The approval process

There are many myths and misrepresentations in the processing of your facility. Therefore we decided it was important to cover the processes and requirements once and for all. This way you have the correct information:

Stage 1.

Application fully completed and signed in all areas by you and faxed to our processing centre along with the following supporting documentation:

1. Latest two pay slips
2. Most recent Group Certificate issued (if PAYG employed)
2. Most recent taxation return (if self employed)
3. Any other document confirming any income to your household
4. Most recent bank statement to prove account in existence for direct debit
4. payment of your repayment each month for the facility
5. Copy of the contract of sale for the vehicle and receipt for deposit paid
6. Identification - Drivers License, Medicare Card, ATM card, Credit Card or
6. telephone bill
7. Rent receipt or home loan statement to prove residence and repayment.

If the above documentation is not provided with application or you apply on-line they will be required during application process and upon submission of above you will receive a conditional approval within 4 hours

Stage 2.
If all documentation is provided first time your facility will be processed much faster. We now confirm all details on your application including employment, residence and existing commitments, we try to have this done in 24 hours and the loan is then formally approved.

Stage 3.

Contracts issued by email to your local representative for signing and return. This will take 24 hours to have returned back to our office for settlement.

Stage 4.

Documents received by our processing centre and settlement of facility with lender and motor vehicle dealer and new facility established. All up if all documents are in place and correct settlement will occur generally within 3 - 4 days of application - Just enough time for the dealer to get your car ready for collection

Purchasing your vehicle

There are many issues faced when purchasing your vehicles and the most important of all is arranging your finances. Our motto is “do it right the first time and save the issues and frustrations that often cloud what should be such a happy occasion”.
Here are a few little tips to make the whole process easier and far happier:
1. Discuss with your partner, family, taxation adviser or financial consultant what you want and need in a loan and a vehicle – have a firm idea of what you are after before you start the searching process. This will save you a great amount of time.
2. Allow plenty of time. It doesn't have to happen in one day and most people approach purchasing and finance far too casually. Be well aware of what you are doing and investigate. Also you must remember that we (as with all lenders) are processing 100’s of loans per day, therefore don't expect to pick up the car the same day, it is just not possible for a financier or the dealership.
3. Treat it as a business and be serious, ask as many question as you can think of and if you think of them afterwards ring the dealer or our offices and ask. Don’t be palmed off by a salesperson or embarrassed to ask questions - it is going to be your car, you have the right and the need to know
4. You should consider extended warranties and insurance coverage when purchasing the vehicle. Especially the following:
 


Loan Repayment Protection - this covers your repayments when you are unemployed or ill and cannot meet your repayment with your own income.

Comprehensive Insurance - Your vehicle should be insured for its full replacement value; it is worth a lot of money and needs to be adequately protected for any issue that may arise

Guaranteed Asset Protection (GAP Cover) - this insurance covers the potential difference between the pay out of your facility and the pay out you receive from an insurer in the event of the vehicle being a total write off. Even with a guaranteed insurance value, you can often be left short of being able to clear the finance, particularly in the early stages of your loan. At as little as $4.00 per week added to your loan, don't be caught out short like so many others are.
5. Vehicle Inspection - We always recommend that you have the vehicle inspected by the RACV, NRMA (or similar provider in your state) inspector or a Registered Mechanic to ensure the condition of the vehicle you are purchasing - even a vehicle only a few months old can have many issues that may affect your driving pleasure in the future.

More questions? - call one of our highly skilled Finance Managers now or register an enquiry online now.




“I’m finally 18 and there was no way I was going to drive mum and dad’s car. A girl needs a cool car and as far as I was concerned it was my right of passage.

However the banks kept saying no as I had no history – who would have thought buying everything for cash would go against me!

I saw and ad for My-Carloan and thought I would try one last time, thank god I did. They found my car, financed it – such a low repayment and insured it for me. Best of all, mum and dad did not need to guarantor me – that would have made me feel like a baby. Now my baby is with me every day.

They even financed a little extra for me to get a cool stereo – now I have a cool car to suit me, a cool chick. Thanks guys, I love you.”

Morgan Brash