PERSONAL USE – CONSUMER FINANCE
Assets purchased for Personal use require a Consumer Loan. Lenders will follow responsible lending requirements and ensure applicants can service the loan, considering all living expenses and financial commitments before granting approval. This is in the applicants’ favour and will ensure they are not put into financial stress. It is a good idea for the applicant to have paperwork ready prior to applying for a loan. Some of the documentation may include:
So the first question to ask yourself is:
What type of Motor Vehicle do you need?
Applicants should also know their personal living expenses and will be expected to declare them on a consumer loan application to be used by the lender when assessing capacity to service debt. We have created a Living Expenses guide for you to complete.
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