Q. How much can I borrow?
A. The most important factor in determining how much you can borrow is affordability – or how much the repayments will be compared to how much disposable income you have. We work this out based on your current income and expenses. To find out how much you can borrow, use our [online calculator].
Q. What interest rate do you charge?
A. Interest rates vary depending on your profile – your credit rating and other factor lenders take into consideration like how well you have paid off loans in the past, whether you are a home owner etc.
Q. How long is the term of the loan?
A. This depends on two things (1) how long you want the loan for and (2) affordability – how much you can comfortably afford to repay monthly. Once this has been determined, a term of between one and five years is fixed.
Q. How long does it take to get an answer?
A. Applications for finance received before lunch are answered in the afternoon of the same day; applications received after lunch are answered the next business day, if not before. However, wherever possible, we aim to respond to your application within a few hours. If your application is urgent, please call us after submitting the loan application.
Q. Do you lend to clients on the benefit?
A. Yes we do – it all comes down to affordability and the size of loan and type of vehicle purchasing.
Q. Can I get an approval before I have picked a vehicle?
A. Yes, in step 1 of the application form you just click pre approval. If you have a type of car in mind, it’s also helpful to include it in your application. We can change the vehicle you finally decide before finalising your loan.
Q. Can I change the loan amount after been approved?
A. Yes, at any stage prior to the loan agreements being signed we can re adjust the loan agreement to reduce or add the loan amount.
Q. What is a Guarantor?
A. A Guarantor is a person who supports you obtaining finance. They will be required to signs the same contract and agree to make payments if the primarily client does meet their commitments.
Q. Can I buy a car from an auction?
A. Yes, this is like buying a car privately. However it is best to get approved for the type of vehicle you are looking for before the auction. That way you know how much you have to spend when bidding and no nasty surprises.
Q. How do I make payments to the loan?
A. Payments can be structured weekly, fortnightly or monthly using a Direct Debit you’re your bank.
Q. Do you approve loans with clients with bad credit?
A. It’s more difficult to get an application approved with bad credit however we do get loans approved of this nature depending on the circumstances. We need a complete application and any additional information you can provide us is a great help to get a better picture.
Q. Do you offer insurance?
A. Yes, we have currently three forms of insurance, PPI, GAP and Mechanical Warranties for further information click here.
Q. Is there a minimum age for a loan?
A. Yes, 18 is the minimum age to enter into a contract. Also, for clients under 21 we sometimes require a guarantor.
Q. Can I apply for a loan with a learner license?
A. You can apply for a loan to determine your eligibility but you will require a minimum of a Restricted License before settling the loan.
Q. Can I pay the loan off before the end of term?
A. Yes, however there is an early settlement fee in most cases. When completing the loan application, be sure to ask what this is if you intend to pay off the loan before the end of the term.
Q. Can I change the amount I pay each month?
A. Yes, however most loans are on a fixed payment structure so you may be required to redo documentation.
Q. Is there an establishment fee?
A. Yes, there is a document or establishment fee generally around the $350.
