CUSTOMER INFORMATION – LOAN PROCESS OVERVIEW

Auto Loans Group Pty Ltd (ABN 55 607 106 347), Credit Licence #483980 (“Auto Loans Group”/“we”/“us”).
This document explains how our loan broking process operates, the information we may require from you, and what you can expect as part of engaging our services.

How our process works

When you make an enquiry regarding finance, a common question is the interest rate that may apply. Interest rates are not set in a single figure, but instead vary according to a wide range of factors. For this reason, a rate cannot be reliably quoted without first considering your circumstances.

Auto Loans Group works with over 60 lenders, each of whom may offer multiple loan products. These products are subject to risk-adjusted pricing, resulting in thousands of possible rate and product combinations. Factors which influence the applicable interest rate may include (but are not limited to):

·       type, age, and fuel source of the vehicle or equipment;

·       your employment status and history;

·       your credit history and credit score (noting that three different scoring models are used in Australia, and each lender may adopt a different model);

·       the required loan term and structure; and

·       whether you are a homeowner or a tenant.

In addition to the rate, loan products may also carry various fees, including application, establishment, ongoing, and early repayment fees. A product with a lower interest rate may, once fees are accounted for, result in a higher overall cost.

Accordingly, the appropriate question is not “what is the lowest rate available” but “what loan product is most suitable for my circumstances and objectives, having regard to both the rate and the associated fees over the life of the loan.”

Our assessment approach

Auto Loans Group conducts an assessment of your financial position, which requires you to provide certain information. This may include a review of your credit file (with your consent), consideration of your income, expenses and liabilities to ensure a loan is not unsuitable, and discussions with potential lenders to determine a competitive interest rate.  

The purpose of this process is to enable us to provide you with a qualified recommendation that is tailored to your individual requirements. Typically, this requires less than 10 minutes of your time. The outcome is a loan proposal supported by lender assessment, rather than an indicative rate that has not been tested against your profile.  With your consent we will then apply with the lender on your behalf and assist you through the loan application process from start to finish (i..e a signed loan contract). 

Frequently Asked Questions

What interest rates do you offer?
We have access to thousands of loan product and rate combinations across more than 60 lenders. Our role is to assess your profile and recommend a suitable loan option.

Am I required to proceed if I change my mind?
No. Engaging with us does not create an obligation. You are only committed once you sign a loan contract with a lender.

Will this process affect my credit score?
We use an initial “soft touch” enquiry on your credit file which does not affect your score. This enables us to identify the most suitable lenders before applying. If you were to apply directly to multiple lenders to discover the interest rates on offer to your profile, each enquiry would appear on your credit file and would impact your score. By proceeding through Auto Loans Group, we minimise unnecessary credit enquiries and help protect your credit standing.

 

 

 

PRIVACY CONSENT

 

Auto Loans Group Pty Ltd (ABN 55 607 106 347), Credit Licence #483980.  (referred to as “Auto Loans Group”/we/us”).  By agreeing to these terms, you agree we can collect, hold, use and exchange personal and credit information about you for these stated purposes.  The Privacy Policy also contains information on how you can complain about a breach of the privacy laws, how you can access or request to correct your personal and credit information that we hold about you and how to have that information amended.

 

What is personal information?

Personal information is information or an opinion about an identifiable or reasonably identifiable person.  The personal information we will collect and hold will include your name, date of birth, gender, telephone number, address, email, employment details and any other information we may need to identify you.

 

What is credit information?

Credit information is personal information that relates to credit that a person has applied for or has been provided.  The credit information that we will collect from you may include your records of credit that you have applied for (including the name of the credit provider, the type of credit and the amount of credit), default information or any other information that has a bearing on your credit worthiness used to determine your eligibility for credit.  Credit information also include credit reporting information supplied to us by a credit reporting body and any information that we derive from it.

We will collect, hold, disclose and use your personal and credit information to:

(a)         assess and verify your identity and financial situation;

(b)         assess your credit application, or your suitability as a guarantor to a credit application;

(c)         provide such information to a guarantor or related applicant;

(d)         exchange your information with a credit reporting body;

(e)         disclose your information to credit providers as set out in our ‘Credit Provider Schedule’ to arrange credit;

(f)          disclose your information to an insurer to arrange insurance you wish to obtain;

(g)         Obtain from, and disclose to, third-parties such as your employer, landlord, real estate agent, lending institution and guarantor; who are deemed as reasonably necessary to arrange finance and/or insurance; and

(h)         refer you to other organisations, service providers or business partners or obtain referrals from them to you.

