If you’ve never applied for a loan before, you might be wondering what the loan application process is.
There are eight simple steps – some that you don’t have to do anything for – taking you from our website to the open road in your new car.
1. Website enquiry
The first step towards getting your new vehicle is to answer a few questions on our website.
These are fairly basic questions about what you want to borrow and your best contact details.
2. Discovery call and document request
One of our team of brokers will give you a call to flesh out your application. Depending on a few factors, we may also ask for some documents (like tax returns or bank statements).
We won’t be able to give you a rate at this point as we need to speak to our panel of lenders first.
3. Lender enquiries
We go out on your behalf and get an idea from our panel of 50+ lenders what your best loan option would be.
This includes things like loan amount, interest rate, loan length and whether you can pay out early or not.
This step is one of the key reasons why it’s better to use a broker than directly to a lender. With Dealify, you give us your details once and we speak to all the big and niche lenders, finding you the best deals. We do this with soft touches that don’t impact your credit file.
If you go alone, you have to fill out your details multiple times. On top of that, if you make multiple enquiries yourself they’ll all count as hard touches which will negatively impact your credit score.
We also know which lenders are best for certain situations. Whether it’s an ABN business loan, you have bad credit or you’re looking for something ASAP, we can target the lenders best suited for you.
4. Application submitted to lender
Once we’ve spoken to our lenders, we’ll aim to match you with the best lender the first time. In around 90% of our deals, we’ll do this automatically for you.
Sometimes there might not be something that fits your needs perfectly. One common example is that you might want a loan with no early termination fees, but if we can’t find a lender who will offer that within your budget, we’ll call and discuss the options out there.
5. Pre-approval
Because we’ve already spoken to the lender, your loan should be approved without any issues, sometimes within minutes.
You’ll be given a pre-approval which gives you the confidence to go shopping. You won’t get the cash transferred to you as the loan will have the requirement that you’re buying a vehicle.
A pre-approval for a car loan normally lasts for 30-90 days depending on the lender.
6. Vehicle search
With your pre-approval in hand, you can go and look for a suitable car, ute or boat.
You may have already done this but you’ll now know exactly how much you can spend.
7. Invoice
To secure the funds, you just need to send us an invoice for the vehicle.
Make sure you stick to your budget. Dealerships have their own terms and conditions that mean even if your loan can’t cover the costs, you might have to pay some sort of fee or give up your deposit.
8. Contracts
Once all that’s done, your last and final step will be to sign the contract we send you. This will authorise payment from the lender to the seller – meaning you’ll soon have the keys in your hand and won’t have to worry about the financial side of things.
Make sure you make a note of repayment dates and amounts so you can pay off your loan without complication.
Getting a loan the easy way
There are so many advantages to getting a loan through a broker but the best reason for many is how easy we make the process. If you’re ready to get finance, speak to us and let us take care of things for you.
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