Finance Direct - People on the pulse of finance

Frequently Asked Questions

There are FAQ's on the following topics:


Do you need to see the vehicle?

No, but if it is a private sale we may sometimes need a valuation. We will give you a form which can be signed by any licensed dealer if on the rare occassion we require this.

Does my car have to be insured?

Yes. It needs to be insured against theft and accident damage, and the finance company needs to be noted on the policy. We can help you to arrange the insurance.

Can I change the amount of my loan after it is approved?

Yes, just let us know your new requirements and we can process it without re-application. This is subject to the repayments still falling within your disposable income guidelines.

What is a credit reference?

Sometimes loans can only be approved subject to a statement from previous lenders that you have been able to make payments on similar loans in the past

What is a guarantor?

A guarantor is somebody who comes on to the loan and guarantees the other party on the loan, typically by using their own vehicle or property as collateral

How are repayments processed?

Repayments need to be made by automatic payment, direct debit or internet banking from your nominated bank account.

If my circumstances change can I pay back the loan early?



Can I get a loan for my business?


Do all the directors of the company have to sign on to the loan?

Yes for a business to be on a loan contract, we require all of the directors to sign.


Are your policies fully underwritten?

Yes, the insurers we use are required to by underwritten. However we do not guarantee the performance of these policies or the insurance companies themselves. In the case of an insurance company defaulting the insured party would still have to make their loan repayments and then follow up payment from the insurer directly.

How do I initiate a claim?

Contact Protecta Insurance and a customer service representative will forward the supporting information you need to initiate a claim. Ph 09 3776872

Do the policies you promote have any excess to pay or other costs, charges or fees?

Yes, in most cases for mechanical warranties and you will usually pay the first $100 of every mechanical claim. You will incur a $50 administration fee for Loan Repayment Insurance Policies refunded early. Protecta Insurance may also change a administration fee.

What about the fine print?

We only promote policies that spell out in plain terms exactly what is covered and what is not covered. Contact us or phone on 0800 399 666 to receive a copy of full policy wording. Note: Refunds of an insurance policy can incur administration fees by the Insurance Company and the Broker/ finance Company administering the refund.

How are the insurance costs paid for?

On most occasions and with your permission we include the cost of your protection insurance or warranty cover in your weekly or monthly finance repayments.

Do you charge any fees when Loan Repayment Insurance Policies are refunded?

Yes, we charge a $50.00 Administration fee for handling any refund of a Loan Repayment Insurance policy. This fee covers the cost of recieving the funds from a third party insurance company, checking the validity of the refund and obtaining bank deposit, verifying account information and loading the refund for payment.


Will you finance older boats?

Boats tend to hold their value better than cars, particularly if they're well maintained, so we can be quite flexible towards lending on older boats.

Do you finance boats bought privately?


Can I get approval for a loan before I've found the boat I want?

Yes, approval in principle can be given, subject to the boat fitting the criteria for the loan.

How much deposit do I have to pay?

This can vary according to your personal circumstances, the boat, or the length of the term. In some cases, such as a business proprietor or home owner, or where other securities are available, a no-deposit loan may be possible.

Can you help me find a boat?

You can click onto the following links, which will provide an extensive list of boats for sale.

Does my boat have to be insured?

Yes. It needs to be insured against theft and accident damage, and the finance company needs to be noted on the policy. We can help you to arrange the insurance.

Do you need to see the boat?

No, but if it is a private sale we may need a valuation.


Why are your interest rates quoted on your website?

We have our lead rates ( ie best available rates ) on the home page of the web site. The interest rate we can offer will be the most competitive available but will vary according to the client's security and individual circumstances.

What if my credit rating is poor?

Our flexibility allows us to deal with borrowers in all categories, however a higher interest rate would normally apply and additional guarantees may need to be put in place.

What do you mean by security?

To protect ourselves, we need to have first call on something you own. This could be a car, boat or property. Al our loans are secured either fully or partially.

How much can I borrow?

The amount borrowed will depend on the borrower's credit history, ability to repay, and the security available.

What are your application fees?

There are no up front fees applicable when applying for a loan, however once approved a documentation fee can sometimes apply. The amount of the documentation fee is dependant on the applicants deposit and creditworthiness.

What is a guarantor?

Occasionally there will be a need for a loan to be guaranteed by a parent (or parent-in-law). The guarantor needs to be living in New Zealand and have a good credit rating. In a case of serious default on the loan, the guarantor will be legally responsible for any outstanding amount.


How long does it take to approve my loan?

Most loans are conditionally approved the same day.

Will my application remain confidential?

The only people to view your application will be ourselves and the banks we use in assessing the approval.