At XLR8, we know your financial situation and plans are as unique as you are. We also know there are a few questions we get asked a lot, so here are some basics to get you started. Of course, these are general answers, so depending on your individual circumstances, we may have more precise information for you. If your question isn’t on the list, or you have a more specific query, please phone one of our expert team members or complete the ‘contact us’ form online.
A: The distinct difference between a personal loan and a car loan is the car loan has some sort of security (usually the car you are buying) lodged against it. The security is used as a surety that the money will be paid back, and if it isn’t the car can be taken back to recoup the funds. Personal loans are unsecured, meaning there is nothing the bank can recoup to sell and pay off the loan. Personal loans can be used to purchase cars, motorbikes, equipment or even holidays, however as they are a higher risk to a lender, they usually attract a higher interest rate and are slightly more difficult to obtain.
A: People who are casually employed find it difficult to get a loan when they have been in the same role for less than 12 months, but there are still financiers that will consider all manner of different employment situations. Our advice is to get in touch with us and let us have a look at your whole financial profile, most likely we can still help.
A: With the implementation of The National Consumer Credit Protection Act in 2010, the onus is on the broker and the lender to ensure that all applicants can comfortably afford to live and repay the loan. Because of this, all lenders have set living expense guidelines to which we have to adhere. However it is still possible in certain circumstances to help people on some Centrelink incomes to get a reasonable loan to help with purchasing a car. Talk to us about your circumstances and we will tell you very quickly if we can help.
A: Applying through us gives you the upper hand, by having us find the most suitable lender for the item you are purchasing and your financial situation. Why go to your bank and hope you meet whatever guidelines they currently have, when you can let us shop around for you to make sure you get the best deal possible, we’ll also protect your credit score and in most circumstances we can arrange the loan at cheaper terms.
A: Yes, most financiers are happy to assist with private sale vehicles that are newer than 1997, have a Road Worthy Certificate and can and will be registered. There is a lot less protection and a lot more paperwork than if you were buying a car from a Licensed Motor Dealer, but we are here to help with that. We can complete the private sale vendor documentation and also complete the Encumbrance and Write-Off checks for you to make sure you are getting what you have paid for.
A: As long as you are physically discharged, we have lenders that will look at the positives of your situation rather than completely exclude you for the negatives. It helps to show since the bankruptcy that you have been back in control of your financial situation. You would only be considered for a secured car loan. Talk to us now and see how we can help.
A: Of course, we can complete all of the required paperwork over the phone and by email, however you will need to have access to a JP, or other authorised person such as a Police Officer or Australia Post staff etc. to finalise the contracts. We have completed loans for people from all over Australia!
A: To set up a loan there will be some costs associated with it. All financiers charge an application fee, some have ongoing account-keeping fees, some have early exit fees. The fees vary between lenders, and also between states. Other costs that you may incur are PPSR fees, GST, Luxury Car Tax, and in some cases a fee from us for obtaining the loan on your behalf. Before your application is submitted to any lender, we email you with a summary of the fees that would be payable if the loan is approved. Of course, if you decide not to proceed or are unsuccessful, there is no cost whatsoever for the assistance we have provided.
A: Yes and we encourage this to ensure that you can shop with confidence. All we need is an idea of what you want to buy and the approximate year model range so we can make sure we choose the appropriate lender for that type of vehicle. Either contact us or complete an application form online.
A: Due to the large volumes of loans we write each month, we have premium access to all the major broker compliant financiers in Australia. Not only that, our service is second to none, and we do all the research on each individual deal before sending any application to a financier. Why not get a quote to find out?
A: We often help people who have had some trouble in their past. We will always try and offer the most competitive offer possible. If you have had issues such as Defaults, Judgments or Bankruptcy on your credit file, we will access a specialist risk lender. Risk lenders take into consideration the good things that you are doing now, rather than focusing on the troubles of the past. However, as the finance is deemed to be of higher risk, the interest rates are often higher than ‘Prime’ lending options. Contact us to see what we can offer.
A: Yes, we are more than happy to look at your circumstances and submit your application based on the information you provide, however, as part of the NCCP act guidelines, you will need to be able to verify the details you gave us at application. It can be as simple as providing your last payslip with year to date earnings displayed on it. These can be faxed or emailed to us. If you do not get a payslip, we can often use your last 3 months bank statements or a recent tax return and notice of assessment from the ATO instead. We would always recommend you forward any paperwork as soon as practical so there aren’t any delays down the track.
A: We are loan brokers. We work for you to get the most competitive finance deals for cars, trucks, vans, boats, business equipment, machinery, tractors, caravans, boats, motorcycles and more! We do all the running around from start to finish, so you don’t have to.
A: For most applications, it only takes a few hours after we have all the supporting documents we need (payslips etc), but in some instances with complex or difficult applications it can take up to a few days. Rest assured we will keep in contact with you throughout the whole process so you know where we are up to. Once approved and documents are signed, the person or dealership you are making the purchase from will be paid within 1-2 days.
A: According to research conducted in 2010, of the 1.4 million cars sold by private sale in Australia, 5 % (that’s 70 000 cars!!) of those car buyers were misled or deceived about some aspect of the car. Predominantly this is by through private sellers of cars that are still encumbered to finance that has not been paid in full. Put simply, the seller could sell the car, put the money in his pocket and keep paying the loan off on the car. That is fine if the seller keeps paying the payments, but if he doesn’t, the car you have paid for in full could be repossessed. By doing a quick PPSR check prior to making a purchase of a private sale car, you can find out information such as : • the basic vehicle information (Make, Model, Colour etc) • if there is any money still owing on the car • if the vehicle has been recorded as stolen • if the vehicle has been recorded as a write-off XLR8 will automatically do a PPSR check for you before you purchase a private sale car, so you can buy with confidence. It’s all a part of the service!
