We don’t have one, what we do is give you a fixed amount payable over the period of finance as our profit. So for example if you financed a vehicle worth $ 5000, and our profit over 3 years is $1800, then $1800 is the profit we earn as rent over the whole period of finance.   If you settle your finance early, our profit for the finance period not utilized is not payable.

For vehicle finance, we can go up to a maximum of NZ $50,000. For personal finance up to NZ $20,000 subject to security being provided. We accept freehold motor vehicles as security. For both types of finance, $3000 is the minimum.   All cases are assessed based on the merit of every application and so deviations occur every now and then, so that means for example, maxmimum of NZ $20,000 is available for personal finance subject to security. If for example, the security offered allows for, we may be able to finance beyond NZ $20,000.

For home owners, we can give a maximum of 5 years repayment time, otherwise a maximum of 4 years time subject to your profile after your application is assessed.

Yes you can make bulk payments with no penalties.

To put it simply, an approval depends on your ability to afford the installments. If you have a stable source of income, have residential stability and save enough to meet the installments, then it is highly likely that your finance will be approved. To get an idea whether you will be able to afford finance with us, consider using our online calculator that will give you an approximation or tentative figure HERE.   However to reiterate, we assess applications based on unique merit and so deviations occur every now and then.

The procedure is quite straight forward:

 
1. Complete and submit an application (takes about 5 minutes at most). You can do this online HERE
 
2. Submit documentation for application assessment by e-mailing a scanned copy of each of the following documents that apply to you, to info@efco.co.nz. Read on further to see which documents apply to you:
    
   1. ID can be:
    
   1. Drivers license – required for vehicle finance
    
   2. Passport with signature page plus visa copy for work visa holders and in some cases for permanent residents as well
    
   2. Bank Statements:
    
   1. Statements 60 days from the date that you submit your application. Statements should be of the account where you receive income.
      
      If you are self-employed, then include your last 60 days business bank statements also.
    
   3. Proof of address – any one of the following documents. The submitted document should be in your name and should be dated within the last 90 days from the date that you submit your application:
    
   1. Utility / Phone bill
    
   2. Insurance statement or certificate
    
   3. NZ Government issued document
    
   4. Local Council Notification
    
   5. Court Document
    
   6. Electoral Roll Papers
    
   7. Bank Statement
    
3. Receive feedback from us, sign paperwork and get finance!

 

Furthermore, there are no charges to submitting an application. It is obligation free.

You can definitely get a term within your visa expiry. In many situations we allow for a finance term that extends visa expiry – this is evaluated on a case by case basis.

Unfortunately we are not able to finance student visa holders at this time.

This depends on two things, with the third being a requirement:

 
1. You are on a valid New Zealand visa
 
2. You have an overseas drivers license that has not expired
 
3. Along with your ID, submit a copy of the passport page bearing the most recent entry stamp – showing when you last entered New Zealand.
 

If you have an overseas license that is valid, then yes, you can get vehicle finance. You will however, need to provide evidence of being legally allowed to drive in New Zealand on your overseas license. An overseas license that is not expired, is valid for 1 year after your entry into New Zealand – so you can drive for up to 1 year after your entry. For this you need to provide your most recent entry stamp which can be found on your passport.

Unfortunately it is not possible to get vehicle finance without comprehensive vehicle insurance – this is not just us, all finance institutions will require you to have comprehensive insurance for your vehicle for them to finance it. We can arrange comprehensive vehicle insurance for you with Quest Insurance if your vehicle is for personal use. You can get 1 year of comprehensive insurance and the premium can be paid back together with your vehicle finance instalment over the entire term of finance. So for example if you get vehicle finance which is over 3 years and your Quest Insurance premium is $820 for 1 year, then you can pay this off in 3 years’ time included in your vehicle finance instalment.

The funds are paid directly to the car dealer OR the seller of the car. From the car dealer we typically require:

 
1. Consumer information notice (CIN) signed by both you and the dealer
 
2. Vehicle Information Notice (VOSA) signed by both you and the dealer
 

If you are buying from a private seller, for example someone selling their car on Trade Me or buying a vehicle from a friend, then you and the seller need to complete and sign a private vehicle sale agreement. The form is available HERE for download.

If you are under 24 years of age, you can still get finance provided that you apply together with a suitable co-borrower who is over 24 years of age, has stable income, is either a renter or a homeowner and is able to cover the installments in case you are unable to.

The co-borrower can be a parent or a guardian and he/she will also have to submit an application alongside yours with documentation.