Frequently Asked Questions
What is a finance consultant/broker?
A finance consultant works on behalf of an individual or business wishing to obtain finance. Sometimes referred to as a broker, Finance King consultants will talk to you to obtain an understanding of your needs and finance requirements, assess your situation and look at multiple lenders to determine the most suitable loan option based on your circumstances.
What are the benefits of using a finance consultant?
Finance King consultants have access to a wider selection of financial institutions and non-bank lenders and provide a simpler application process. As a finance expert, they can identify smarter deals that may save you money and gather the information you need to save you time. Finance King consultants also have access to fast pre-approval and settlement channels.
Does Finance King finance private sales?
We have unique arrangements with financiers to provide loans to individuals and businesses for a range of purchases. It doesn't matter if it's purchased from an individual or a dealer - we can help find the right product for you.
What does the Finance King offer that my bank doesn't?
Due to our strong industry connections and affiliates, Finance King has access to a range of lenders offering fixed payment loans with low rates of interest to approved borrowers. We can arrange car loans from as low as $5,000 including loans that have no limit on the age of the vehicle you want.
What documents are required to apply for a loan?
- Valid identification
- Proof of income for consumer loans
- Certificate of Currency of Insurance for your new vehicle or equipment
I'm self-employed - am I still eligible for a loan?
Yes! We are able to assist with business loans for those who are self-employed and don't have traditional tax paperwork. Your personal finance consultant will chat to you about the financial statements required as part of the loan application process.
Does Finance King do anything other than car loans?
Absolutely. We can help you out with the purchase of your next motorbike, boat, caravan, truck or equipment. We also have personal, business and debt consolidation loans
I'm a working visa holder but want a car to get more out of my stay. Am I eligible for finance?
If you're legally working in Australia and can meet repayments without breaching the conditions of your visa, we may be able to assist you in obtaining finance for a new or used car. Consider these points before applying:
- You have confirmed employment in Australia
- Hold an Australian bank account
- The loan term does not exceed your remaining visa term
- Your credit assessment shows a positive track record of bill payments
What happens if I can't meet my repayments?
The best protection against any unforeseen circumstances may be to take out consumer credit insurance which will ensure your repayments are still met in the event of illness, injury and loss of income.
What is the difference between a fixed and variable interest rate?
A fixed interest rate does not increase or decrease over the term of the loan. A variable interest rate fluctuates depending on the market conditions. A fixed interest rate gives you the peace of mind of knowing your repayments won't change.
What is a credit score?
Banks and other lenders will use a credit score to help determine whether to lend you money. This score is based on the information in your credit file or credit report such as current credit facilities, credit defaults and credit enquiries. We can complete a credit score for you free of charge.
I'm buying through a dealer but don't want to use their finance. Can Finance King help?
The best way around dealer finance is to speak with Finance King before shopping for your car. We'll give you pre-approval so you know your affordable limit so you can shop with confidence and the upper hand in negotiations. You are under no obligation to use a dealer's finance and can contact Finance King at any point before you purchase a vehicle on 1300 086 329.
Why shouldn't I redraw money against my mortgage to pay for the car?
Unless the mortgage is less than seven years, you'll own the car sooner with a smaller loan. Whilst the interest is significantly lower on a mortgage than on a personal loan, you may actually pay thousands of dollars in interest due to the longer time frame.
For example, a $30,000 car loan at 8% will attract interest of $6,448.65 over a five-year term. Should you choose to redraw $30,000 on a mortgage with a rate of 6% for the next 20 years, you'll be paying $21,583 in interest.
The dealer is offering a 0% interest rate? Should I take it?
Our advice is a strong no. When a 0% interest rate is offered, dealers are likely to undervalue your trade-in or will charge you full retail price on the car. These loans can also come with large lump-sum repayments at the end of the loan term. With pre-approval from Finance King you have more negotiating power and will be responsible for a smaller loan.
Can you help people get finance if they have bad credit?
Just because you don't have a perfect credit rating doesn't always mean there's no way of gaining finance. We're always reviewing our lender's products and can find the one that suits your situation.