We may not be able to proceed with credit assistance without the ability to collect, hold, disclose and use your personal and credit information.

 

Identity & financial situation verification

We are required by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) to collect and use personal and credit information from you in order to identify you.  We are also required by the National Consumer Credit Protection Act 2009 (Cth) to collect credit information and personal information about you and take reasonable steps to verify this, including your financial situation.  This verification may include enquiring via a credit reporting body.

 

Authority to make requests

You authorise us to make requests for personal and credit information from credit providers and credit reporting bodies. By signing this Privacy Consent, you consent to the credit providers listed in the schedule to this consent doing any of the following:

(a)         where you are the borrower—obtaining information or a report about your commercial activities or commercial credit worthiness for the purpose of assessing your application from any business which provides information about the commercial credit worthiness of persons (this includes a credit reporting body);

(b)         where you are the borrower—giving to and obtaining from any credit provider named in your credit application or in a credit report on you issued by a credit reporting agency, information about your credit arrangements for purposes of:

                 (i)    assessing your application for credit;

                (ii)    notifying a default by you;

               (iii)    allowing another credit provider to ascertain the status of your finance arrangements with us where you are in default with one or more other credit providers; and

               (iv)    generally assessing your credit worthiness;

(c)         where you are the borrower—disclosing personal and credit information to a person you have nominated to act as guarantor for the purpose of the guarantor considering whether to offer to act as a guarantor or offer property as security for the credit; and

(d)         where you are the guarantor—obtaining a report about your credit worthiness from a credit reporting body for the purpose of assessing whether to accept you as a guarantor.

You acknowledge and agree that the information referred to above can include any information about your personal and/or commercial credit worthiness, credit standing, credit history or credit capacity which the Privacy Act 1988 (Cth) allows credit providers to give to or receive from each other.

 

Disclosures

We will disclose or exchange your personal and credit information to the following persons:

(a)         potential credit providers and/or insurers as part of our credit assistance process;

(b)         third-parties to verify the details provided are correct, including with your agents, guardians, attorneys and employers;

(c)         our related body corporates, assignees, agents, IT providers, contractors and advisers;

(d)         law enforcement, government and regulatory bodies;

(e)         any person who refers you to us for credit assistance;

(f)          joint applicants and guarantors;

(g)         any financial institution to, or from which a payment is made;

(h)         debt collection agencies; and

(i)          anyone who refers you to us.

 

Credit reporting bodies

We may exchange personal and credit information with a credit reporting body as detailed below:

(a)         disclosure of details such as name, date of birth and address to obtain a credit report on the applicant or guarantor in our capacity as an access seeker in the credit assistance process;

(b)         use any information provided by a credit reporting body to assist us in conducting a preliminary assessment of a proposed credit application and its suitability to the applicant; and

(c)         request a credit reporting body to provide us with an assessment of whether information provided by the applicant or guarantor matches that in the credit report to verify the identity of applicant and/or guarantor.

Our current Credit Reporting Body is Equifax and you can contact them on phone 1300 762 207 or email [email protected] during opening hours of Mon-Fri 8.30am to 6.00pm Eastern Standard Time.  You can obtain their Privacy Policy from their website at www.equifax.com.au.

 

Credit providers

We may submit a credit application to credit providers listed in our ‘Credit Provider Schedule’.  If a credit provider holds pertinent credit eligibility information, the credit provider must share this information with us, yourself or someone you have authorised to act on your behalf.  Credit providers may also engage directly with a credit reporting body and you can ascertain the details on this and how they handle personal and credit information via their websites which are listed in our ‘Credit Provider Schedule’.  If your credit application proceeds with a credit provider you may be asked again for your consent to collect, store and use your personal and credit information by this credit provider.

Aggregation partners

We have finance aggregation arrangements with the following entities who assist us in having access to a wide range of credit providers.  We may utilise their systems as part of our credit assistance process and other platforms for potential ongoing client contact.  We may also share your details as part of compliance audits. 

