using a broker like Loans For U is a good idea to help minimise the number of enquiries that are added to your Credit File. It is a good idea to obtain a copy of your Credit File prior to applying to finance to ensure all your details are up-to-date and there is nothing on your Credit File that may affect your ability to be approved for finance. For more information about how you can protect your credit rating, read this article 5 Ways You Can Help Protect Your Credit Rating.

10. Do I need a deposit for finance, if so, how much?

Not necessarily. Loans For U has access to financiers who offer up to 100% finance without the need for a deposit. Speak to our friendly consultants today for more information.