What Is 100 Points Of ID?
To positively identify you Auto Link Finance requires identification documents making up a total of 100 points. Each identification document is allocated points between 25 and 100. Refer to 100 points ID checklist.
How Does Getting A Loan Work?
It’s simple, at Auto Link Finance we are here to help! You fill in an application, provide the relevant documentation and we process your application in under 45 mins. Once your loan is formally approved, we discuss the final repayments, interest rate allocated, loan term, fees and charges that apply to your loan.
How Do I Apply For A Loan?
You can apply online or in person at our Auto Link Finance branch. Supporting documentation such as 100 Points of I.D, Proof of Residence & Proof of Income will be required to assess your application.
You can submit supporting documents via email; upload them to us via our website, post, and fax or in person at one of our Auto Link Finance branches.
What Is Your Interest Rate?
Auto Link Finance provides a range of products with a range of lenders- interest rates will vary from lender to lender. At Auto Link Finance we will do our very best to negotiate the best interest rate available from our panel of lenders based on your overall profile, loan amount requested, loan term, credit history and type of loan required. For more information, please call us on 1300 982 279
How Much Can I Borrow & How Long Do I Have To Repay The Loan
Auto Link Finance specialises in a variety of loans, with repayments between 24 months to 84 months. We focus on your ability to repay, tailoring individual loan repayments that are easy and affordable to your financial circumstances. Your loan period will depend on the loan product you have been approved for.
How Do I Make Repayments On My Loan?
All loan repayments are direct debited from your Bank Account and are schedule to line up with your current pay frequency whether it is weekly, fortnightly or monthly, this may vary from lender to lender, some lenders will have the ability for you to choose between, manual payments, direct debt, Bpay, or salary sacrifice.
Can I Apply If I Have Been Bankrupt In The Past Or Have A Bad Credit Report?
Yes, you can apply.
At Auto Link Finance we endeavour to give all our customers a fair go. Auto Link Finance processes your loan application based on your current financial circumstances and is more interested in your financial future than the past. So if you have a poor credit history, been bankrupt before or just been knocked back from the major banks why not give Auto Link Finance a go.
Are There Any Other Fees Involved If I Pay Out My Account Early?
This will depend on which lender is used to secure a loan for you, some lenders will have an early termination fee whilst some do not, the amounts vary from lender to lender and in a case where an early termination fee is applicable, it is normally a minimal amount and is disclosed to you upfront once a lender is selected to suit the loan you are applying for. There are never any hidden fees, all fees applicable to your loan will be disclosed to you upfront, and there are no upfront fees from us.
Can I Apply For a Loan If I Am On Centrelink Benefits Only?
Unfortunately, No, all applicants must be employed to qualify for a loan, in some cases we will take some type of Government benefits into account combined with employment income. For more information, please call us on 1300 982 279
What Are Your Trading Hours?
You can apply online 24/7. Auto Link Finance’s head office is open Monday to Friday 9.00 am to 5:30 pm and Saturday by appointment 9.00am to 12.30pm.
What Is A Consumer Loan?
It is a requirement of the Uniform Consumer Credit Code (The Code) that a Consumer Loan Contract is used where a customer (individual) purchases a unit predominately (more than 50%) for personal, domestic or household use.
- Part of complete financial package including insurance
- Simple user-friendly documentation
- Ability to include accessories
- Finance the complete package
- Minimum: 24 months
- Maximum: 84 months
Payments on a Consumer Loan contract are on a weekly, fortnightly & monthly basis and calculated in arrears (i.e. the payment will start a month, fortnight or week after the settlement date).
Ownership of Vehicle
Under the Consumer Loan contract the customer owns the unit however the lender takes security by way of a mortgage and registering their interest with PPRS (or the equivalent state body).
Fixed Rate Contract
The interest rate on a Consumer Loan is fixed for the term of the loan.
What Is a Finance Lease?
A Finance Lease is best suited for business customers that want to reduce payments. With a Finance Lease only the original price of the unit (exclusive of GST) is financed. GST is then included on each subsequent repayment.
Residual values are set based on taxation guidelines or market conditions. The higher a residual value, the lower the repayments. The residual value at the end of the term will include GST. Legally no equity can be included & therefore deposits or trade-ins are not allowed.
Insurance or maintenance cannot be included in a Finance Lease Contract.
- Potential tax benefits
- Minimal outlay required, thus freeing up cash for other purposes
- Minimum: 24 months
- Maximum: 60 months
Goods are the property of lender with the client making payment on these goods for the fixed period of time.
Finance Lease payments are calculated in advance, the first payment is due on delivery or the date the contract commences. Payments can be structured to meet customer’s needs for example Monthly, Quarterly, Half Yearly & Yearly.
End of Term
At the end of the term, the customer will be provided with the option to re finance the residual, make an offer for the unit or hand the unit back to the lender. The customer will be required to pay any shortfall that results from these options.
What Is a Rental / Operating Lease?
A rental contract is best suited for business customers who want fixed repayments, have costs maintenance included & no residual risk. Payments are calculated on the GST exclusive amount with GST then included on each subsequent payment. All contracts are calculated in advance. The amount financed, interest rate or the residual amount is not revealed to the customer on a rental document.
- No risk or responsibility for disposing of the unit
- Fixed rentals protect against inflation and provide accurate budgeting
- No large, initial capital outlay required
- Have the option to include a service/maintenance plan
- Payments can be claimed as operating expenses
Rental / operating lease Terms
- Minimum: 24 months
- Maximum: 60 months
Ownership of the unit remains with the lender.
