Frequently asked questions
Common questions - answered
Get answers to the Finance and Loan questions you have.
Our aim as the 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 from application to settlement.
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.
How much money can I borrow?
The amount that you can borrow does depend on a number of factors including your income, expenses, current assets, employment status, credit profile and the loan type (secured or unsecured). The minimum loan amount is $2,000, while the maximum loan amount available to you will depend on your capacity to service the loan and the lending criteria of each lender. During our application process, our Finance Specialists will work with you to understand your particular circumstances and aim to get a finance pre-approval for you for the amount you need.
What personal information must I provide when I apply for finance?
Our lenders typically assess your finance application using a range of factors, such as stability in home life and employment, your assets and liabilities, income and expenditure, as well as any applicable credit history.
All you need to get started with an application is:
– Your Drivers License
– 2 Most Recent Payslips
Your Finance Specialist will then let you know what specific information is needed for your application.
What types of loans do you offer?
We can offer a range of loan types to suit any asset or situation, including:
-consumer loans for cars, boats, bikes, caravans and more
-secured or unsecured loans
-hire purchase loans
-cash flow lending
Can I refinance a current loan through 360 Finance?
Yes you can. We have a number of options available, including secured and unsecured loans. If you arranged finance with us previously, why not call and ask to speak to your Finance Specialist! They can run through the process and best options for you. We are able to access the latest loan products from over 20 Australian Bank and Non-Bank lenders to find one that suits your needs for refinancing.
I have not found a car yet – can I still get finance approved?
Absolutely! Getting finance pre-approved (or continually approved) is a great way to start the car buying process, because you will know exactly how much you can spend, what you can afford and what your repayments are going to be. Once you have finance pre-approved with one of our 20+ bank or non-bank lenders, you can go shopping to purchase your next car – either from a dealership or a private seller. Once you have agreed to purchase the vehicle, simply let your Finance Specialist know the details. They will obtain all the relevant documentation required from the seller, to finalise your loan and submit it to the lender for settlement.
What is a Balloon Payment?
A Balloon Payment is a lump sum amount you pay to a lender at the end your loan and after your regular loan repayments have been made. The benefit of adding a Balloon Payment on your loan is that it can reduce your repayments during the term of the loan. For example: You might buy a car for $35,000 and choose to take out a 5 year loan with a Balloon Payment of $7,000 (or 20% of the car value). Your loan repayments will then be calculated based on paying back $28,000 (plus any interest, fees and charges) over 5 years and then one final lump sum payment of $7,000 at the end of the loan.
A Balloon Payment is an optional feature of a loan. Speak to your 360 Finance Specialist for details.
Can I finance an older used car?
Yes! We can arrange finance for new, used, vintage and specialist cars! We have over 20 Australian lenders on our panel and are confident that we can find the right low rate finance solution for you and the car you are looking to buy. Speak to a 360 Finance Specialist to learn more.
When do I make my first loan repayment?
Your first loan repayment is generally due within 4 weeks of your loan settlement. This first payment date and frequency of subsequent repayments will be included in your final loan documentation. During the application process, you may be able to nominate the start date and payment frequency of your loan if you have a preference. Please note: Each lender on our panel offer may have different repayment schedules available, including weekly, fortnightly or monthly repayments (4 weekly or a set day of each month regardless of how many weeks in that month).
What is the minimum loan amount?
The minimum loan amount that we offer is $2,000.
What happens once my finance has been pre-approved?
Once your finance application has been pre-approved (also called conditionally approved), you can start shopping and negotiating the best price for your new car/boat/bike/caravan/equipment. Having finance pre-approved allows you to shop for exactly what you are after, knowing exactly what you can afford and how much you can spend. Once you have agreed to purchase the asset, simply let your 360 Finance Specialist know the details. They will contact the seller on your behalf for the relevant documents needed to finalise your loan and submit to the lender for settlement (payment of the funds to the seller). Then the new car/boat/bike/caravan/equipment is yours!
How can I calculate my loan repayments?
