As a single parent, it’s likely that you may already be facing one of several challenges in life with regards to making ends meet. Our society is sometimes unfavourable towards single parents who need to slog it out on their own, and the finance sector is no exception with lenders all looking for assurance that they’ll see their money repaid.
While these obstacles can be enough to prove disheartening for even the most optimistic person, it’s also worth knowing that there are providers out there who can help you navigate this field. Here at Fincar, we’ve been helping single parents and others who might be facing adversity obtain car loans for years, so your difficulties are never too much to overcome.
Factors to consider as a single parent seeking finance
Generally speaking, if you approach a bank or other lending institute on your own as a single parent, you may be subject to scrutiny in the following areas:
- Existing debt or lines of credit available to you
- Government benefits you may receive with respect to your child
- The extent and nature of your employment (e.g. part-time, casual, etc.)
- Other likely expenses associated with the cost of raising the child
- A sole source of income
Navigating the options
One of the areas we like to focus on in order to help single parents obtain a car loan is putting them in touch with a financier who cares enough to understand their circumstances and needs. Whereas many other lending experts or brokers will direct you to those they have established relationships with, we go one step beyond. We make sure the lender you’re matched with is one that adopts a personalised approach and does not use strict eligibility criteria.
In any case, we’ll also need to understand your credit history and rating in more detail, such that we have an idea of your repayment history and any bad debts, in addition to the other areas mentioned earlier.
Our personal know-how and reputation in the market is a mechanism that affords us the ability to speak on your behalf to a lender that might not otherwise give you the time of day if you were to approach them directly. At the same time, the last thing we want is for you to be left in a state of limbo, so we’re always looking to expedite things for a speedy outcome.
At the end of the day however, do remember that it’s best to be as honest as possible about your situation so that we can help you find the optimal outcome. What you may think could hurt your chances of securing finance is unlikely to be an issue if we know about it up-front. If not disclosed in full, things could instead become a nightmare down the track. Honesty ultimately does pays dividends.
The Fincar team is here to help you with all your financing needs. Contact us today to help arrange your next car or equipment loan.