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What is your interest rate? |
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This depends on your personal situation, how long you’ve lived
at your current residence and how long you’ve been working with
the same company. Statewide will asses each situation individually
based on your merits and credit history and will consistently monitor
current interest rates to maintain and offer you the best deals in
town. We consistently beat the banks prices. It is important however
to realise that interest rates also depend on whether you are considered
a high or low risk borrower. |
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How long is the loan taken out for? |
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5 years is the maximum we can offer on cars up to 7 years old. |
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Can I obtain finance from you but buy a car elsewhere? |
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Yes, although we only deal with licensed motor car traders. We do not
provide finance for private sales unless you have a clear credit history. This
will then be classed as a personal loan. This is done because of the
difficulties associated with proving a clear title on the vehicle
in the name of the seller. |
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How long does it take to get approved? |
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We can get you an approval answer within 4 hours depending on the
complexity of the application, subject to availability of correct
documents. In certain circumstances we may require proof of income
from your accountant. Employment and reference checks can sometimes
delay an application due to availability. |
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Can I get my finance before purchasing? |
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You can get approval on financing a car prior to purchase. In fact
this is encouraged so that you have a clear idea of what you can budget
for both in respect to the purchase price and repayments. |
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What are my chances of approval? |
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Statewide Auto Finance takes the following into account:
- have you ever filed for bankruptcy?
- do you own a home?
- how much is your current income?
- how long have you been employed at your current job?
- how long have you lived at your current address?
- do you have a credit rating?
- what is your net worth?
Our staff will then analyse your individual situation and determine
your credit worthiness, determine what (if any) security you need
over the loan, your current debt level, your income, and your ability
to repay the debt. We then determine how much money you can borrow.
You can do the sums yourself to determine your monthly budget. Simply
deduct your expenses from your after-tax earnings. |
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Do I need to provide my application with any documents? |
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Yes, once you have applied online, the best thing is to print the
required privacy forms, sign and send them to the supplied
fax number or email. Without this document, we cannot proceed with processing your application. |
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Can I make extra repayments? |
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You definitely can make extra payments by contacting the lender directly
and speaking with the representative that approved your
loan. |
FAQ
