Getting finance has become an increasing need these days and it makes it all the more harder if you are unemployed.

Most financiers will only consider you as an applicant if you are currently employed. You need to show evidence that you are committed in paying off your debts and can afford it on a regular basis. Financiers want to feel comfortable that they will receive their money back on time and in full. Another factor you should keep in mind is that lenders automatically allocate a part of your wage towards your children if they are under the age of 16. If there is no excess money left, you will be left with no capacity therefore unable to cater for a new loan.

Other factors that are taken into account are:

-          Your living circumstances: That is, if you are renting, own a house, mortgage or boarding.

-          Previous loan history: All payments are paid on time without any defaults.

-          Credit History: Financiers will check your credit history for defaults, bankruptcies and if you have made yourself a busy credit file. If you have done more than 5 applications within the year, this may destroy your chances of getting financed.

If you are after a small amount i.e. $500 you may want to consider a pay day loan. However, if you are wanting $5000 or more you should consider working at least part-time to show that you will be able to repay your new loan.

If you are a pensioner or receive government funds it is advisable that you speak to a consultant before you start applying anywhere.  There may be another way around, for instance: having a co-borrower or taking out a joint application, however these circumstances are quite rare when unemployed.

If you wish to have a chat about your options, don’t hesitate to contact us and one of our staff would be more than happy to assist. You can find us at www.natloans.com.au or give us a call on 1300 955 791.

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If you are on the hunt for some finance and your bank is being difficult why not visit your local finance broker.

What is a Finance Broker?

A Finance Broker can be referred to as a seller or a consultant, they aim at guiding you in finding the best finance option for your new car, truck or bike by following processes and various guidelines of a variety of lenders. The consultant negotiates with the client and the lender, finding ways to over come obstacles whilst getting the best deal available. There is a range of lenders on board, not all companies will be suited for all individuals.

Brokers are professional individuals who have great knowledge of finance options of many lenders, looking at satisfying all parties involved. They assist you in making decisions from what car your budget can afford to which lender will give you the lowest interest rate and the best payments options in the long-run.

What you should know as a client?

When seeking finance at any financier they will ask you to provide personal details, most importantly income, living arrangements and current liabilities. You cannot expect to receive a low interest rate if you have an appalling loan history or being bankrupt. It all depends on what type of client you are and whether you have had any previous or current defaults.

How to go about contacting a Broker?

With technology rapidly improving you don’t even have to visit your local broker, it’s as easy as making a 10-minute phone call to enquire or complete an application on the phone. When the consultant receives your application you will receive a call to verify your personal information, if you are eligible they will negotiate with the lender to find a product that will satisfy you.

Natloans is a Finance Broker that specializes in finding the best finance option for your new bike or car. For more information on who we are and what we do, contact us on 1300 628 562 or visit our website www.natloans.com.au to find out what deals are available at the moment.

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