When it comes to applying for a financing with IMB, the process isn’t dissimilar to other lenders. The process is relatively quick and simple, with applications taking place online or over the phone. Follow these steps to apply:
Gather your documents
Before you start your application, you should ensure that you have all the documentation required to apply. Gather the following pieces of information:
- Your driver’s licence
- Your Medicare card
- An income statement or group certificate
- Your two most recent payslips
Apply for pre-approval
From there, you can submit your initial application directly through their website or on the phone. This should only take around ten minutes to complete and, once you’ve done so, you’ll receive an outcome confirming whether your application was successful. If it was, you can proceed with the process.
Choose your vehicle
Once you have your loan pre-approval in hand, you can go out and select your car. This can be an IMB new or used car loan and can be purchased from a dealership (though age restrictions will vary depending on the type of loan you choose). You can use your conditional approval to dictate the price of your vehicle in negotiations.
Submit your formal application
After you’ve chosen your vehicle, you can continue with your application and seek full approval. At this stage, you can send documents relating to the car you’re looking to purchase, which include:
- The dealer invoice
- Full comprehensive car insurance policy or certificate of currency
Sign your loan contract
IMB will review your profile and documents and decide on whether to approve you for the funds you’re looking for. If they do, you’ll be required to sign a loan contract and return it to them, after which the funds will be advanced to your seller and you’ll be able to take ownership of your car.