Frequently Asked Questions
My repayment plan has always been affordable. Pioneer has always been there for me, it’s a simple as a phone call.
Judy, Naenae
At Pioneer Finance we like to make things as stress-free as possible. So, to help you out when applying for a loan, we have compiled a list of our most commonly asked questions.
Do I need security?
Yes.
What does Pioneer accept as security?
Motor Vehicles/Real Estate/Insurance Policies (with a surrender value).
What are the conditions regarding the security?
MOTOR VEHICLE SECURITY: You as the Borrower or your Guarantor/Co-Borrower must own the vehicle. The vehicle can be no older than 15 years old at the end of your contract. The registration and warrant of fitness must be current, and it should be fully insured. (We can help you with insurance if required). If you already owe money on the vehicle we will need to clear that loan, as part of your loan with us.
REAL ESTATE: You will require a minimum of 25% equity in your property. We are happy to lend behind your 1st mortgage.
INSURANCE POLICY: We can lend 90% of the surrender value. The policy will have to be transferred into Pioneer’s name.
Do you consider unsecured lending?
No.
What age do I need to be?
18.
Do you consider people with poor credit history?
Yes but you need a guarantor, and you will need good security.
Do you lend to beneficiaries?
Of course we do. At Pioneer Finance we do not discriminate. We will lend as long as you can prove affordability and everything else meets our lending criteria.
How much would the repayments be?
At Pioneer Finance we like to structure a payment plan to suit your budget, however the term of the loan may be dictated by the age and/or type of security you use.
What is your interest rate?
This will vary subject to credit history, affordability and security.
Are there any hidden costs involved?
No there are not. We do charge a reasonable establishment fee, however, unlike many other finance companies, we do not charge an ongoing administration fee.
What is your minimum loan?
$500.
How long does the application process take?
Once we have received your application, and supporting documents, we will endeavour to have an answer for you within one hour.
How soon will I get the money after signing the contract?
Immediately, as long as we have the original copy of the loan document and all supporting evidence has been provided.
What if I wish to sell the security used on the loan?
That’s fine as long as the proceeds of the sale come direct to us, or you can provide alternative security.
Can I get a pre-approval to purchase a vehicle?
Yes you can, however we will require the vehicle details for the final approval. You may also wish to talk to us as we may be able to assist you in purchasing a vehicle from one of our many sources.
What happens if I can’t pay?
Most of our loans carry Payment Protection Insurance which covers you in the event of Death, Illness, Accident, Redundancy, Bankruptcy or Hospitalisation. However, if you are unable to pay due to any other reason we will consider a payment arrangement.
