Interest rates can vary depending on the age of your credit file, credit score, assets and liabilities as well as the age of the good you are buying our rates start at 5.08% for brand new bikes and go up form there.
Lending decisions are usually the result of complex assessments that take both personal details such as age, income, employment and address stability, amount of credit, type of vehicle, as well as the results of a credit reference enquiry with a credit reference agency. Occasionally an application fails to meet the minimum acceptance criteria set by the lender.
Not necessarily. Every lender uses its own criteria to assess applications. If one lender has rejected you then this does not mean that another lender will reach the same decision but the majority do follow similar guidelines.
Get That Bike Loan does not operate an appeals process where an application has been declined. However, if it is known that incorrect details have been supplied, or if an error on your credit reference records has now been rectified, you may contact us to discuss the matter further and if appropriate make a further application.
Because your application was measured on the merits of what information was given to us in this application, it may be possible that if there were more than one applicant on the submission that this may change the merits of the total application and could improve your chances dramatically.
The most obvious way to improve your credit rating is to make sure all your existing credit commitments are paid on the dates they are due and you avoid any negative items such as court judgements or defaults. It has been know for defaults to be removed if applied incorrectly we can suggest a couple of companies that may assist with this.
Take steps to manage your profile on an on going basis. This can be done through using tools such as credit file alerts http://www.mycreditfile.com.au/personal/veda-alert.dot. Through credit reference agencies you can also review the accuracy of your credit profile and if found to be incorrect they will help to amend any anomalies. Having an amount of credit is also very important, as your payment record will show against your credit profile and this helps a prospective lender form their decision. If you do not have any amount of credit showing on your credit file a lender may refuse an application as they are unable to analyse how you have managed/conducted any previous or current credit, equally if you are considered to have too much credit a lender may consider you as being over committed.
Normally there is not a “quick fix” to improving your credit rating and it will only happen over a period of time. I have been told that too many recent credit searches will damage my credit rating? There are a number of myths surrounding the subject of credit searches and that they can cause problems when applying for credit. As a general rule of thumb any more than 6 personal applications in a 12 month period could be considered to be excessive and many lenders will take this into account so we recommend being as diligent as possible with this process.
We hope this information has been helpful to you and improves your understanding of the situation. If you believe your application or the manner in which we handled your business was unfair we would encourage to hear from you so that we could resolve any undissolved issues in confidence.