ico 490 Grey Street
Hamilton East

FAQs

What finance institution(s) do you use?
We have great working relationships with well known finance institutions including Volkswagen Finance, MARAC (part of Heartland Bank), Alphera Financial Services and UDC Finance (an ANZ subsidiary).  One of the key benefits of financing your new car with Ebbett Volkswagen is that we work for you to place your car loan with the most suitable finance institution.  Our business manager will work on your behalf to get you the best rates and the best terms for your car loan.
 
How long will it take for my loan application to be approved?
During business hours we’ll try and get your loan approved within the hour. If you have made your application outside of business hours, we’ll let you know if your loan has been approved on the next working day (once we have all the information we need).

Can I get a loan approval before I’ve found the car that I want?
Yes – plenty of our customers like to know how much they can borrow before they choose their new car. You apply for the loan as normal and, if approved, you’ll have preapproval to select your new car.
 
Can I change the amount of my loan after it is approved?
Yes. If you want to increase the amount, it simply needs to be approved by us (you won’t need to fill in another loan application).
 
What interest rates do you charge?
Our interest rates are competitive and vary depending on the amount borrowed, the loan term, and your credit history. To get an idea of our current rates email our Business Manager Alex Middlemiss alexm@ebbett.co.nz or pick up the phone 07 838 29 49.
 
How long is the loan term?
Our terms are flexible with a minimum of six months and a maximum of five years.  We work with you to structure your payments to suit your preferred repayment schedule.
 
What is the minimum loan amount?
Generally our minimum loan amount is $5,000.  However in certain circumstances you may be able to apply for a smaller car loan.
 
How old to I need to be to apply for finance?
You need to be at least 18 years of age.
 
Do I require a driver’s licence to apply for finance?
Yes, the minimum driver’s licence we require is a restricted licence.
 
Can I apply for finance if I have no credit history?
You may not need to have any previous credit history to get a loan approved; however, you may be asked to provide a suitable guarantor for your loan.
 
If I have bad credit can I still apply for finance?
Yes, apply for a loan with us and we’ll recommend the most appropriate lender to make your application with.  The lender may ask for additional security and/or a guarantor.
 
What is the security for my loan?
The security will be the car you’ve purchased, although you may be asked for additional security and/or a guarantor.
 
Can I pay my loan off before the end of the term?
Yes, although you may be charged an early settlement fee.  The fees and interest charged differ between lenders and are set out clearly in the loan documentation.
 
Can I make additional payments or change my repayment amounts during the loan term?
Yes, although fees may apply. The fees and interest charged differ between lenders and are set out clearly in the loan documentation.
 
What is a guarantor?
A guarantor is someone who “guarantees” your loan or credit contract i.e. if you can't or won't repay the debt then the guarantor will do so.
 
Is there a loan establishment fee?
Yes. The loan establishment fee varies from lender to lender but in most cases is less than $500.
 
Do I need a deposit?
No.  In many cases you will not be required to have a deposit.  If you have a good credit history and are in stable full time employment there is a good chance a deposit will not be required.  If a deposit is required, this could be satisfied either by a cash deposit or a trade-in vehicle.
 
Where do I sign the finance documents?
Most of our customers find it easiest to sign the documents on site at Ebbett Volkswagen, however if you prefer our Business Manager will come and see you at a time and place that suits you.
 
How do I make loan payments?
You can make payment by direct debit, or by automatic payment.
 
Do you have to have a guarantor for a business lease/agreement?
In most cases a private individual will be required to go guarantor for a business who is leasing a car.
 
What is AML and how does it affect me?
The AML rules refers to the Anti Money Laundering and countering financing of Terrorism act (2009) which came into effect in June 2013.  AML requires all finance companies, bank and credit unions to collect more customer information than in the past when customers are applying for a car loan.  While our business manager will make the process as painless as possible, regardless of which lender we place your car loan with Ebbett Volkswagen will be required to collect this information on behalf of the lender.  Refer our article “The AML rules and how they will affect your application for a car loan for a full explanation for the information  you may need to provide.

Operating leases are exempt from the AML rules.
 
What is the difference between an operating lease and finance lease?
An operating lease can best be described as a long-term rental arrangement based on a term and specified kilometre allowance.  A finance lease on the other hand is a way of acquiring the use of an asset without owning it immediately.  Both a finance lease and an operating lease can look similar during the course of the lease (regular monthly payments and the option to include maintenance as part of the lease).  The key difference is at the end of the lease when, with an operating lease you simply hand back the keys, but with a finance lease you may be able purchase the asset.

For a business, an operating lease is accounted for as an expense but a finance lease is accounted for as an asset.
 

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About Ebbett

Choose your new vehicle with confidence knowing that Ebbett has been a trusted name in the automobile business since 1928. With seven dealerships throughout the North Island, representing eleven of the finest automobile marques in the world, the Ebbett Group offers you a large selection of new cars, used cars and light commercials, with delivery able to be arranged nationwide.

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“We are so happy with the car and the service that we received"

Barbara and Peter Willy
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