Finance wasn’t something they taught to us in school, even though many people would have been much better off if they did. I mean, who uses algebra after school anyway? But maybe it may have stopped a lot of people from making some all too common finance mistakes, especially in their younger years.

There are however some common questions that people consistently ask us about finance. So we’ve decided to make a list of the top 5 questions we get asked about finance so you can have all the facts.

What do I need to provide to get finance?

This will depend on what type of asset you’re financing and whether it’s for business or personal use. Generally, you will need to provide 100 points of identification along with your Medicare card. You will also need to provide proof of income in the form of pay slips or tax return if you’re self-employed along with details about the asset you want to finance.

How long does it take to get approved for finance?

This depends on the complexity of the application and how quickly you are able to provide the required supporting documentation listed above. Generally, finance approvals can be same-day but in some cases may take longer if we require further information.

Can I pay my loan off early?

Yes. There are many different types of loan products available, all with different features and benefits, but in general you will be able to pay off your loan early. If this is a priority feature for you on a loan, make sure you discuss it with your Finance Consultant so they can make sure you have the best possible loan product to suit your specific needs.

I have defaults, can I still get finance?

Yes. We work with a number of different lenders who will consider applicants with defaults. In general, you will have a better chance of approval and access to lower interest rates however, if you are able to pay out any outstanding defaults. If you aren’t sure whether you have defaults or don’t know what is on your credit report, you can get a free copy of your credit report once per year through Equifax. This will help you to know and understand your credit score and what is on your credit report. You’ll be able to see what lenders will see when you apply for finance and it can give you insight into how you can improve your chances of being approved for finance in the future.

Why choose Loans For U over my bank?

Banks offer some competitive interest rates when it comes to finance, but each bank will have their own unique lending criteria and appetite for risk. This means that if any one part of your finance application, for example, the vehicle type or age or else even the post code that you live in, may fall outside your bank’s lending criteria, your application could be declined.

Just because your bank may say no to your application, doesn’t mean that Loans For U can’t arrange a tailored finance package to suit your specific needs. This is because we have accreditations and established relationships with more than 40 of Australia’s leading bank and non-bank lenders. We can compare hundreds of products from dozens of lenders on your behalf to find not only an approval, but a flexible and affordable approval with bank-beating rates.

So speak to the friendly team today on 1800 538 287 for an obligation-free chat about your specific finance needs, or simply get your instant online personalised quote now. We can save you time & money and do all the legwork for you!

Have a question or need more information?

Here at Loans For U, our friendly Finance Consultants are always here to help. Whether you have a question and need more information or are ready to get started, simply give us a call on 1800 538 287 to discuss your needs. Best of all, it’s always obligation-free, so you’re never under any pressure to proceed with finance.