Frequently asked questions
Common questions - answered
Get answers to the questions you have.
Our aim as asset finance specialists is to guide you through the entire process of getting a loan. Your dedicated finance specialist will answer any questions that you have along the way.
We have complied a list of some of our most frequently asked questions and answers to help you get the answers you need to common questions. We also have our Online Chat function available (see bottom right of this screen) for you to speak to a Customer Service consultant during the hours of 7am – 9pm Monday to Friday and 8am – 12noon on Saturdays.
What will be my interest rate?
Asset Finance is not a ‘one size fits all’ product. Interest rates can vary depending on the amount you apply for, the term of the loan (years or months), the age and type of asset you are looking to finance and your own personal credit profile.
360 Finance will carry out a thorough review of your application before we submit it to one of our lenders which is suited to your needs. Once your application has been submitted, the lender will undertake a review of your credit profile. This check assists the lender to determine the interest rate that they can offer you after all the other checks have been completed (such as verifying your income and expenses as submitted with your application).
I’m on a student visa. Can I get finance through 360?
In some cases we are able to help international students. All lenders will require a minimum of 3 months work history in order to consider you for finance. Additionally, the term (years or months) of the loan you apply for, will need to be less than the time remaining on your current visa.
How do car loans work?
A car loan is a type of personal loan for the specific purpose of buying a new or used vehicle including sedans, SUV’s, Utes and even Sportscars.
When you take out a car loan, you borrow an agreed amount of money (loan amount) from a financier (lender) for a set period of time (loan term) that you agree to repay in weekly, fortnightly or monthly repayments. The repayments will be calculated based on paying back the amount borrowed, interest charged on the borrowed amount plus any fees or charges. The interest rate that you pay is determined by the lender based on a number of factors including their lending criteria and your credit profile/credit score.
Car Finance is available as secured loans or unsecured loans depending on if you put your car up as security on the loan. If you do put your car up as security on the loan, it reduces the risk to the lender in the event that you are unable to meet your financial commitments of the loan or you fall behind in your repayments. This reduced risk to the lender can often mean that they can offer you a lower interest rate or more favourable terms. Generally, a secured loan is only available up to the value of the car or less. An unsecured car loan however, does not use an asset such as the car as security, and therefore the risk to the financier is greater and the interest rate often higher.
What information do I need for my finance application?
An application for finance will begin with an initial discussion that will allow us to find out more about you, understand your needs and begin to compile information that will assist your application. This information will include your employment and residential history, the asset you are seeking to finance and some analysis of your income and expenses.
Once we have a better idea of your needs and which lender would be most suited to assist you, we will ask for documents to support your application. This may include certified copies of your drivers licence, bank statements, wage/pay slips, rental agreements or rate notices. Each lender does have different criteria, but your finance specialist will advise you during the application process if anything additional is required. Learn more about our process.
Who are some of 360 Finances’ Lenders?
360 Finance is backed by some of Australia’s best bank and non-bank lenders – providing us with access to 100’s of competitive loan products.
Over our 11 years as one of Australia’s leading online finance specialists, we have that we have built strong relationships with these lenders and insurers, and this combined with our buying power as part of Automotive Holdings Group (an ASX listed company) allows us to access some of the industries lowest rates and finance solutions that other brokers and consumers can not access if going direct. See a list of our lenders here.
Who is 360 Finance?
360 Finance is one of Australia largest and longest standing finance brokers. Since 2007, 360 Finance have been providing customers with low rate loans for cars, light commercial, boats, caravans, motorhomes, trucks, motorcycles, equipment and machinery. In 2014, 360 Finance became part of the Automotive Holdings Group (AHG) and ASX listed company and Australia’s largest motoring retail group. Headquartered in Brisbane, Queensland, Australia, 360 Finance has a team of over 60 that work hard to finance the best rate finance for our consumer and business customers all around Australia. Learn more or enquire now.
Will your process leave an “enquiry” or “hit” on my credit profile or affect my credit score?
One of the advantages of using a finance broker is that you will have access to a range of lenders and loans and won’t be restricted to a single option as is the case with most of the banks. 360 Finance will carry out a thorough review of your application before we submit it to any of our lenders for pre-approval. This pre-approval also lets you know how much you are able to borrow.
