Finance Do's and Don'ts

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When Appling for finance keep all inquires to a minimum (less than 3) most finance companies will decline loans after 3 inquires, they don't like a busy Credit File. Always make sure you supply the correct information including any current credit. Normally lenders will want 3 years job and residence history, drivers licence details, date of birth, current address, payslips, proof of current address etc however some of these things we will only need at sign up once the loan has been approved. It always helps to apply for finance before changing your job or residence not after.

Defaults if I have defaults does this mean I won't get a loan (short answer NO) but it does make it harder and limits who we can put it to depending on how many defaults and with whom (i.e. Utility defaults or Finance Company defaults) Other things that come into the equation are, how long have you been in your job or residence (finance company's dislike instability). Instability usually means defaults. If you do change address always notify the lender, Phone Company or public utility etc as this will help elevate problems down the line ,because once that default is on your credit file it will stay there for five years paid or unpaid.

If you have defaults on your credit file pay those as soon as possible, lenders like to see that if there was a mistake or problem you at least fixed it quickly.

Loan Repayments If you have trouble paying your loan at any stage always keep the finance company informed ,Good communication makes a difference, discuss the matter with them they may be able to extend the loan and lower the repayments.

How to get a good credit rating Always pay your loan on or before the due date (i.e. if you have a credit card with a limit of $500 and it's due on Monday and you pay it on the following Thursday because that's when you get paid that will give you a bad credit rating )so make sure you pay it on time, it's as easy as that.( Every dollar you repay above the required repayment shortens the life of the loan and the overall cost .Combine these two things and that the loan has run 12 months (a suitable term to establish loan history) you will be well on the way to having good credit.

At Campertrailerfinance.com.au We try and get you the most competitive loans based on your personal circumstances and financial behaviour from our panel of lenders.