Filling out a financial credit application

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nvidia

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i'm looking to finance a new car. On the dealership's credit application it asks for current debts that I may have and the amount of money sitting in my bank accounts. Do I have to share this information with them. Aren't credit application based on a person's credit rating and their weekly gross income.

Any advice on what to write so that financing gets approved?
 
Yes, you do. They're making an assessment on whether or not you can pay them back based on how much you're currently paying out per month to various debts.
 
They'll find out the information anyway when the credit report is run. It's a matter of honesty.
 
Worst. Generation. Ever.
 
They'll find out the credit situation with your credit report (so any past dues or overlimits), so i'd suggest not bluffing on that, as for the amount in your bank account though.. its not really findable, but i always suggest being honest! They're taking a 'risk' by lending you money (as they don't 'know you') so they have to gauge the amount of risk which will/might affect your interest rate.
:)
 
Take advice from a Banker....


The reason why they are asking for your assets i.e. bank information is because they want to know your liquid assets. That does not appear on your credit report. Basically, if you lose your job, what do you have that can be easily converted into cash to repay your debt.

Your past repayment history is only some of the information an adjudicator takes into consideration.
 
nvidia said:
i'm looking to finance a new car. On the dealership's credit application it asks for current debts that I may have and the amount of money sitting in my bank accounts. Do I have to share this information with them. Aren't credit application based on a person's credit rating and their weekly gross income.

Any advice on what to write so that financing gets approved?
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618px-JeanLucPicardFacepalm.jpg
 
nvidia said:
i'm looking to finance a new car. On the dealership's credit application it asks for current debts that I may have and the amount of money sitting in my bank accounts. Do I have to share this information with them. Aren't credit application based on a person's credit rating and their weekly gross income.

Any advice on what to write so that financing gets approved?
Click to expand...

Wow... just wow.
 
nvidia said:
i'm looking to finance a new car. On the dealership's credit application it asks for current debts that I may have and the amount of money sitting in my bank accounts. Do I have to share this information with them. Aren't credit application based on a person's credit rating and their weekly gross income.

Any advice on what to write so that financing gets approved?
Click to expand...


It's in everyones' best interest to provide as much information as possible. The last thing you need to do is get into a financial obligation you can't afford. Tell them what you owe and what you have to pay so they can determine what you qualify for.

It can also help you get the best deal in terms of interest rates depending on the information they have available.

There is no down side to disclosing what you have in your bank account or telling them what debts you have.
 
You have to declare your assets and liabilities on any application.No way around it.(says Stubby...my wife...42 yr BMO employee)
 
You have to tell them all your debts. You are only allowed a certain percentage of your income to service debt.

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