Our initial review process does not have an impact on your credit file.
Once your application has been submitted to a suitable lender, the lender will undertake a review of your credit profile as part of their standard processes which will then leave an enquiry or “hit” on your file. This check assists the lender to determine the interest rate that they can offer you once they have completed all the other checks – such as verifying your income and expenses – related to your application.
If you were to access the same range of lenders available to 360 Finance directly to try and achieve the lowest rate, each of them would undertake their own review of your credit history. This would in turn leave multiple enquiries or “hits” on your file that may dramatically reduce your ability to obtain finance in the future.
I’ve been bankrupt in part 9 or part 10, will I be able to get approval on finance?
We may need to ask for more information from you but being bankrupt does not preclude you from being considered for finance. We have access to a wide range of lenders and specialised products for people who have had previous financial blemishes.
I’ve just arrived in Australia, can I get Finance?
Most of our lenders will require a minimum of 3 months work history in order to consider you for finance. Additionally, the term (months or years) of the loan that you apply for, will need to be less than the time you have remaining on your current visa.
If you are an Australian citizen, returning to Australia, you will also require a minimum of 3 months work history to be considered for finance.
I’ve been declined elsewhere, should I apply again?
We won’t ever put an unnecessary credit check or enquiry on your credit profile unless we are confident that an approval will be given. With so many lenders and even more products on the market, it can be hard to choose which is best for you. 360 Finance has access to loans from over 20+ lenders plus loan structures and terms to cover nearly every situation. Our Finance Specialists will assess your application to determine which lender and product would suit your circumstances and most likely to get approved. So even if you have been declined recently, our team can provide you with the next steps to getting finance approved or what you can do to improve your changes of approvals. Why not speak with us today to learn more.
I’m on a learners permit, can I still get finance?
Yes. As long as you’re over 18 years old and you meet the lenders criteria and guidelines, you will be able to be considered for finance on a Learners Permit.
I’ve got a finance quote elsewhere, should I still get a quote from you?
Absolutely! As Australia’s largest online broker, we have access to over 20+ lenders and 100+ finance products and rates – some of which are not available to other brokers and most dealerships. It only takes a quick phone call, we will take down your details and assess if it is worth submitting your loan application to one of our lenders. The benefit of this process is that we can save you time and money by comparing finance products for you – without multiple hits on your credit file. Only once you agree to proceed, your application will be submitted to the lender that suits your circumstances and most likely to be approved. So if you are looking for a competitive quote, call and speak to a Finance Specialist about your needs, circumstances and current quote.
Can I get finance when buying a vehicle privately?
Of course you can. We can arrange finance for new, used, private or dealership purchased vehicles. We do have to carry out some additional checks regarding the private vehicle including documentation from the seller to make you are protected and any finance owing on the asset is paid out at settlement.
I’m self employed with no financials. Can I get finance?
Most certainly. Several of our finance partners / lenders have products designed for this specific situation such as Low Doc or No Doc loans. The great thing about these products is there is no loading to the interest rate just because you don’t have financials or tax returns. Our Finance Specialists will be able to advise you over the phone whether you qualify for these products.
- Do You Finance Anything Other Than Motor Vehicles?
How Long Does The Finance Process Take?
In nearly all situations, all documentation can be completed over the phone, skype and email. If you have all your documentation ready to go, we can arrange same day approvals in some situations – ask us how. When you place an initial enquiry with us, we will respond within 1 business hour to discuss your finance needs, circumstances and application details. Our Finance Specialists will then review your application and guide you through the loan process and documentation. They will then work closely with the lenders to get your finance approved as quickly as possible. Enquiry now or learn more about how we work.
Why Use 360 Finance?
Because, we do the running around for you in comparing finance rates, loan types and lending criteria from over 20 leading Australian bank and non-bank lenders.By doing this work for you, we reduce the time and ‘comparison confusion’ for you – compared to if you sourced this information directly from multiple lenders. Our Finance Specialists have an in-depth knowledge of the finance market, the major lenders, their unique processes and lending criteria, so our Finance Specialists can narrow down the best solution for you without multiple hits on your credit file (which could occur if you enquiry at multiple institutions yourself). Learn more about How we get your best rate.