There are many factors that lenders take into account when assessing a loan application; income, savings history, credit scores are all key. But sometimes, the key question is ‘does the loan application make sense?’
Many of us think banks make non-sensical decisions. But, yes, making sense is important to banks when they offer credit to a borrower.
Not all banks are the same.
Some banks are highly reliant on computers in assessing loan applications and so will decline a loan application just on a bad credit score – even if the proposal makes sense.
Good brokers know which lenders to go to if they want a human to assess the application and make a sensible decision.
And sometimes, good finance brokers have to know where to go within the bank to find the right person to approve a loan.
For example, one of our Chan & Naylor Finance Brokers recently had a loan application declined three times. Thankfully, he knew the deal made sense, so he managed to take the application all the way to senior management to get the previous decisions overturned and the result, a happy client.
Only experienced brokers have the ‘know how’ – and know who – to effectively deal with these types of situations. They have the sense of when to ‘ go hard’ and when to ‘go home’. This comes from years of arranging finance and is not something that just anyone could arrange on their own by just going into a branch.
If you need advice on which is the best lender for you, please contact your Chan & Naylor Finance Broker – call 1300 30 68 68 today!
Disclaimer: This article contains general information; before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. Click for more detail regarding this disclaimer.