Our online Loan Calculators are a good place to start when you are considering purchasing an asset with finance. Finance Calculators can give you an idea on how much you may be able to borrow, or what your repayments might be. Do keep in mind that all online calculators should only be used as a guide, as they do not take into account your individual circumstances, financial needs and credit profile and may not include all fees, charges or variations in interest rates.
Can I get a loan if I am on an age or disability pension?
Yes, depending on each individuals circumstances. We have a number of lenders on our panel of 20+ Australian bank and non-bank lenders that provide loans to those on Age or Disability Pensions. The role of our Finance Specialists is to review your application details, source the finance solution and lender that best suits your needs.
Who are the Lenders that you use?
We have access to over 20 leading Australian Bank and Non-Bank lenders and access to over 100 different loan products. With such a wide variety of lenders and products to access, we can find a great finance solution for cars, boats, bikes, caravans, motorhomes, commercial equipment, trucks, business equipment and even personal loans for debt consolidation to holidays. Check out our Lenders & Insurers page for a list of our suppliers.
What is a Guarantor Loan?
If a credit provider/lender is not willing to give a loan to an applicant on their own, they may ask for a guarantee or guarantor. A guarantor is a friend or family member that signs a guarantee to repay the loan including all fees and charges if the Applicant cannot loan. With a Guarantor Loan, the Applicant is still the primary person on the loan and retains the ownership of the items or property which the loan funds. The Guarantor does not have right to the property or items but provides the lender with a guarantee of the risk.
A Guarantor Loan is perfect for those that has poor or bad credit history or no credit profile at all. An example could be parents going guarantor on a car loan for their son or daughter that just starting working.
What is a Loan Guarantor?
A Loan Guarantor is a friend or family member that provides a guarantee (via signed legal document) to the lender to meet loan repayments if the loan Applicant can no longer afford the loan. The Guarantor will be legally responsible for paying back the entire loan including all fees, charges and interest. A Guarantor on a loan is a good option if a credit provider/lender is not willing to give you a loan on your own due poor credit or a low income. An example could be a mother or father going ‘Guarantor’ for their 18 year old child who has just started working.
A guarantor does not have rights to own the property or items bought with the loan.
What is Proof of Residence?
‘Proof of Residence’ is a type of identification document that is required by lenders to confirm where you live. A Proof of Residence can be a Rental Lease Agreement, A Utility Bill (ie Gas, Electricity or Phone), a Council Rates Notice; or any legal document that states your current residential address in Australia.
Are there any fees or charges for using your service?
As a service business, we work for you to find the best finance solution for YOU – not the lenders or banks. We do charge a fee for our service, however, our aim is to always find our customers their best interest rate and lowest total cost of loan inclusive of all rates, fees and charges (such as bank establishment fees and account keeping fees).
How long can I take my loan out for?
Our lenders offer loan terms between 1-7 years. The term available to you may vary depending on the asset type and age. Speak to a 360 Finance Specialist to find out more.
Do you offer both fixed and variable rate loans?
The loans types that we offer are Fixed Rate Loans. We access some of the most competitive loan products from a panel of over 20 Australian bank and non-bank lenders. We work closely with our lenders to ensure the finance provides our customers with the lowest total cost of loan over the term of the loan through fixed rates, fees and charges.
Can I include Insurance and Warranty in my Loan?
Yes, you can include the cost of asset insurances, loan protection insurances and asset warranties into your total loan amount. The benefit of this is that you are protected as soon as you take ownership of the asset but not having to pay the premiums as a lump sum. Your premiums are included in your loan amount and repaid weekly with your loan.
Is 360 Finance based in Australia?
Yes. We are an Australian owned and operated company that is based in Brisbane, Queensland. We provide finance to customers Australia-wide – but not internationally.
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 sports cars.
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 2019, 360 Finance became part of the A. P. Eagers Limited Group (APE), an ASX listed company and Australia’s largest and oldest 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?
Yes! We can arrange finance for used, privately sold cars as well as new, dealership purchased vehicles. We do have to carry out some additional checks when arranging finance for a vehicle that is sold privately including documentation from the seller to make sure 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, facetime and email. If you have all your documentation ready to go, we can arrange same day approvals in certain circumstances – 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 our 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.