Does the Type of Finance Matter?

The kind of finance you apply for definitely determines whether you will be eligible or not, as well as the costs of the finance overall.

The Value of What You’re Buying

One of the biggest determining factors if you’re buying an asset like a car is the value of the asset you’re buying.

Your Income and Sources of Income

This means not only confirming your income and where it comes from but also determining how secure that income is.

Your Existing Debt

The debt to income ratio is determined by taking your total monthly debt, dividing it by your total monthly income, and multiplying it by 100.

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Your Savings and Investment Balances

It can be used as loan collateral and is important if you’re looking to take out a secured loan.

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Your History of Paying Your Bills

Another big determining factor in your application for finance is your payment history on other debt and loans you’ve had in the past.

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