Even a Broken Hand Couldn’t Stop This Car Loan Approval
In this week’s customer story, we have a young man from Perth who suffered a big setback soon after starting a new job.
For most people, a workplace injury is a physical challenge. But when you are trying to secure finance, it quickly becomes a financial challenge, too.
This specific situation could have easily delayed our customer’s new car by months, but the team at Gusto saw to it that he was approved without delay.
Imagine being 20 years old, buzzing with excitement to start a new job and buy your very first car.
Then, after just one day on the job, you break a bone in your hand!
Suddenly, the income on your payslip drops to zero for weeks, even though you technically have a job.
This is the difficult situation our customer found themselves in.
After recovering, the customer applied for a loan with only 3 weeks of income.
In the world of lending, three weeks is rarely enough time to establish a reliable track record of income.
When a lender looks at a payslip history with large gaps and zero income weeks, their automated calculators often flag the application as high risk.
There was a genuine risk that a lender would:
Miscalculate his annual earnings based on the recovery weeks.
Underestimate his ability to repay the loan.
Issue an automatic rejection.
Our brokers stepped in immediately. We knew that a standard application wouldn’t tell the full story.
By speaking directly to the lender, we provided the necessary context to ensure the customer’s earnings were calculated correctly.
Accounting for the injury, not a lack of employment.
That one conversation made the difference between a rejection and an approval.
Instead of waiting months to build up a “perfect” history, the loan was settled just prior to the holiday break.
It was the perfect end to a tough couple months, giving our customer a much-needed win after such a painful setback.
This is another great job from the Gusto team, who pursued a speedy outcome without compromising on the quality of the application.
Have a complex situation? If your circumstances don’t fit neatly into a lender’s checkbox, don’t risk an automatic decline.
Speak to the team at Gusto Finance today, and let us tell your story properly.