Car Finance Approval Process

Obtaining a car finance approval will require some involvement of the client.

A car finance broker will do the majority of the work necessary, and will call upon the client at times to complete a task or two.

Obtaining a car finance approval for most people is quite simple, however it can take a bit of time and effort if the applicant is of high risk.

For a low risk (clean credit) application, all that a car finance provider will request is a completed application form, payslips if PAYG or Tax return if self employed, driver’s license and proof of residence.

For a high risk (bad credit) application, the car finance provider will want to delve deeper into their profile in order to assess the risk it will be buying. To assess the risk properly the lender will generally request more information and ask a lot more questions about you today and you in the past. To begin with they will request a completed application form, payslips if PAYG or Tax return if self employed, drivers license, proof of residence, 3 months worth of bank statements, mortgage statements if they are a property owner or rental ledger if renting. A credit card or a personal loan may also be requested. This information will be requested upfront and further questions might be asked. The reason for the extent of information is that the lender needs to know, understand and feel comfortable with the client in order to provide them with a high-risk car finance facility.

At Quantum, we endeavour to make the car finance approval process as quick and as smooth as possible. We strive towards same day approvals on clean credit applications and approximately 48 hours for bad credit applications. If you follow our directions, you should not need spend more than 10 minutes organising your approval.