Frequently Asked Questions

Fox Finance Group Frequently Asked Questions

How do I get the best loan deal

If you don't understand which lenders are offering the best loan rates today, it pays to have someone in your corner helping you make this major financial decision. When comparing loans, three of the most important things to check are the interest rate, loan duration, and any additional fees charged by the lender.

The interest charged on your loan is essentially the cost of borrowing money from the lender, and a lower rate is generally favourable. However, this depends on the duration of the loan. Most of our customers tend to choose between five and seven year loan terms.

We've used our car loan repayment calculator for this example; let us say you are seeking a car loan for $20,000, and you have been presented with two loan options. The first is a five year car loan at 6.75%, and the second is a seven year car loan at 5.5%.

You might immediately assume that the lower interest rate is the best choice - but let us look at how the difference in loan duration can affect the amount of interest you will pay. If you choose the 5.5% interest rate over seven years, you will be making weekly repayments of $66.23 and a total of $4,106.88 in interest over the life of the loan.

However, if you select the higher interest rate of 6.75% over a five year term, you will repay $90.68 each week, with a total of $3,577.34 in interest - saving you $529.54 in interest and having you own your car 2 years earlier. Your decision may then come down to your ability to repay the higher repayment amount each week to take advantage of this saving of time and money.

Finally, remember to consider any additional fees, from application and loan establishment fees to administration and extra repayment charges. These can quickly add up and may even negate any savings you may have made by choosing a car loan with a higher rate but lower fees.

To avoid this, check the comparison rate for each loan you consider - this indicates the true cost of the loan by including both the interest rate, and any additional fees.

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: Holidays, Car purchases, Jet ski's or Boats, Debt consolidation, Home Renovations, Wedding expenses, Furniture and more.

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, car loans for a taxi or Uber 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 on 1300 665 906 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?

This term is seldom used in the industry after recent reforms, but a low (lite) 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 the financiers generally prefer good credit history for this loan product. Largely, our SME clients will use a lite doc car loan to purchase company vehicles.

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. With the wonders of modern technology you can now sign your finance documents online which makes the process of getting access to your funds much faster. Get fast approval now.

Can I get my finance approved before purchasing?

Yes, providing you can give us an idea of what you're intending to purchase. Getting a car loan pre-approval before you go shopping is a great idea, giving you bargaining power on the showroom floor. 

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 incomeThe security offered on the loan (if applicable)
  • Your asset/Liability position etc

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. Learn more about what lenders think about your credit score.

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 and 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 an Obligation Free Quote now on 1300 665 906.

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 team 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 within one month after settlement of a personal, car or home loan. Business finance applicants may have the first monthly repayment due on the day of settlement. Remaining payments are deducted from your nominated bank account. 

Are there any application costs?

There are no costs to apply for your loan. Once approved, there is a once off brokerage fee to cover the costs involved with our services including the set up, approval and/or establishment of your loan. Most clients opt to have this cost financed as part of their overall loan, which means that you have no initial cost prior to your first repayment. This fee varies based on the complexity and amount of the loan so please feel free to contact us to get an exact quote for your scenario. Many of our loans have no monthly or ongoing account keeping fees.

There is No Fee if Fox Finance Group isn't able get an approval for you or you decide not to proceed with our loan approval.

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. Some fixed rate loan contracts do have an early payout penalty or break cost. As part of our process, we will explain these and all other terms with you prior to you accepting our loan offer.

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