Frequently Asked Questions
How do I apply for a loan with Senate Finance?
Applying for a loan is simple. You may apply online by clicking here or call us toll-free on 0800 4 SENATE
(0800 473 628) and we will send you a brochure and application form.
How long will it take for my loan application to be approved?
Within one working day once we have received all relevant information from you.
How is the interest rate calculated?
The interest rate you will be charged is based on:
- the type of security provided
- the value of the security in relation to the loan amount
- your previous credit history with other financial
institutions
- your total credit profile.
How long are the loan terms?
Our terms are flexible, ranging from 12 months to 5 years depending on the age and nature of the security for the loan (property finance may be longer).
Is there a minimum loan amount?
Yes, $2000 is our minimum loan amount.
Can I pay my loan off before the end of the term?
Yes, although early settlement fees may apply.
How do I repay my loan?
Repayments need to be made from your nominated bank account.
What is the security for my loan?
The security will usually be a motor vehicle, boat or a registered mortgage or an agreement to mortgage supported by a caveat lodged over the title of your property if you own a house. In some cases we will accept a guarantee from another person.
What is the minimum age?
The minimum age is 23 years old (unless accompanied by a parent guarantor).
What is a guarantor?
Occasionally there will be a need for a loan to be guaranteed by a parent (or parent-in-law). The guarantor can, in the case of a default on the loan, be called upon to repay the amount outstanding.
Do you finance vehicles or boats bought privately?
Yes.
Can I get approval for a loan before I’ve found the vehicle or boat I want?
No problem, approval in principle can be given subject to the vehicle or boat fitting the criteria for the loan.
How long will my pre-approval last?
A pre-approval remains current for 30 days.
Does my vehicle have to be insured?
Yes. It needs to be insured against theft and accident damage, and Senate Finance needs to be noted on the policy. We can help you to arrange the insurance.
Vehicles with mileage over 130,000km are also required to have a mechanical warranty.
Can you help me find a vehicle?
Yes, over a number of years we have built relationships with a number of reliable and well established motor vehicle dealers. Please feel free to contact us to discuss on our toll-free number 0800 4 SENATE (0800 473 628).
IF WE HAVEN'T ANSWERED YOUR QUESTION HERE PLEASE CALL US ON 0800 4 SENATE (0800 473 628)
Senate Finance Limited's terms and conditions and lending criteria apply.