Car Finance Q & A
Q: What happens now that I’ve submitted a finance application?
A:One of our professional consultants will contact you either the same day or the next business day to discuss your finance application with you and gather any additional information we need.
Q: How long will it take to get my loan approved?
A:We aim for less than 24 hours approval turnaround on all applications, however, some loans are more complex and may take a little longer.
Q: Is my information secure?
A:Yes, We adhere to a strict privacy policy.
Q: Can you find me the car of my dreams?
A:Yes! At the touch of a button we have access to over 2000 quality pre owned vehicles and if we don’t seem to have what you are looking for we also provide an auto search facility to find the vehicle of your choice.
Q: Can I get pre approval before purchasing?
A:Yes, we can pre approve you for a loan. We will need an idea of what you're intending to purchase, the amount you require for and we will need to assess your capacity to repay the loan.
Q: What are my chances of approval?
A:We have Responsible Lending obligations under the National Credit Code. To meet these obligations we must make an assessment of the suitability of the loan for you. This means that you must be able to afford the repayments and the loan must meet your needs. As every applicant is different it is not possible to tell you your chances of approval in advance of our assessment. We do not reject any application and every application is evaluated on its merits.
Q: Are your interest rates competitive?
A:We have a broad range of lenders on our panel. This enables us to find a competitive interest rate for you. However, the interest rate available to you will depend on whether you are a high or low-risk borrower, your credit history and the goods you wish to purchase.
Q: I've got a bad credit rating?
A:We also have options for those with high risk, bad credit ratings or ex-bankrupts, however the interest rate available is generally higher and reflects the risk that the lender is taking.
Q: What if I've only been employed for a short time?
A:To enable us to assess your requirements we will require a full application which can be completed on line or alternatively we can have one of our consultants contact you to discuss your needs and take an application by phone.
Q: Can I transfer an existing car loan to your company? Are there extra payment/early termination fees?
A:
It is possible for us to arrange refinance of your current
car loan. The rates available are determined by several factors including
your current personal situation, the age of the vehicle and your previous finance
history. An exact quote requires an assessment of a completed application. This
can be completed on line or over the phone.
No fees are payable for paying extra on the loan but additional or bulk payments
can reduce the amount of interest payable as the interest payments are calculated
on the daily balance of the loan.
An early termination is payable at the time of loan finalisation by all the financiers
on our panel and is on average $10.00 per month for the number of months remaining
on the contract (e.g. if the loan is paid out 12 months early the early termination
fee is $120.00 approximately)
If you have further questions about transferring a car loan to Cars & Finance Direct please do not hesitate to call or contact us.
Q: Hi I am working casual that has been at my job now for 3 years...
A:Hi,
I have been working on a casual basis 3 years but will transfer to part-time/ full-time job in a matter of weeks.
I have a bad crediting rating but have good reasons.
I recently applied to the Bank for a loan but my application
was rejected. My options are running thin and nobody will give me a chance even
though I am attempting to
pay off my debts and have just recently paid one off in full. I am enquiring about
putting a 2nd applicant on my
application for credit. Can I put my mum as a joint applicant as she has agreed
to help me? Thank you.
Bob’s Answer :
Thank you for your recent enquiry to Cars and Finance Direct we have a facility
to assist customers that have
experienced financial difficulties in the past, however to determine if we are able
to assist you further detail is
required.
A full application
can be completed on line or if you wish to speak directly to one of our consultants
you can call
1800135512 or alternatively advise us of your phone number and a convenient time
for us to call you.
