Shopping for a leisure loan can be daunting at times. 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 increases your approval chances and will save you time and money. A good risk will generally be offered a lower interest rate.
Here are some things to remember before approaching a credit provider:
1. Think carefully about how much you wish to borrow.
Choose a figure that’s realistic and fits within your means. You might have to do a budget of all your expenses and compare this with your income. When you know how much extra you have left after your expenses, you’ll be able to decide how much you can afford to pay in credit instalments. This will help you decide on how much to borrow.
2. Get the help of the experts.
Our team are trained in the best practices of responsible lending and it will only take a few minutes for them to provide you with a practical assessment of your credit needs and objectives, providing you with suggestions of possible credit solutions that will not be unsuitable for you. Whether you’re after a caravan, boat, bike, or even an aircraft, we have a finance solution to suit you.
3. New vehicles better. Old vehicles, not so good.
New or near-new vehicles are 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 an older vehicle because of its lower resale value.
4. Your work situation matters.
Credit providers prefer borrowers in stable employment. You will stand a better chance of obtaining approval if you can demonstrate uninterrupted employment over a long period of time.
5. The facts and figures matter.
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. Finance EZI will want to assess your credit history before negotiating a loan. The assessment team will check your credit file and credit performance with previous credit providers. If there are errors, make sure they’re corrected before the approached credit provider does its own enquiry.
Shopping for the best deal
There are many important questions to ask a financier before deciding 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 helpful staff at Finance EZI know all the answers to these questions and many more.