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A Car Loan in Process

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Ever wonder how a car loan is processed from your sydney car loan broker such as Lend 4 Cars? It is important when deciding to purchase a new car with loans, you are aware that making too many inquiries for the loan can actually hurt your loan credit worthiness. So please limit the number of sydney car loan broker to a minimum. Followings are a brief explanation on how Lend 4 Car will process your car loans.

At the initial inquiry, Lend 4 Cars will get back to you either by email or telephone. This conversation is mainly to assess your current financial situation, as well as your preferred car loan term. There are some aspects that can affect your car loan application such as the age of the car you wish to purchase, in the case of used cars, your employment status, your current loan with another company if applicable, as well as the type of car you wish to purchase which will be used as the loan security. All this information will enable Lend 4 Cars to asses your loan requirements better.

Once all the information is collected, Lend 4 Cars will request documentations to verify your information, this can be payslips, company letters stating that you are currently employed full time and how long, bank statements, or identification. This will help Lend 4 Cars to choose the right lenders that meets your circumstances and requirements.

When Lend 4 Cars found a shortlist of suitable lenders that meet the above, we will present you with the shortlisted lenders. Here you can absolutely request a recommendation, as Lend 4 Cars can know which lenders out of that shortlisted lenders will fit you best. This is to ensure that you will not have any heavy financial burden through out your loan term.

Once you are happy with the recommendation, you can review it one more time before making your decision. If you decide to go through with the recommended lender, your sydney car loan broker will proceed with your loan application to be approved by the lenders.

The approval's time vary from one individual to another. Some takes 3 working days, and some can take more, depending on your financial circumstances as well as the type of the car you are going to purchase.

Once approved, it is just a matter of days before the lender will settled with the contract and have the fund transferred to your designated bank account. Once the fund is cleared you will then be able to pick up the car from your seller or dealer.