HOPKINS & STRONG
Friends in Lending

FAQ

FAQ - Why get finance pre-approval?
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When searching for a new car, having finance pre-approval can speed up the process and give you the confidence to shop for the right car for you at the right price.

FAQ - What is car loan pre-approval?
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Finance pre-approval is when you apply for finance first before deciding on what car you want, this way the lender agrees in principle to lend you a certain amount of money to buy a car, subject to credit approval and an invoice from the dealership. Having pre-approval before going into the dealership can give you the confidence to negotiate a suitable deal, knowing what your budget is without needing to depend on the dealer for finance.

FAQ - How long does it take?

If you request to have a pre-approval, we will calculate your capacity to work out how much you could comfortably borrow and assess the rest of your online application to determine which lenders will be most suitable to your profile and what the repayment guide will be - this can be done without affecting your credit file and within 24 hours. If you decide to proceed with the application, given the relative documents required for approval it will generally take between 24-48 hours.

FAQ - Does pre-approval guarantee a Car Loan?

Finance pre-approval is a conditional approval based on the information supplied by you at that time, it is not a guarantee but it is an important part of the car loan process. Unconditional approval will be supplied once a credit assessment has been conducted and all documentation has been received.

FAQ - What happens after the pre-approval?
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Once you've been pre-approved the next step is for you to provide supporting documentation for the final loan approval process; Documents we may require include;

-Drivers licence
-Payslips
-Bank statements

Once you have been to the dealership to secure a car, we will then contact the dealership on your behalf to obtain an invoice for the vehicle. Then, a final assessment is then conducted and an unconditional approval is in place. You will then receive an electronic copy of your loan documents to be signed and returned. We will then pay the loan funds directly to the dealership for the car and once the funds are cleared, you're free to drive away!

FAQ - What is the application process?
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What is the step by step application process?
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1. Apply online
2. Speak to one of our lending managers
3. Provide supporting loan application documents
4. Sign a purchase order for the chosen vehicle with a dealer
5. We will then contact the dealer and obtain an invoice
6. Once the final approval is in place we will issue your loan documents to sign and return
7. We will arrange the loan funds to be paid to the dealership
8. You drive away!

FAQ - What interest will i be paying?

Your interest rate is dependant on your credit profile, how much you're wanting to borrow, the structure of the loan and so on.Our specialist are here to help you find the most suitable loan at the lowest rate available to you.

FAQ - How much deposit do I need?

Generally, no deposit is required and you can borrow up to 100% of the vehicle.
However, this is depended on your individual circumstance. Give us a call today to find out more.

FAQ - What fees and charges are payable?

This will depend on the type of loan you take and the lender that's being used. All fees and charges will be disclosed up front and included in your repayments.

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