Here are some of the more frequently asked questions which are posed to us about loans. If your question is not answered below, please contact us.
Applying For A Loan
Q. I am in Australia on an overseas visa – can I apply for a Truck/Equipment loan?
Yes, although the term of your loan does need to end 3 months before the expiry of your visa.
Q. If I apply online, is my privacy protected?
Absolutely. We take privacy very seriously at Best Loans First; see our privacy policy
Q. Can I get pre-approval before purchasing?
Yes we can definitely organise a pre-approval for you.
Q. How long does it take to get approved?
We can usually get you an approval within 5 hours once all the information is collected
Q. What do I need to apply for a loan?
Simply complete the online application form. We will need to obtain your Privacy Acknowledgement ,Bank statement, drivers licence and payslips.
Q. How do I apply?
You can enquire now or simply complete the online application form.
For more information, submit an your enquiry by clicking on the enquire now button or simply Apply Now
Loan Approvals
Q. Can I get a zero deposit approval?
Depending on your profile you may be eligible for a zero deposit approval. We will try to get the lowest deposit approval we can.
Q. How old can the Truck/Equipment be to finance?
Most lenders have a condition where the Truck/Equipment cannot be older than 12 years at the end of the term of your loan.
Q. What happens now my loan has been approved?
We will organise a time for you to sign the documents and usually within 24hrs fund your loan.
Q. I’ve got a bad credit rating?
We do finance applicants with bad credit ratings. We specialise in this area and have numerous lenders who can assist.
TIP: Try not to put numerous enquiries on your credit file by applying to many lenders.
Q. How do I get a good credit rating?
To get a good credit rating it is best if you stay in your loan for a minimum of 6 months and show a payment history that is early or on time.
General Loan Information
Q. Do I need to have insurance on the Truck/Equipment?
Yes whenever there is finance on a Truck/Equipment you must have valid certificate of currency (insurance policy) covering you.
Q. Can anyone apply for a loan?
Yes if you are over 18 years and working full time. We check all our application forms very thoroughly and if there is a problem we will contact you. In the meantime, simply apply and we can go from there together.
Q. Can you find me the Truck/Equipment I am looking for?
Yes we work with many Dealers to find you the perfect asset for your situation. Simply Apply online so we can begin to assist you.
Q. Can I finance an imported Truck/Equipment?
Yes we can. However, for more information simply submit your enquiry online and we will contact you to advise.
Q. I have an international or overseas Drivers licence – can I apply for a Truck/Equipment loan?
This can depend on the visa/PR conditions individual to you. Please check out the department of transport website relevant in your State or Territory
Q. What term will my loan be over?
Loan Terms can vary from 2-5 years. In exceptional cases loan terms can be extended to 7 yrs
Q. Can I buy a Truck/Equipment privately? Can I buy from a dealer?
Truck/Equipment Finance is a specialised area and therefore Lenders prefer Truck/Equipment to be purchased from Dealers. However, submit your enquiry online and we can advise you.
Loan Interest Rates
Q. How is the interest calculated?
Interest is calculated daily
Q. What is the interest rate going to be?
Interest rate on your loan is dependent on your individual application. We endeavour to work with you to achieve the best result in your circumstances.
Q. Is the interest rate fixed or variable?
The interest rate is fixed.
Loan Payments
Q. How do I make my loan repayments?
You can choose to make your payments via direct debit or BPAY.
Q. How do I make extra repayments?
You can make extra repayments via BPAY, Bank Cheque or Money Order.
Q. Will I pay less interest if I payout my contract early?
Yes, interest is calculated daily, therefore the less you owe, the less interest you pay.
Q. How can I find out the payout figure?
Call our office for further instruction on obtaining a Payout figure.
Q. When do I make my first payment?
Usually it is a month after the settlement date. This depends on the finance company as there are some instances where we may be able to choose your first payment date.
Q. Can I pay the loan out early?
Yes, all Lenders provide you with a copy of their Terms and Conditions which stipulate how loans can be terminated early. In most cases there may be an early termination fee payable for early payout.