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Call us at 07 829 8490 |
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FREQUENTLY
ASKED QUESTIONS |
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| What is the legal
definition of your loan? It is known as an Instrument by way of Security or Conditional Sale and Purchase Agreement. The loan is repayable by monthly, fortnightly or weekly instalments. It provides a range of options regarding deposit and repayment terms. |
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| What if my credit
rating is poor? Our flexibility allows us to deal with borrowers in all categories, however a higher interest rate would normally apply and additional guarantees may be required. |
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| Will my application
remain confidential? The only people to see your application are our staff at Gateacre. |
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| How much deposit
do I have to pay? We normally recommend a 25% deposit. However this can vary according to your personal circumstances, what you are buying and the length of the term. In some cases, such as a business proprietor or homeowner, a no-deposit loan may be possible. |
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| How long does it
take to process my application? In straightforward cases, once we have acknowledged your application we should give you an answer in about 15 minutes. If there are complexities, it could take 24 hours. |
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| Can I change the
amount of my loan after it is approved? Yes, just let us know your new requirements and we can process it without re-application. This is subject to the repayments still falling within our guidelines. |
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| What is a credit
reference? Sometimes loans can only be approved subject to a statement from previous lenders that you have been able to make payments on similar loans in the past. |
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| What is a guarantor?
Occasionally there will be a need for a loan to be guaranteed by a parent (or parent-in-law) or friend. The guarantor needs to be living in New Zealand and have a good credit rating. In a case of serious default on the loan, the guarantor will be legally responsible for any outstanding amount. |
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| Does my purchase
have to be insured? Yes. It needs to be insured against theft and accident damage, and Gateacre Finance Ltd needs to be noted on the policy. We can help you to arrange the insurance. We can also arrange insurance that will pay your instalments if you die, are made redundant or lose wages because of illness or accident. |
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| How are repayments
processed? Repayments need to be made by automatic payment, direct debit or internet banking from your nominated bank account. |
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| If my circumstances
change can I pay back the loan early? Yes! You will also get a rebate on the interest charged. |
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How do I contact
Gateacre Finance Ltd? |
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Email info@gateacre.co.nz
with questions or comments about this website. |
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