FAQ

General questions

What is the interest rate?

Our rates start from the mid 6’s for large commercial transactions and the low 9’s for smaller commercial transactions and consumer lending. This is for homeowners with clean credit. If you are not a homeowner rates are typically 1%+  more for clean credit applicants.

The rate is based on the overall risk profile, credit enquiries, stability, affordability, payments being made on time and a string of other factors that we can discuss in more detail once an application is received. Centrix is now a massive contributor to rates available, they are the credit reporting agency most lenders use. You can request a copy of your credit report in advance from their website. Last updated 26/7/2023*

What are the fees?

Because we are a broker they depend on the provider that we use. For clean credit applicants with no high risk factors the establishment fee starts from $395 and will be disclosed in the loan documents.

All fees vary between providers and all are disclosed with your loan documents outlining the total cost of any finance taken. You also have a 5-day cool-down period once signing to review your contract in more detail.

How does the process work?

Once we have your application and licence we will run checks and place your application with a provider where we believe you will get the best possible priced loan approval. We aim to have this to you within 1 hour of receiving all your information. Once approved, we just need to know what vehicle you want to go ahead with if not already provided.

We then contact the seller for the sale agreement + account for payment. Once received we call to finalise your documents and send them to you for signing. Funds are transferred on the afternoon of whichever business day the above is completed by 1pm on. The vendor will see funds in their account late that evening.

What is the criteria?

Because we are a broker there is no set criteria, we look at your situation to find an appropriate approval. As a guideline the key factors are:

• Can you afford the loan?
• Your credit history, we can still assist with dented credit.

These are the main two things that providers look for.

How quick can the money be transferred?

The same day as long as we have you approved and all documents signed by 1pm on any given business day.

Do you do personal loans?

Only if you have freehold security such as a car, or we take a caveat/second mortgage over a home. We do not have unsecured loan facilities yet.

What do you finance?

Anything with a serial number or registration. Cars, bikes, motorhomes, boats, caravans, trailers etc. If it has wheels we can fund it, or if it floats we can fund it.