Whether you’re buying a car, planning a holiday, or looking to buy your first home, there are many reasons you may need to seek out finance.
To give your loan application the best chance of approval, you’ll need to do the necessary groundwork.
Check your credit power
Before applying, check your current borrowing power to see what may be available. It’s also worthwhile to review your credit score.
Your credit score will be able to give you an indication of what options you are likely to have. The higher the credit score, the more choices you will have.
Consolidate existing debts
If you have multiple, smaller debts, it could be worth looking into your debt consolidation options.
By rolling your debts into one repayment, some lenders may look at your application more favourably.
A personal loan is another option for managing debt that you might want to consider.
Review the criteria
Check the loan criteria to assess if you are eligible. Requirements may include good credit history, stable employment, and a regular minimum income.
Most lenders make this information available, but if you’re unsure, contact them directly to discuss your eligibility without submitting a formal application – or contact a broker.
Talk to a Liberty Adviser
With expert knowledge about a range of lenders and products, an adviser can help you better navigate the application process.
A Liberty Adviser will also be aware of any grants – such as the government’s new First Home Loan Deposit Scheme – that you may be eligible for.
Remember, a rejected application will show on your credit file and it can be a red flag on future applications, so you want to get it right the first time.
To find out more about applying for finance, contact a Liberty Adviser today.