Vyro - How our affordability assessment works

How our affordability assessment works

How our affordability assessment works

As part of being a responsible lender we must conduct an affordability assessment, which is essentially a way of checking how much you can afford to repay every month. 

In order to conduct an affordability assessment we need to verify the following:

  • Your minimum and average income over the past 12 months
  • Your maximum and average expenses over the past 12 months

If you've applied for a loan in the past then you've probably already provided this information through pay slips and manual calculations. The process typically takes a number of days to complete and you would have had to sign something saying that the information you've provided is correct to the best of your knowledge.

The new way

To speed things up for our customers we use Open Banking to securely connect to your financial institution and extract the information around your transaction history over the past 12 months. We work with an Open Banking partner called Basiq who are among the most reputable in the industry.

When you connect your bank account through our website your credentials are "encrypted" with bank-grade encryption (256-bit SSL) and are used to extract your transaction history from your financial institution. Your transaction data is also encrypted (using the same, bank-grade encryption) and we destroy this data as soon as we're done reviewing it. 

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