FAQ
So what is your criteria?
There really is no fixed criteria, we look at the big picture including your credit history, job history, income, home stability, outgoings, repayment history, the lot. We then work out the best deal we can get from our lenders and go and get you an approval.
What ID do I need?
Typically we need a copy of your drivers license or passport and sometimes one other form of ID such as both sides of a credit card. If you don’t have a passport or license we can still approve your loan, we just need to make up the ID in other ways such as bank statements, 18 + card, etc. Just give us a call if you are worried.
What if I have bad credit?
It all depends on the credit. If you have unpaid defaults to other financial companies, then we will need security (car or house) or a co-borrower who can offer security. If it is a paid default to LTNZ (seriously, this is more common than you would think) we couldn’t care less. The important thing is to tell us about it, if we know why the defaults came about it is easier for us to work out a good loan for you.
What is a co-borrower/guarantor
If we cannot get you approved by yourself, we will often ask if you can bring someone else on the deal. This is usually a partner or family member. They are used to “bump up” the profile of the loan, meaning we can take their profile into account and we can also use any security they provide. There is essentially no difference between a guarantor or co-borrower, as in both cases they will be liable for the loan just as much as you are, so it does need to be someone you trust and who trusts you.
What sort of license do I need to be on?
If you are buying a car and we are using it as security then you must have at least a restricted. However, we can look at structuring the loan unsecured so there are still ways to get you approved if you have a learners. Though what a lot of people do is get an approval for their car loan while on their learners and then go buy a car the day they get their restricted.
How do I prove my income?
We will most likely ask for your last couple pay-slips and/or your last couple months bank statement. It will all depend on what lenders we put you through. The bank statements are used solely to see the income hitting the account and any HP’s/cards etc going out, we really don’t care how much money you spend at Gunder’s Chocolate Shoppe each week. If you get paid in cash or, well, get paid weirdly, again just give us a call and I am sure we can work something out.
How do I get my information to you?
Fax or e-mail is the best. Often with bank statements it is easy just to copy and paste the online statement into a new e-mail.
What is the loan process?
First of all you apply online or give us a call to do an application over the phone. We will have a look at all your details and give you a call and let you know what we need to get you an approval, we will also flick you an e-mail as well. Once you have sent that info to us we will prepare you loan and send it to one of our lenders for final approval. We will then give you a call and e-mail with the approval, we collect any other info that we might need (such as settlement figures for debts or car yard details) and then we send the documents to you. This will again vary depending on what lender we use, we can e-mail, fax, courier or even come out to you in several instances. Once you have signed the documents and sent them back to us, the loan will get paid out overnight.