Rental payments are calculated in advance, the first payment is due on delivery or the date the contract commences. Payments can be structured to meet customer’s needs for example Monthly, Quarterly, Half Yearly & Yearly.
End of Term Options
- Negotiate a new rental term / payments
- Hand the unit(s) back with no recourse
- Make an offer for the unit(s)
What Is A Commercial Hire Purchase?
A Commercial Hire Purchase contract is best suited for business customers with a trade-in or deposit who wish to ultimately own the unit. With Commercial Hire Purchase the amount financed includes GST, and monthly payments are calculated in arrears. The customer claims back the GST portion of the purchase price in their next GST return.
- Build up equity in unit
- Structure payments to suit individual needs
- Potential tax benefits for customers
- Customers can include accessories & insurance
- Minimum: 24 months
- Maximum: 60 months
Ownership of Unit – Title of the unit transfers to the customer once all payments are made.
Payments on a Commercial Hire Purchase contract are calculated in arrears.
Payments can be structured to meet customer’s needs for example Fortnightly, Monthly, Quarterly, Half Yearly & Yearly.
Business Declaration Form
If an individual requires a unit to be financed on a commercial contract, a business declaration form must be signed.
What Is A Formal Approval?
A formal approval means that once we have received all documents requested in your pre-approval, and they have been checked off, they meet all requirements by us and the allocated lender, your loan application has been completed in full, only at that time providing that we believe that your application has at least a 90% chance of a success with the lender, we will then release your application and all supporting documents to that lender, once the lender receives all relevant documents including your application, they will conduct their checks which should match with ours, and if all checks are done and acceptable based on their lending criteria, they will issue a formal approval which means funds are allocated and you will be able to proceed with your purchase. Sometimes lenders may issue a formal approval with further conditions, this may vary from lender to lender and will depend on the type of loan you are applying for, some examples are, if its car loan, there may be a age restriction, there may also be a loan term restriction as well, in almost all cases the conditions that maybe imposed by the lender are standard and easy to comply with.
How Long Does It Take To Get A Formal Approval?
A formal approval can take anywhere from a few hours to a few days, there are many variables here that make a difference to the time frame, some obvious variables are:
Employment checks, this can at times take a while as it is depending on your employments payroll system and how quick they respond to our call, in all cases if there is a hold up in this area, we will contact you so that you may help speed up the process by speaking to your payroll officer or employer.
Rental and boarding checks can also hold up the procedure much the same as above
Other lender reference checks can also hold things up, if the other lender doesn’t respond straight away, sometimes to speed this process up, it is best to provide a loan statement.
Lenders being understaffed, this is sometimes a problem as lenders are no different to other business in the workplace, once you have some staff off work due to illness or other reasons, this can also slow the process down.
If a lender has asked for further supporting documents for some particular reason to help make their decision, and we either can’t get hold of you to obtain it or you are slow in getting what they have requested back to us, this can also hold up the process however it is rare but can happen.
There are a few other reasons which are extremely rare like computer system failure, internet down time, a system crash.
Other than that, generally formal approvals are quite quick when everything goes according to plan, which believe or not happens quite often.
Who Is Veda Advantage (Now known As Equifax)
Veda (Equifax) is a data analytics business. As the leading provider of credit information and analysis in Australia and New Zealand, they act as the conduit between the data that they accumulate, and the insights that this data provides for their customers. The result of this process is empowerment. Their goal is to empower every one of their customers to make proactive, responsible and informed decisions, based on the insights they can provide.
Their core product offering includes the provision of credit reports in relation to individuals and businesses. From their stable core credit bureau business, Veda (Equifax) has expanded to deliver a suite of credit and other analytical products targeted to specific industry segment needs. Veda’s (Equifax) data includes credit information on 20 million individuals and 5.7 million commercial entities in Australia and New Zealand.
Veda (Equifax) has an international footprint in Singapore, Malaysia, Cambodia and Saudi Arabia. with over 40 years of history.
What Is A Credit Report?
A credit report consists information that is recorded on your credit file which contains your personal details such as, your credit score, all loan enquiries, credit providers, serious debts and credit infringements, commercial credit and public record information including bankruptcy data and default judgments.
What Is A Credit Score?
Your Veda Credit Score summarises the information on your credit report into one number called a VedaScore
Your VedaScore is a ranking between 1-1200, to help you understand your credit ranking against other Australians
Your VedaScore is what lenders can use when assessing your credit application.
What Is Credit Alert / Veda (Equifax) Alert?
Be informed: Your credit file is continuously updated by credit providers when you apply for credit. Your file is used by potential lenders to determine if you are credit worthy.
Manage your credit reputation: By being informed you can more proactively manage your credit bureau file.
Help detect and prevent identity theft: By signing up for My Veda (Equifax) Alerts you can monitor changes on your credit file.
When you subscribe to My Veda (Equifax) Alert, you will be notified by email within 24 hours if any of the following is added or changed on your credit file:
Consumer credit enquiries
Details of overdue consumer credit accounts
Commercial credit enquiries
Details of overdue commercial credit accounts
Writs and summons
Information that you have a current credit relationship with a credit provider
When you subscribe to My Veda (Equifax) Alert you will also receive a copy of your credit file despatched to you by email, fax or mail within 1 working day of receipt of payment.
To find out more about your credit report/file, please visit Veda Advantage’s (Equifax) website at https://www.veda.com.au/ or call their enquiry line on 1300 921 621.
Auto Link Finance is a well-established financial intermediary (credit assistance provider) family business with over 30 years’ experience in the finance industry, providing everyday Australians with a full range of finance and insurance products.