Do you finance anything other than motor vehicles?
As our logo suggests “Everything Finance” that means absolutely EVERYTHING!
I’m self-employed with no financials. Can I get finance?
Several of our finance partners and lenders have products designed for this specific situation such as Low Doc or No Doc loans. The great thing about these products is there is no loading to the interest rate just because you don’t have financials or tax returns. Our Finance Specialists will be able to advise you over the phone whether you qualify for these products.
Can I get finance when buying a vehicle privately?
Yes! We can arrange finance for used, privately sold cars as well as new, dealership purchased vehicles. We do have to carry out some additional checks when arranging finance for a vehicle that is sold privately including documentation from the seller to make sure you are protected and any finance owing on the asset is paid out at settlement.
I’ve been declined elsewhere, should I apply again?
We won’t ever put an unnecessary credit check or enquiry on your credit profile unless we are confident that an approval will be given. With so many lenders and even more products on the market, it can be hard to choose which is best for you. Loantec has access to loans from over 40+ lenders plus loan structures and terms to cover nearly every situation. Our Finance Specialists will assess your application to determine which lender and product would suit your circumstances and most likely to get approved. So even if you have been declined recently, our team can provide you with the next steps to getting finance approved or what you can do to improve your changes of approvals. Why not speak with us today to learn more.
Will your process leave an “enquiry” or “hit” on my credit profile of affect my credit score?
- One of the advantages of using a finance broker is that you will have access to a range of lenders and loans and won’t be restricted to a single option as is the case with most of the banks. Loantec will carry out a thorough review of your application before we submit it to any of our lenders for pre-approval. This pre-approval also lets you know how much you are able to borrow.
- Our initial review process does not have an impact on your credit file.
- Once your application has been submitted to a suitable lender, the lender will undertake a review of your credit profile as part of their standard processes which will then leave an enquiry or “hit” on your file. This check assists the lender to determine the interest rate that they can offer you once they have completed all the other checks – such as verifying your income and expenses – related to your application.
- If you were to access the same range of lenders available to Loantec directly to try and achieve the lowest rate, each of them would undertake their own review of your credit history. This would in turn leave multiple enquiries or “hits” on your file that may dramatically reduce your ability to obtain finance in the future.
Is Loantec based in Australia?
Yes. We are an Australian owned and operated company that is based in Burleigh Heads, Queensland. We provide finance to customers Australia-wide – but not internationally.
Are there any fees or charges for using your service?
As a service business, we work for you to find the best finance solution for YOU – not the lenders or banks. We do charge a fee for our service; however, our aim is to always find our customers their best interest rate and lowest total cost of loan inclusive of all rates, fees and charges (such as bank establishment fees and account keeping fees).
Can I get a loan if I am on an age or disability pension?
Each individual circumstance is different. We do however have several lenders on our 20+ Australian Bank and Non-Bank lenders that provide loans to those in Age or Disability Pensions. The role of our Finance Specialists is to review your application details to source a finance solution and lender that best suits your needs and has the highest chance of approval.
Can I finance an older used car?
We can arrange finance for new, used, vintage and specialist cars! We have over 40 + Australian lenders on our panel and are confident that we can find the right low rate finance solution for you and the car you are looking to buy. We recently helped a client purchase a classic Chev Impala from 1964. Speak to a Loantec Finance Specialist to learn more.
What is a Balloon Payment?
A Balloon Payment is an optional feature of a loan that consists of a lump sum amount you pay to a lender at the end your loan and after your regular loan repayments have been made. The benefit of adding a Balloon Payment on your loan is that it can reduce your repayments during the term of the loan. For example: You might buy a car for $35,000 and choose to take out a 5 year loan with a Balloon Payment of $7,000 (or 20% of the car value). Your loan repayments will then be calculated based on paying back $28,000 (plus any interest, fees and charges) over 5 years and then one final lump sum payment of $7,000 at the end of the loan.
I have not found a car yet- Can I still get finance approved?
Absolutely! Getting finance pre-approved is a great way to start the car buying process. Knowing exactly how much you can spend; how much your repayments are and what you can afford is essential to planning your financial future. Once you have finance pre- approved with one of our 40+ bank or non-bank lenders, you can go shopping for your next car. Once you choose the car, simply let the Finance Specialist know the details and they will obtain all necessary documentation to finalise the purchase.
Can I refinance a current loan through Loantec?
Yes! We have many options available including both secured and unsecured loans. Our finance specialists will run you through the process and find the very best options for you. We have access to the latest loan products from over 40 Australian Bank and Non-Bank lenders. Finding a loan that suits your personal situation is our speciality.
What types of loans do you offer?
We offer a broad range of loan suits to suit any asset or situation.
- Consumer loans for cars, boats, bikes and
- Secured or unsecured loans
- Business and Commercial loans
- Hire Purchase loans
- Equipment Finance
- Chattel Mortgages
- Cash Flow Lending
That personal information must I provide when I apply for finance?
That personal information must I provide when I apply for finance?
Our lenders typically assess your finance application using a range of factors such as stability in home life and employment, your assets and liabilities, income and expenditure, as well as any applicable credit history. Your finance specialist will inform you of any specific information requirements but generally, all you need to get started with an application is your driver’s license and two current payslips.