Loans – 5 Steps to a basic loan approval
This process takes about 10 minutes on the phone or face to face if you prefer. The Cando finance manager will ask for your personal details such as Full name, address, residential address, employment details, income details and two references that will not be contacted as part of the application process (usually) Once this process is complete our managers and with over 10 years experience each in finance will advise if we should proceed to a full application. Providing our response to your application is positive, consider this a pre-approval. * All approvals a subject to lender approval and the information provided to be an accurate indication of your true position.
This process is completed during the application stage and only after serviceability checks have been completed by the finance manager will we verbally advise your application is to be submitted for a full approval. * If you are apply in a business name or using an ABN and the loan application is not a Low Doc Loan, we must provide 2 years financials at this stage. This application now gets forwarded to the bank for a FULL APPROVAL, depending on the baks work load at the time or whether this is a motor vehicle or luxury goods application the wait time varies from an instant approval for previous clients with a excellent credit history upwards to 2 days, goods classed as luxury or leisure goods are boats, bikes, motorcycles, caravans, camper trailers.
Your application has now been submitted to the bank or other financial institution for approval, this process can generate several outcomes. The banks computer will firstly generate a credit check, assess the application based on a points system and provided a response to us almost instantaneously. The answer can be one of the following DECLINED (generally due to a credit default) FULLY APPROVED (This is what we aim for) SUBMITTED FOR FURTHER ASSESSMENT (Do not worry this is normal) Whatever the outcome a Cando finance manager will call or email and advise you of the outcome, we aim to do this within 1 hour and at every stage of the application.
Let s print Documents
Yeah! FUULY APPROVD, that’s what we aim for a quick easy full approval. Cando’s qualified loan managers now starts the documentation process happening. Based on the products you choose or applied for this can mean just a few pages (Low Doc Loans) or a joint business company application with 2 directors (About 100 pages or more) All application will require the applicants to be identified by the broker or another qualified authorised person. Usually a JP, Accountant or Police officer. Depending on which lender you are using this can differ also.
Once the broker has printed the loan contract documents he or she will email or organise a time to catch-up with the applicants for what we commonly call signup. Signup is when he visits you and explains the loan contract documents, your obligations under the bank contract. Note: these are legal binding documents and should be treated as such. By law we are to provide each applicant with their own copy of the loan contract.
Once you are happy with the facts and figures, then and only then sign. You would expect to see itemised in the loan documents all fees and charges applicable to your loan, the interest rate you are paying clearly displayed on generally the front page and last but not least (the most important) the monthly, weekly annual repayment you are agreeing to pay.
NOTE: the best way to calculate the total repayments of your loan is to multiply this figure by the loan term. Make sure there are no other fees and charges to be paid outside of this contract/agreement. Be careful if you are to pay the loan out early MOST bank charge a early termination fee, this fee is calculated on a sliding scale and cannot be ascertained during the application process.
Providing these document are completed correctly and the additional settlement information document have been supplied such as (Full comprehensive insurance, Certified ID, 1 X most recent payslip) we can then more to the settlement stage.
Cando has a specialist settlement officer, they are employed to make sure your loan settles the first time the bank employee views your file – loan documents. These are legally binding documents they must be correctly signed, witnessed and dated. All the calculations must match the seller invoices. The document MUST be clear and eligible. If you have purchase privately then the goods will have been inspected, this report must be correct.
Based on the fact our settlements team achieves a nearly 100% perfect strike rate you application will be settled as quickly as possible. The Cando broker you are dealing with will call you and let you know you are the proud owner of the goods you have purchased.
NOTE: The seller if private will receive the cash funds overnight, this means you will have to wait until the next morning until you can pick up your new toy.