Fox Finance Group Frequently Asked Questions
Fox Finance Group Frequently Asked Questions
What does Fox Finance Group have to offer?
Competitive, fast and easy finance solutions.
We offer the following types of loans:
• Personal Loans
• Car Loans
• Home Loans
• Business Loans
We offer all these types of loans to both customers with great credit ratings as well as offering some products to people who have had credit problems in the past.
Can I get an unsecured personal loan?
Yes, in most cases personal loans will be unsecured.
Interest rates for these can be either fixed or variable and are very competitive in today’s market.
Personal loans can be used for:
• Car purchases
• Jet ski’s or Boats
• Debt consolidation
• Home Renovations
• Wedding expenses
Can I get a secured personal loan?
Yes. Secured personal loans can be used if you don’t qualify for a unsecured personal loan. Minimum secured personal loan is $5,000.00. (Classic, import, prestige vehicles, and older trucks will be considered). The finance will be secured by your vehicle giving the lender a high level of confidence in your willingness to repay the loan.
Should I apply for personal or business finance?
Business finance (hire purchase, chattel mortgage or lease) is available to both company & individuals, providing the goods are to be used predominantly for business use, i.e. more than 50% business usage. For example, taxi drivers, mobile sales reps, couriers, etc could qualify for lease or hire purchase. A school teacher driving to & from work would not qualify. Call Fox Finance Group or speak to your tax adviser. Business finance is usually lower interest rates, and there are many structures available to maximise your budget or tax benefits.
What is a low doc loan?
A low (lo) doc loan is for customers who are self employed either without current financials or in a new business but can prove income by way of bank statements. This loan product is available if you have an ABN and he financiers generally prefer good credit history for this loan product.
How long does it take to get my loan approved?
Usually just a few hours, however complex or difficult applications can take a few days. Once approved original finance documents must be signed and the supplier will be paid directly usually within 1-2 days.
Can I get my finance approved before purchasing?
Yes, providing you can give us an idea of what you're intending to purchase. Getting pre-purchase approval before you go shopping is a good idea, allowing bargaining power on the showroom floor. Fox Finance Group needs to assess the total amount of finance against the current market value of the item. We must also approve your supplier, as there are many fraudulent vendors in the market place. We have a number of car dealers who we are happy to recommend to you.
What are my chances of approval?
As a finance broker we only get paid when we settle a loan for you, so we look at every possible legal way to obtain your loan from one of our many lenders.
The lenders consider things such as:
• Your current credit rating
• Your residential status and length of time there
• Your job and time there
• Your income
• The security offered on the loan (if applicable)
• Your asset/Liability position etc
How do I increase my chances of getting approved for a Bad Credit Loan?
To improve your chances of getting approved for a Bad Credit Loan, you should consider the following:
• Putting in a substantial deposit. This will reduce the risk for the finance provider or bank.
• Apply with an asset backed guarantor.
• Use a specialist finance broker who is experienced in Bad Credit Loans.
• Provide a savings history to the finance provider or bank.
• Having outstanding unpaid defaults often will go against you. Pay these out before applying for a Bad Credit Loan as most finance lender's and banks will not to lend to someone that they have had prior losses with.
• Don't provide false and misleading information to cover up your bad credit.
What if my bank or another lender has already declined my application?
We have access to over 40 lenders and their policies and guidelines vary significantly. Therefore simply because you don’t fit one or more lenders criteria, does not mean another lender won’t welcome your application. This is another area where our professional service is extremely valuable.
Does making too many credit enquiries affect my credit rating?
Sometimes it can affect your credit rating as many lenders see multiple credit inquiries as a sign of a high risk customer. This is the exact reason you should use Fox Finance Group, we have the knowledge and experience to get your loan approved.
I've got a bad credit rating. Can you help me?
Yes. We will always provide you with the most competitive loan available, however those with high risk, bad credit ratings or ex-bankrupts may try one of the 2nd chance loan products available. The 2nd chance options are more lenient in relation to approval, however is generally a higher interest rate to cover the higher risk. Fox Finance Group is the Queensland authorised agent for Last Chance Car Loans.
Are your interest rates competitive?
We consistently monitor current interest rates to maintain and offer the most competitive deals in Australia. We challenge you to try & find a better deal. However, the interest rate offered may vary by several per cent depending on whether you are a high or low-risk borrower. Contact us and get a quote now.
Can I buy a car privately? Can I buy from a dealer?
Dealer, auction, private sale and re-finance are welcome. Some used vehicles may require a vehicle inspection prior to payment - please discuss with our staff prior to purchase. Call us on 1300 665 906 before buying your new car.
Do I need to provide anything with my application?
Our application forms tell you what documentation is required based on the type of loan you are applying for.
If you wish to discuss your application please call and speak to one of our team members on 1300 665 906.
Of course, we will ask for 100 point ID such as Driver’s Licence, Medicare Card etc.
When do I make my first payment? Can I make extra payments?
The first repayment will normally be due one month after settlement of a personal, car or home loan. Business finance applicants have the first monthly repayment due on the day of settlement. Remaining payments are deducted from your nominated bank account. Extra payments of any amount can be made at any time by cheque, cash, direct deposit and BPAY where applicable (some fees may apply).
Are there any application costs?
There are no costs to apply for your loan.
Once approved, there is a once only brokerage fee to cover the costs involved with the set up, approval and/or establishment of your loan. This fee varies based on finance amount and type of loan. Most loans have brokerage fees between $550 & $990, depending on the time & effort required to gain approval. Contact us to get an exact quote.
Many of our loans have no monthly or ongoing account keeping fees.
There is no fee if Fox Finance Group does not approve your application.
Is my information secure?
Yes. Fox Finance Group keeps your information confidential and private and is only used in the manner of obtaining your loan and only after obtaining your consent to do so.
Are the any early payout penalties?
Fox Finance Group can arrange many different loans with many different financiers. Most fixed rate loan contracts do have an earlier payout penalty or break cost, please discuss these options with us depending on your loan approval.
Have more questions?
Call or email Fox Finance Group and our staff will be happy to help.