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    Car Loans & Finance FAQ’s

    If your question is not answered below please either call us on 0800 MY FINANCE (693 462) or submit a query using the live chat or contact us page and one of our friendly staff will be more than happy to assist you.

     

    Q:  What age vehicles will you finance?
    A: Typically we can arrange finance against vehicles as old as 1996. We can however, lend on older vehicles dependent on their make, model and valuation, including classic cars.

    Q:  What terms do you offer?
    A: Our minimum term is 6 months and our maximum is 60 months. We can also structure payments allowing for GST rebates or balloon payments to help achieve a lower regular payment.

    Q: What is your minimum loan?
    A: For car loans and finance generally our minimum is $3000.00. However we can go lower in certain circumstances if required.

    Q:  How old do I need to be to get a loan?
    A: You need to be 18 years of age and over. Generally if you are between the ages of 18 and 22 you will need either a guarantor usually a parent but we can look at other people to fill this role for you or a reasonable deposit of around 25%.

    Q:  Why would I need a guarantor?
    A:  A guarantor is required to help support your application in some circumstances usually due to adverse or minimal credit history, limited income level, work permit status or age.

    Q:  Do I need a deposit?
    A: We can provide 100% finance to you, you don’t necessarily need to be a homeowner but have lived at your address for 2 years or more, have a good or excellent credit history and be in stable full-time employment. If you do not fit this criteria we may require some form of equity in the loan, this may be a cash deposit, trade or security over a second car, boat or property offered by yourself or a guarantor.

    Q:  What other information do I need to apply for a loan?
    A: A restricted or full NZ driver’s licence, one month bank statement, your latest pay slip or proof of income and, once you have found your vehicle we will require confirmation of full insurance to the value of the purchase. We can provide finance for learners’ licences also.

    Q:  What do I do if I need more money than I applied for?
    A: To request a higher loan amount call us on 0800 MY FINANCE (693 462). There should be no problem as long as you can still afford the repayments and the vehicle you are purchasing is suitable to the lender.

    Q:  Are there any fees if I settle my loan early?
    A: Yes, there are fees for early repayment in full although these will never exceed the original balance payable, basically you will be better off and save interest by settling your loan earlier. The fees and interest calculations differ between lenders and the fees applicable to early settlement are set out clearly in the loan documentation. There are no penalties for making extra payments.

    Q: Where do I sign the documents?
    A: Where available we have mobile representatives available to come and see you at a time and place that is mutually agreeable, this could be at your home, work or a dealership. Or we can email or courier the documents to you at home or work for your convenience.

    Q:  Do I need a good credit history?
    A: Preferably. A clean credit report helps us get you a lower interest rate, but  if you have had any debts against your name it helps if these are paid or at the very least under some payment arrangement. Just to note, If you have had credit issues in the past and they show on your credit report this will attract a higher interest rate.

    Q: How quick can a loan application be approved?
    A: We try to maintain an approval time of under 1 hour from the time of your application within normal business hours. Some applications can be conditionally approved within 10 minutes!

    Q: How do I make my loan payments?
    A: You can make your repayments weekly, fortnightly or monthly by direct debit, direct from wages or automatic payment.

    Q: How old do I need to be to get a loan for a motorbike?
    A: It is typically more difficult to get a loan for a motorbike if you are under the age of 21. Get in touch and we will work through your options with you.

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