Do you qualify for a car loan?
- You must over 18 years of age, have New Zealand citizenship or residency or a current work permit.
- Provide identification – this is an official form of identification like a current drivers’ licence or passport
- Have a Full or Restricted New Zealand drivers’ licence. An overseas drivers’ licence may be acceptable under certain circumstances. Please call us on 0508 10 50 10 if you don’t have a New Zealand drivers’ licence.
- Fully complete an application
Yes Finance is generally more lenient than lenders like banks. We will verify all information provided in the loan application to ensure accurate details have been provided and we will base our lending decision on several factors like:
Security – The vehicle being purchased will typically be used as security for the loan. If the vehicle being purchased is not suitable or does not provide sufficient security other forms of security can be considered including other vehicles, boats, personal chattels or property. Where a principal borrower does not have any available security, this may be provided by a partner or relative who becomes a party to the loan as a co-borrower or guarantor.
Stability – We consider both your residential status and employment situation. These need to be stable and your income will need to be consistent.
Affordability – We assess your ability to repay your loan and meet your existing outgoings.
Credit History – Your credit history is checked and we will require an acceptable explanation for any defaults. If your credit history is not acceptable we will require a guarantor who has a proven credit history.
What is a pre-approved loan?
A pre-approved loan will enable you to shop around for your purchase with the knowledge that your finance is already approved.
Pre-approved loans are valid for 30 days from the date of approval.