When making a decision about lending money, financial institutions
usually consider the 'Four C's':
Your present and future ability to meet your payment
terms (For example, do you have a secure job?)
This is the value of what you currently own, or how much
savings you have
---~--The
property or assets that will secure the loan.
(In other words,
if
you take a loan of $5,000.00 you may wish to state
that you have $10,000.00 in savings, so that there is enough 'security'
to grant you the loan)
You may get turned down for a loan to buy a car
if
you have:
• A history of making late payments
• Had property repossessed or taken back due to your inability to pay
• A court order requiring you to pay money to a lender
•
•
