Finance FAQs

What criteria does Whiting Financial Services Finance have if I want to apply for finance?

We welcome all New Zealand residents who are over the age of 18 years to apply for our customised finance packages.

 

What extra information do I need to include with my application form?

To enable us to process your application as quickly as possible you need to send us proof of your income (eg. a payslip), proof of your identification (eg. drivers license or passport), and confirmation of where you live (eg. a bill with your name and address on it). Please send copies, not originals, of these documents. We also require your bank account details so we can arrange a direct debit for your repayments.

 

Do I need a deposit?

Not always. Each of our customers is personally assessed on a case-by-case basis, and we are committed to working together with you to determine whether a deposit is necessary. We assess the need for a deposit based on the level of finance you wish to borrow, your credit profile, and the asset that you wish to purchase.

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Can you help me find my vehicle?

Yes! We can recommend an extensive network of vehicle dealers throughout the country. These people are experts in their field and will make sure you find the vehicle to suit your needs. We can even negotiate discounts through our agreements with major vehicle suppliers, so make sure you call us first!

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Can I pay my loan off earlier than the original term specified?

Yes you can, although you may find that there are some penalties to be paid if you do pay off your loan early. However, the cost of any penalties will always be lower than making payments for the full term of the loan, so it is always cheaper for you to pay your loan off quickly.

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How much money can I borrow?

The minimum amount you can borrow from us is $5000. We have no set maximum amount. The actual amount you can borrow is determined after our discussions with you and is dependent on your credit profile and your requirements.

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What can I use the money from Whiting Financial Services Finance to buy?

Almost anything! We can lend you money for major purchases such as a motor vehicle, boat, truck, commercial or private earth moving equipment, agricultural plant machinery or even a bus! Unfortunately we are unable to finance household appliance purchases.

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Do I need a Guarantor?

Guarantors are not often requested in NZ for Consumer Loans. If the loan is not approved for the individual, then the additional of a guarantor does not always add value. 

 

Business finance customers will usually require a guarantee from the Directors or Shareholders.

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How long can I take to pay off my loan?

The normal loan term is between 6 months and 48 months (4 years). In certain circumstance we are able to provide shorter or longer terms.

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How quickly will I know if my loan has been approved?

Our standard response time is 24 hours, but we also offer a rapid response service if you need answers in a hurry. 

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Will I have to take a credit check?

All loans require a credit check to be completed.

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What happens if I have lost my drivers license or have an international license?

We are happy to process your application as long as you have some other form of personal photo identification, such as a passport. If you are applying for a vehicle loan remember you will still need an approved drivers license to legally drive a vehicle in New Zealand.

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​Do I have to insure the vehicle or asset?

Yes, we do require you to insure your asset. 

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How do I make my finance repayments?

We want to make it as hassle-free as possible for you to finance your purchases so all repayments are made by direct debit from your bank account.

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When do payments come out of my account?

Your first payment can start anytime within the first month after your purchase. Most companies require monthly payments.

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What happens if I can't pay, or if I miss a payment?

If you are having financial difficulties and can't make a payment please just give us a call as soon as you know this. We realise that life has its ups and downs and we're happy to work out an alternative arrangement to help you get through an unexpected payment problem.
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What if I need to sell the vehicle or asset prior to the end of the finance term?

We understand that people sometimes need or want to sell their assets before they have completely paid for them. If you find yourself in this situation then please notify us before you sell the asset as you have an obligation to pay back the outstanding amount. 

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Can you finance my vehicle before I purchase it? Do you do pre-approvals?

Yes we can and yes we do! Pre-approvals are an increasingly popular way to arrange finance because they put you in a stronger bargaining position with the seller. By contacting us and arranging finance before you start looking for your vehicle you will have greater confidence in where to look, what to look for, and how much you can realistically afford to spend.

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What fees do we get charged?

All finance companies and banks have the ability to charge fees. Some of the fee may be paid to Whiting Financial Services Limited for bringing the loan to them. The fees vary between clients and lenders on a deal by deal basis. You will be provided a quote showing the fee before agreeing to proceed.

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What interest rates are charged?

Interest rates vary depending upon the security offered, the client details and the term. You will be provided with your interest rate quote before any documentation is prepared and you decide to proceed.

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