What criteria does Real Asset Finance have if I want to apply for finance?
We welcome enquiries from all New Zealand residents who are over the age of 18 years.
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 the following:
- proof of your income eg. a payslip, IR3,
- proof of your identification eg. drivers license or passport)
- confirmation of where you live eg. a bill with your name and address on it).
Please send copies of these documents only, not originals.We also require your bank account details so we can arrange a direct debit for your repayments.
What documents do I need to process an application?
This is the basics list of what will enable us to process your application as quickly as possible.
- Completed application form
- Photo ID of applicants
- Proof of income
- Recent bank statement
- Details of item being financed
Do I need a deposit?
It really helps, but deposits are not always needed. Each of our customers are 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. We have options to help you where there is no deposit.
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.
Can I refinance my loan from another provider
Yes, we can discuss a plan with you that is tailored to your needs and assets.
How much money can I borrow?
The minimum amount you can borrow from us is $10,000. 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 cashflow requirements.
What can I use the money from Real Asset Finance to buy?
In general any asset we can finance is subject to its age, life expectancy, condition and income earning potential. If the asset generates income then we finance it. We will also look at non income producing assets that are used for personal use to.
Our mission is to help businesses grow and stand on their own, not supported by the family home. Your house should be always a safe home, and the business independent from it.
Do I need a Guarantor?
We only require a Guarantor in certain circumstances. We will discuss with you personally the security, and the need for a Guarantor is based on the amount of finance you’d like to borrow and your credit profile. Business finance customers will usually require a guarantee from the Directors or Shareholders.
How long can I take to pay off my loan?
We work with you, look at what you have, and more importantly what you want and when it’s needed. Timing is always an option. We will discuss your needs, your cashflow profile and what the asset and business plans are. The objective is to match the payment plan to your cashflow needs. So how long to pay off depends on you. We can lend out in some circumstances to 7 years. Flexibility is a core feature of our work.
How quickly will I know if my loan has been approved?
Our standard response time is half a day to discuss with you what we can offer, but we also offer a rapid response service if you need answers in a hurry. Just tell us your requirements and we’ll let you know the answer within an hour!
Will I need to have a credit check?
If you are a new customer we do require you to take a credit check using Veda Advantage.
What happens if I have lost my drivers licence or have an international licence?
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.
Do I have to insure the vehicle or asset?
Yes, we do require you to insure your asset. We think insurance is the smart way to protect your investment and supports your cashflow, so we’ve made it a condition that everything financed through Real Asset Finance has to be fully insured.
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.
When do payments come out of my account?
Your first payment can start any-time within the first month after your purchase. Most companies require monthly payments.
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. What’s more we are also Business Consultants, we will work with you to create an action plan that generates positive results and get you out the problem fast. Just do leave it too late, were only human not magicians.
If you don’t let us know prior to missing a payment then we will always contact you to check on the reasons why and to work with you to make an alternative arrangement for making that payment. Unfortunately, in the rare cases where clients have a longer-term problem with loan repayments, we will take firmer action.
What if I need to sell the 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. Unfortunately, if you neglect to do this we can repossess the asset as we have an interest over the security until you have paid the loan amount back to us in full.
Can you finance equipment 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.
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 Real Asset Finance 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.
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. We aim to be competitive for securitised assets, but more importantly will ensure the cashflow is balanced.
What is Hire Purchase or Finance Lease in business?
When the item purchased is used for business purpose and the item is owned by the borrower as an asset with the cost of finance taken as business expense, the loan is termed as a hire purchase or Finance Lease. This is usually preferred by commercial users of high value items. GST is claimed upfront in this contract.
Can you comment on the benefits of leasing?
Leasing is typically used when the asset is being used primarily for business purpose. This has excellent tax benefits. As an option this can be made as maintained or non maintained package with or without a residual. Lease offers great flexibility in terms of tailoring the monthly payments to suit the clients need. The business writes off monthly payments as expense instead of claiming deprecation.
I am self employed and my income is seasonal, can I still borrow to buy for the commercial vehicle?
Yes. This is one of the methods where we are flexible to your needs. We can create a proposal to match your payments with your seasonal cash-flow. This is how we can personalise the proposal. We work finance companies and insurance companies which cater to your needs.
How much time does it take to get a reply?
If documents are complete, usually one working day.
What is risk management?
Payment protection insurance (PPI) is insurance that will pay out a sum of money to help you cover your monthly repayments on loans if you are unable to work for certain reasons covered by your policy, such as death, illness or accident, or you lose your contract. This is a tool that reduces your payment risk specifically suitable to owner drivers who can’t make an income if they are unable to drive their truck. Just think, what if you snap your ankle and can’t work for 6 weeks?
If you have any other questions, please contact us. 03 421 7770, sales@realasset.co.nz