Asset finance can be a smart way to purchase vehicles, equipment, or machinery without tying up your cash flow. But if you're not careful, simple missteps can delay your approval, increase your costs, or even result in a rejected application.

At Hanna Lending Services, we've seen it all. Here are the top five mistakes people in Perth make when applying for asset finance-and how you can avoid them.

1. Skipping the Finance Broker

Many people assume it's quicker or cheaper to go directly to a bank or dealership for finance. But that often limits your options and can lead to higher interest rates. Working with a Perth asset finance broker like Hanna Lending gives you access to a wide range of lenders, including those with better terms, lower fees, and more flexible approval criteria. Brokers also save you time by handling all the paperwork and negotiation.

2. Not Preparing Your Credit Profile

Lenders want to see a clean credit history. If your credit file contains defaults, late payments, or inconsistencies, it could hurt your chances of approval. Before applying, check your credit score and resolve any issues. If you’re unsure where to start, Hanna Lending can help you prepare your application for the best chance of success.

3. Underestimating the True Cost of the Loan

Some applicants focus only on the interest rate and forget to factor in other costs such as establishment fees, ongoing charges, insurance, and potential early exit fees. These extras can add up quickly. We help you understand the full financial picture so there are no surprises down the track.

4. Incomplete or Incorrect Documentation

Submitting your application with missing or incorrect documents is one of the fastest ways to slow things down. Typical documents include ID, financial statements, proof of income, and asset details. At Hanna Lending, we provide a clear checklist to ensure your application is complete and accurate.

5. Rushing into Conditional Approval

Some borrowers misunderstand what "conditional approval" means. It’s not a guarantee of funds-it simply means the lender is likely to approve your loan if certain requirements are met. Jumping into commitments (like purchasing equipment) before these conditions are cleared can be risky. We help you navigate each step so you can make informed decisions.

Let Us Help You Avoid These Mistakes

At Hanna Lending Services, we specialise in helping Perth clients secure car and asset finance the smart way. Don’t leave your application to chance. Contact us for a free consultation and get expert advice every step of the way.

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Nathan Hanna

Director

Nathan has 10 years experience as a finance broker, helping Australians find the right loan. Nathan will work with you to get your next asset or personal finance.

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