Arranging Car Finance, Getting your finance approval

Now that your application has been submitted, now the lender will look over all the information you have provided in order to determine whether or not they will approve your finance application. Typically, they will look at your capacity to pay back the loan, the value of the car, how much asset backing you have, and, if you have had previous finance and how well you conducted that loan. The lender will match these factors against their internal guidelines.

Whilst each financier has different approval time frames, most good finance companies and brokers can provide a response certainly within a couple of hours, and sometimes even on the spot. At this stage, having an experienced finance broker working for you can be invaluable because they know how to best present your application to the lender. An experienced broker also knows which lender is most appropriate for each customer, as different lenders have different guidelines and some are more conservative than others. Larger finance brokers have a “direct line” to the decision makers at finance companies, so they can explain your personal situation much more effectively than a simple application form.