FairGo Car Loans is a Direct Lender,
but in the event you fall outside our lending criteria we will look to broker your loan through our extensive network of lenders giving you greater certainty of having your car loan application funded.
Your Personal Car Loan Consultant will advise you if your loan is funded by FairGo Car Loans or if it is being brokered to another lender through our network.
All lenders are required to advise you of the fees, interest rate and payments prior to your loan being drawn down. Our internal standard costs of borrowing can be found here.
These rates and fees vary from Company to Company but currently start at 9.95%. When you apply for a loan we have some legal requirements we must undertake. (All lenders who comply with the law will undertake this assessment – the benefit of using FairGo Car Loans is that this will most likely only need to be completed once as we can use the same information if your loan is brokered out) In general terms the loan offered needs to be fit for purpose and affordable to you.
We are required to obtain and review the following as a minimum (full details are outlined during the application process):
Identification – (includes age, valid ID and/or Driver's Licence details)
Latest 90 day Bank Statements (to verify against your budget and to confirm affordability)
A selfie of you with your ID
Employment status (income, type [full time, part time, etc.] length of employment, etc.)
A review of your credit history file.
Your budget (to ensure the loan is affordable to you without causing undue hardship)
A review of any other income and review of ongoing financial expenses and loans will also be performed. A review of your assets and liabilities may also be performed to assess the security that may be available and any commitments that may impact your affordability.
We will discuss with you the key terms of the contact to ensure you have a full understanding of your obligations under the contract and the implications if you miss a payment and/or enter into financial hardship.
You will have the opportunity to consider the contract and also understand the cancellation policy, interest rates, fees, security, repayment amounts and due dates.