With fewer new cars available in some segments, used car prices are unusually high. As a result many business owners are choosing to retain vehicles that still have a useful life.
Our client approached their major bank car financier with a request to finance their balloon payment over another 3 year term – their vehicle had low kms and should provide more years of useful service to their business. The major bank wanted to see financials (which were not complete) as part of the application and whilst the business’ trade had returned to pre-covid levels their revenue for the period across which Melbourne was locked down had been severely impacted.
Our lender reviewed 6 months of bank statement data and the client’s credit score and deemed the business owner credit worthy. The application process was fast and approval was given within 24 hours, giving the business owner comfort and the confidence to take their attention back to business matters.
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