What are your interest rates ?
As with all finance companies/banks our rates are profile driven – base rates start from 6.99% & rise depending on client profile & the vehicle purchased.We have 44 different lenders on our panel,including the big four banks, we tend to match clients to a lender based on their needs & profile.
Can I pay my car loan off early ?
Yes, generally if you are not in a lease, loan exit fees are quite small as low as $10 for every month you terminate early, i.e. 10 months early means a fee of $100.
Do I get charged if I am unsuccessful with a loan?
No, there is no charges if your application is declined, our fees are charged to the lender, not to you.
What is the difference between a loan and a lease?
A lease is primarily for business use and will be 100% tax-deductible. However, you will also have large break fees if you try to terminate your lease early.
Will it show on my credit file if I am declined from a car loan?
No, it does not show on your credit file as a “declined”. It shows an enquiry for finance, but more than 6 a year can slow your chances.
How long does the whole process take before I can pick up my vehicle?
Once your car loan is approved and signed by you, we settle your deal and pay the vendor within 24 hours.
Do I have to pay the fees myself?
Any fees and/or charges such as government registration or brokerage fee will be added to your car loan. You should not have any out-of-pocket expenses for these.
What do I need to supply in order to get a car loan?
To speed your car loan up there will be 3 things we need to confirm, your income, your id, and details of the asset you wish to buy
What is the minimum amount I can get a car loan for?
We can normally get you a car loan for any amount over $5,000.
Why has my application been turned down?
Lending decisions are usually the result of complex assessments that take both personal details such as age, income, employment and address stability, amount of credit, type of vehicle, as well as the results of a credit reference enquiry with a credit reference agency.
Occasionally, if an application fails to meet the minimum acceptance criteria set by the lender, then the applications are turned down. However we can surely look into it and assist. Speak to our specialists today!
Will my application be turned down by another lender if rejected by you?
Not necessarily. Every lender uses its own criteria to assess applications. If one lender has rejected you then this does not mean that another lender will reach the same decision. But the majority do follow similar guidelines. Therefore it is advisable to talk to a rrepresentative and get proper guidance.
Do I have a right of appeal against a rejected loan application decision?
Get That Car Loan does not operate an appeals process where an application has been declined. However, if it is known that incorrect details have been supplied, or if an error on your credit reference records has now been rectified, you may contact us to discuss the matter further and if appropriate make a further application.We will be happy to assist.
What other options do I have for an approval?
If there were more than one applicant on the submission, it may be possible that your application was measured on the merits of what information was given to us. This may change the merits of the total application and could improve your chances dramatically.
How can I improve my chances of getting a loan in the future?
The most obvious way to improve your credit rating is to make sure all your existing credit commitments are paid on the dates they are due and you avoid any negative items such as court judgments or defaults. For defaults to be removed if applied incorrectly, we can suggest a couple of companies that may assist with this. Read this article on how you can improve your credit score to learn more.
Take steps to manage your profile on an ongoing basis. This can be done by using tools such as credit file alerts. Through credit reference agencies you can also review the accuracy of your credit profile and if found to be incorrect they will help to amend any anomalies. Having an amount of credit is also very important, as your payment record will show against your credit profile and this helps a prospective lender form their decision. If you do not have any amount of credit showing on your credit file a lender may refuse an application as they are unable to analyse how you have managed/conducted any previous or current credit, equally if you are considered to have too much credit a lender may consider you as being overcommitted.
Normally there is no “quick fix” to improve your credit rating and it will only happen over a period of time.
There are a number of myths surrounding the subject of credit searches and that they can cause problems when applying for credit. As a general rule of thumb, more than 6 personal applications in a 12 month period could be considered to be excessive and many lenders will take this into account so we recommend being as diligent as possible with this process.
Improve your chances with Get That Car Loan
We hope this information is helpful to you and improves your understanding of the situation. If you believe your application or the manner in which we handled your business was unfair we encourage you to get in touch with us so that we could resolve any undissolved issues in confidence.
