While most lenders prefer a good savings history, there are loan arrangements which can be brokered for those without. Some lenders will count evidence of regular rent payments as evidence of your reliability as a loan applicant in place of saving history. Some will still agree to a loan, but the deposit will be more substantial than if you were able to saving history. In short, it is possible to secure the loan you need with no saving history – but it is key to have a financial consultant or loan specialist who knows where to go and how to negotiate for the deal.
As self-employment has increased over the years, most lenders have developed alternatives to the standard “proof of income”. Some lenders provide income declarations for self-employed applicants to sign. Low Doc or No Doc loans are loans specifically catering to applicants that are self-employed, which can be approved based on income declarations, Business Activity Statements and other documents. With the help of a financial consultant, you can find out which lenders provide No Doc or Low Doc loans and how to apply for them.
While this scenario can prove difficult for loan approvals, our financial consultants have an in-depth understanding of Australia’s leading lenders. We know who to talk to and how to negotiate for a loan that suits your individual needs. With the help of income declarations, business activity statements, first home buyer’s grants and non-deposit equity, a professional service like Viclend can negotiate a favorable loan arrangement for most loan applicants.
Viclend specialises in providing both standard car loans and classic car loans. Depending on factors such as your own saving history, income, loan needs and whether you’re purchasing through a commercial or (in the case of many classic car purchases) private vendor, Viclend can help find the best loan arrangement for you.