Wrong industry mate

Finance broker case study: “wrong industry mate”

James Kingi owns a tattoo parlour on the Gold Coast.

He has been running a successful business for nine years. Schoolies, bucks dos, and care-free tourists the life-blood of his business.

However, when he applied for a car loan through a major manufacturer’s finance division in September 2020 he was declined.

The reason: his industry.

The Covid pandemic saw many institutional finance companies and banks become very restricted. After all, with such a large potential market they do not need to take risks. Or look outside their self-imposed limits. So, they don’t.

Even today they still have a small appetite. This despite that his loan was asset backed, for a new vehicle, and he had a 20% deposit. In fact, his credit score exceeded the manufacturer’s requirements.

IA’s loan

With a letter of support from his accountant, IA approved the loan within 24 hours.

Their minimal documentation loan does require asset backing but only a small deposit.

James had both bases covered.

He was happy, another satisfied customer for me, and another deal for IA.

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IA Group works closely with its partner brokers. Our relationship with you is important to us. We understand your reputation can be impacted by our performance.

We think outside the square and work with you to get deals placed for your customers. Asset agnostic, we are happy to consider any serialised asset that has a unit identifier.

To find out how we can work together, please feel free to call us on 1300 729 995.