Your online application form will require you to fill out information in a range of different areas to ensure you paint an accurate and complete picture of yourself as a borrower. The key areas of consideration for Bank First are:
Information about you
Alongside details about the loan you’re applying for, you’ll need to tell the lender about your current residential situation, as well as any recent past locations, and your contact information such as phone numbers and email addresses.
Information about your vehicle
You’ll have to state the make, model and year of manufacturing of your vehicle, as well as its VIN, registration and engine numbers. You’ll also need to provide details on the insurance policy which is covering, or will cover, it.
Information about your employment and income
This pertains largely to your place of employment, position and recent history (if any). Bank First, as well as all other lenders, will want to know that you’re earning a stable and consistent income without any major risks of your available funds running dry. As part of this, you’ll also need to state your income and provide recent payslips or two years’ worth of tax returns and Notices of Assessment if you’re self-employed.
Information about your assets and liabilities
Firstly, the assets you own and their value will be disclosed here, which may include property, cars, investments, savings, super and more. Lenders generally prefer borrowers who are asset-backed, as they’re seen as safer. On top of this, any outstanding loans or debts, such as a mortgage, personal loan, credit card and more, will be covered here also.
Information about your expenses
Finally, you’ll need to indicate what your monthly expenses are, which will largely relate to areas such as general food and clothing, utilities, education, insurance and more.