Questions & Answers
What can I borrow funds for?
Any motor vehicle sold from a Licensed Motor Vehicle Trader that is not more than 8 years old.
Why don't I go to the finance companies myself?
they are selling their own products and adding profit margins to your interest rates that you do not realize.
Why not just use the dealership finance?
While it may seem convenient, it will cost even more to your interest rate once they financier adds their margin, then the dealership adds theirs.
Would using My-carloan make much difference?
If you borrowed $30,000.00 our rates will be generally 2.00% less, that’s $600.00 per year or $3,200.00 over 5 years. What do you think!
How do I know if I am ready?
You’ll be surprised that you’re only holding back due to nervousness, you already know that you need a car - now you need the cheapest finance to suit.
How is the maximum loan amount decided?
This is based on your net disposable income each month after your other bills and expenses. However we have many ways we can reduce the monthly repayment to fit your budget.
What should I be looking for?
Lowest possible interest rate, minimal fees and flexible repayment structures - that’s all there is.
What is a deposit?
Simply the deposit is a portion of the vehicle you have made in advance, this lowers your facility amount required.
What security is required for my facility?
The vehicle you purchase will be taken as security.
Do lenders differ?
They do and they do greatly. Charging between 2% - 5% more than My-Carloan.
How long will it take to apply?
8 minutes to complete the application form and maybe two more calls of 10 minutes duration from you to us prior to settlement - all up you should have the car in the driveway in no more than 3 - 4 days, under normal circumstances.
Can I get approval before purchase?
Most certainly yes and we recommend it.
Will I get approved?
That depends on your personal situation, but we guarantee if it is possible we will get it done.
Are the rates competitive?
Consistently considered the lowest in the market - try to compare!
Do I need to provide documentation?
Yes you do provide some, we encourage you to refer “the approval process” section of this site
When do I make my first repayment?
One calendar month after signing your documents.
Can I make extra repayments?
You certainly can at any time you choose.
Who can apply?
Anyone over the age of 18 with a regular income, good work and residential history and satisfactory repayment history.
What happens after I apply?
We do the rest, all liaisons with the dealership or car yard, contact with you and arrangement of settlement. You just sit back and wait to collect your vehicle.
More questions? - call now and speak to one of our highly qualified
Finance Managers.
However after speaking to the guys at My-Carloan we found there are many ways to arrange the finance and reduce the monthly repayment, without reducing your needs in a vehicle or lowering your price bracket.
We now have the car we needed and were also able to finance all the legal and insurance costs as well. We advise anyone who needs a car to chat to My-Carloan, their advise was invaluable and saved us a lot of money.”
Neil & Betty Cornelius
