Purchasing a car is an exhilarating milestone whether you are a first-time vehicle owner or purchasing a vehicle that is an upgrade from your last one. However, for many Kiwis securing the right finance is just as important as finding the right vehicle. The good news is that applying for car finance does not need to be a complex process. Here at Esteem Finance, we make the process simple, quick, and hassle-free.
This handy guide will know everything you need to know to apply for car finance with confidence- no jargon, no confusion, just simple steps and clever advice.
What does Car Finance mean?
Car finance is a type of loan product that enables you to buy a vehicle by borrowing the amount you require and repaying it back in monthly installments over a period of time. Car finance allows you to:
• Buy a car (without paying the full cost upfront)
• Choose a flexible repayment structure
• Develop your credit history through consistent repayments.
At Esteem Finance, we offer bespoke finance solutions tailored to your personal situation- whether you have a regular income, limited credit history or even previous credit challenges.
Why Apply for Car Finance Through Esteem Finance?
benefit of an online application process is that you can take your time to gather the necessary information with no time constraints.
1. Loan Assessment
Once you submit your application, you will shortly receive an email confirming receipt. We will then assess and verify your application. On occasion, lenders may contact you for additional documentation or to clarify anything on the application.
2. Loan Offer
If your application is successful, you will receive an email confirming your car loan agreement. This will usually be sent within a few days after you have provided all supporting documentation. The lender's loan offer email also offers you all of the options available in the loan agreement.
3. Accept Loan Terms
You can accept the lender's loan offer via email or over the phone. Do not be afraid to ask questions about any sections of the loan agreement that you do not fully understand.
4. Purchase Vehicle
Before you can buy a vehicle, you will need to make a deposit before you accept your car loan offer. Once you have accepted your loan agreement, you are required to buy the vehicle from a dealer, or from a private seller. Be sure to keep the invoice from the dealer or seller, as we will require this documentation.
5. Credit Reporting
Just a quick note, once you have signed your loan agreement, your credit will be scored via a credit reporting agency. It is unlikely you will know when this is completed but should you apply for further credit soon after taking the car loan, you will be scored on this credit history.
6. We Match You with the Right Lender
Our team reviews your application and connects you with a suitable lender from our network. We’ll explain the loan terms and help you choose the best option.
7. Get Approved and Pick Up Your Car
Once approved, the funds are transferred, and you can proceed to purchase your car. We even assist with paperwork, so the process is smooth and efficient.
What If I Have Bad Credit?
Please don't allow issues from the past to get in the way of your future. At Esteem Finance we regularly help clients who have:
- No credit history or unsatisfactory credit
- Defaults in the past
- Irregular income
We will assist you throughout the realistic and achievable process of applying for car finance so that you can help improve your finances.
Final Thoughts
If you are thinking about buying a vehicle but unsure how the finance process works – don’t panic. Getting car finance in New Zealand has never been easier. When you use Esteem Finance, you can rest assured that you have a partner who will listen to you, understand your situation and respond with an effective, fast and flexible solution.
Get started on your car finance process today by applying online in an easily accessible application process for your new vehicle!
