Yes Loans is committed to getting you the finance you need to help you reach your personal goals, whatever they may be. Part and parcel of that is making sure you’re provided with the facts you need to make an informed decision. Read about our terminology here.
Browse our frequently asked questions to find the answers to the questions you want to ask.
What is a car loan, and how do they work?
A car loan is a personal finance product that provides you with the funds you need to purchase a vehicle. The loan is secured against the vehicle, and at the end of the contract the car is yours.
Do I have to insure my car?
Yes. It is a mandatory requirement to keep your vehicle comprehensively insured for the full period of the finance agreement.
Who must I insure my car with?
When you finance your car with Yes Loans, we’ll take the time to offer you competitive rates. What’s more, we ensure that your cover is comprehensive. Alternatively, you can shop around for car insurance from your insurance company.
What is a leisure loan?
A leisure loan is finance borrowed from a lender that you can use to purchase vehicles or equipment that you use in your leisure time.
What is a secured leisure loan?
A secured leisure loan allows the lender to hold the leisure vehicle you’re purchasing or collateral as a security against the loan. This protects the lender in the case you are unable to make the due payments but also means you get access to lower interest rates than an unsecured loan.
How competitive are your rates?
We have built long-lasting relationships and ties with a panel of lenders that have bank-beating interest rates. Even if you have a less than perfect credit history, we may still be able to help.
We do our best to get you approved.
Can I get a leisure loan if I've just started a new job?
This depends on the details of your current work status, work history, credit history and your general circumstances. There are a number of factors involved in the application process, however we do say yes more often. Our loan specialists will work to the best of their abilities to assist you. Get in touch with them today.
What is a personal loan?
Personal loans are also known as unsecured loans that an individual can take out to meet their financial needs. They are based on your credit history and ability to repay the loan from your income.
How much will I pay?
The rate that you will pay is based on how much you want to borrow and your individual circumstances.
How much can I borrow?
It all depends on your income, the reason for the loan, expenses, and the amount you can comfortably repay. The maximum unsecured personal loan is $30,000 and the minimum is $4,000.
Can I make extra payments or repay my loan early?
In most cases, there are no extra charges involved in making additional repayments. However, repaying your loan early may result in the incurring of additional fees, but we do recommend you read your credit contract to be sure. Depending on the agreement with the lender, you could make extra repayments.
Do I need to provide security or a guarantor?
Security and guarantors may be required for some loans, in the event that you default on the loan, the goods secured can be sold (secured loan) or the guarantor asked to pay it off (guarantor loan). For guarantor loans, we recommend the guarantor obtains prior independent legal advice to make sure they are aware of their rights and obligations.
What is a commercial loan?
A commercial loan is an arrangement between your business and a financial institution that is used to fund goods, plant, equipment or vehicles used for commercial purposes.
What is collateral?
Collateral is any asset or group of assets that can be offered by you as security against non-payment of a loan. In the event of a default, the asset will be repossessed to satisfy the loan.
Does my loan have to be for a particular use?
The panel of the lenders we work with are usually happy for you to use the proceeds of the loan for any business-related purpose as long as it is legal. We regularly provide finance solutions for:
- General equipment
- Company cars or commercial vehicles
- Cash flow
- Shop fittings or new technology
- Loan refinancing
- Debt repayment
What is insurance?
Insurance is an arrangement by which a company provides you, the policyholder, with the guarantee of compensation or financial protection of an asset against specified loss, damage, illness, or death in return for payment of a specified premium.
What is an ‘excess’?
An excess is an agreed amount of money that you are liable to pay in the event of a car insurance claim being settled.
What kind of insurance do you offer?
Yes Loans offers insurance for sickness and accidents, your car, gap or shortfall insurance, warranties and loan protection. Our team is always on hand to explain our insurance in detail. Get in touch with them today for more.
Why do you need auto insurance?
It is a loan condition of all the lenders we deal with that the vehicle being financed is comprehensively insured.
Comprehensive insurance offers protection for fire, theft and collision damage.
How much insurance do I need?
The amount of insurance and even the type will vary from individual to individual.
The minimum and only compulsory insurance is comprehensive cover for the purchase price of your vehicle.
What determines my premium?
There are a number of factors that contribute to how much you pay for insurance. These include:
- The make and model of the car you drive
- How much you drive and your driving record
- Age and gender
- The area you live in
What is a credit rating?
Banks and other financiers will use a credit score to help determine whether they will lend you money. Your credit score is partly determined by your stability (how long you have been at your address and employment). Defaults, court writs and summons also have a negative impact on your rating. The number of enquiries you make will also impact your credit score. The more enquiries over 12 month period can lower your score.