An overview of the finance industry
The finance industry and those associated, have suffered over the last two years. The attached article is an excellent overview of the industry and what it needs to do to recover Click here
HELP - QUESTIONS AND ANSWERS
Who can get a loan?
Anyone may get a loan, provided they:
- Are aged 18 years and over.
- Can provide suitable security if required for the loan
- Provide appropriate personal identification.
- Have sufficient income to service the loan.
Companies, Family trusts.
Click here to apply for a loan.
What type of identification and other information will I need to provide?
Anyone applying for a loan must show us the following:
- Current passport OR
- Current New Zealand or overseas driver license OR
- Community Services Card and a Birth Certificate OR
- A named and signed bankcard and a Birth Certificate.
Proof that you have sufficient income to support the loan, for example:
- Latest payslip OR
- Bank statement dated within the past month OR
- If self-employed, your most recent GST return and Statement of Profit.
Settlement statements of any debts will be needed for any refinancing loans.
Can I arrange a loan before I buy something?
Absolutely: in fact we encourage people to arrange pre-approved loans. This is because it gives you a 'cash buyer' advantage, and lets you know in advance the upper limit of money available to you.
Can I get a loan if I don't have a deposit?
No problem: we can source no-deposit loans.
Is a credit reference needed?
Not usually, but in some cases (e.g. for people with little credit history in New Zealand) we will ask for a credit reference or payment history of a Hire Purchase or simialr that you may have had in the past.
Do I have to provide a guarantor?
Not usually, but in some cases (e.g. for people with no credit history in New Zealand) we may ask for a guarantor. If you are 18 and have no credit history then a parent or guardian may be asked to guarantee the loan.
A new immigrant, again with no credit history ,may be asked to provide a guarantor. Once you have established yourself with this type of conditional loan, and you have serviced the repayments on time, any future loans shouldn't have this requirement.
Do I have to insure my vehicle or boat before arranging a loan?
No, but before any funds are paid out by the Finance Supplier, insurance will need to be arranged. Click here for more information. Full comprehensive insurance is required for the elected security for the loan. A confirmation fax is required by Vizion Finance Brokers from the Insurance Provider, stating the name of the Finance Suppler as the interested party.
Do I have to take out income protection insurance when I arrange a loan?
Although it is a good idea, this is not compulsory. Insurance products are packaged to protect the consumer and his/her assets. We at Vizion can discuss insurance options with you.