-        Fintelligence Pty Ltd (ABN 80 625 017 174), Australian Credit Licence #511803

 

Your rights

You have the right to ask:

(a)         that we provide you with the personal and credit information we hold about you;

(b)         that we correct any personal and credit information we hold about you that is shown to be incorrect;

(c)         for copies of our Privacy Policy and this document;

(d)         the credit reporting body does not use your personal information for assessment purposes or direct marketing; and

(e)         the credit reporting body provides you with a copy of information it holds about you.

 

To access and/or seek correction of your personal or credit information we hold, or make a complaint about privacy, you can contact our Privacy Officer on phone number 1300 301 051 or [email protected] or registered post to 1A Paran Place, Glen Iris, VIC 3146.

 

Marketing

We may contact you from time to time with marketing information about the products and services we provide.  You can opt-out of receiving direct marketing communication from us at any time. 

 

Consent to Receive Comprehensive Car Insurance Quote

All secured car loan lenders require borrowers to show evidence of car insurance before your car loan can be finalised.  You have the choice to arrange this insurance yourself, or you may elect to take up an offer from one of our partner comprehensive car insurance providers.  By signing this form you consent to us providing you with an obligation-free quote from our preferred car insurance partners, Suncorp Insurance and Huddle Insurance (BeOpen).

 

Electronic communication

If you provide us with an email address or mobile phone number, you consent for us to use these details to send you, or make available to you, notices and relevant documents, including those from a credit provider or insurer.  You are therefore responsible for maintaining appropriate software, hardware and associated processes to receive, access, review, print and save copies of such documents. 

 

This consent applies to all types of communication that is permitted by law to occur electronically.  Therefore, paper (hard copy) documents may not be provided to you, unless we are obliged to by law.  You must regularly check advised electronic communication mediums for communication from us.  If your details change, you must promptly notify us.

 

If you wish to withdraw your consent to electronic communication, please notify us on phone number 1300 301 051 or [email protected] or registered post to 1A Paran Place, Glen Iris, VIC 3146.

ACKNOWLEDGEMENT

By electronic agreement, as applicant or guarantor, I acknowledge and declare that I have read and understood this Privacy Consent.  I consent to the collection, storage, use and disclosure of my personal information and credit information in accordance with this agreement.

 

 

Applicant

Name:

Signature:

Mobile:

Time and Date signed:

IP Address:

 

 

CREDIT PROVIDER SCHEDULE

 

CREDIT GUIDE & QUOTE

This Credit Guide and Credit Quote only applies to Consumer finance contracts as defined by the National Consumer Credit Protection Act.  This Credit Guide & Quote is provided by Auto Loans Group Pty Ltd (ABN 55 607 106 347), ACL #483980 in accordance with the Act. Our address is 1A Paran Place, Glen Iris, VIC 3146 and our contact details are phone – 1300 301 051 and email at [email protected]. 

 

Our Credit Services:

We will assist you to select a loan or lease to meet your needs.  We do this via:

1.     Obtaining information from you to gain an understanding of your current financial situation and your requirements and objectives of the loan;

2.     Making reasonable levels of inquiry about your financial situation and verifying the information as needed;

3.     Where authorised by you, obtaining a copy of your credit report to assist us scale our inquiries accordingly;

4.     Obtaining further information from landlords, employers and accountants as needed;

5.     Investigating suitable loans and providing you with information about one or more loans that meet your requirements;

6.     Assessing that your chosen loan is not unsuitable for you;

7.     Helping you to complete the application, compiling the documents required by the lender and submitting the application to the lender;

8.     Liaising with the lender during the approval process and providing further information that may be required;

9.     Notifying you of the lender’s decision; and

10.   Assisting with the finalisation of the loan as required.

 

Our Credit PROVIDERS:

The credit providers we most commonly use for consumer loans in descending order are Firstmac, Pepper Money, RACV, Plenti, Now Finance, Branded Financial Services, Secure Funding (Liberty), and many others on our panel.  Our top lenders will change from month to month depending on their latest interest rates and policies.  

 

Our INSURERS:

The insurers we most commonly use are Suncorp, Huddle (BeOpen), LFI, and Eric Insurance. We use Integrity Warranty and Australian Warranty Network to offer vehicle warranty protection. You can read the relevant Financial Services Guides and Product Disclosure Statements (PDS) at https://autoloansgroup.com.au/formsandpds.  You can access the PDS for Suncorp comprehensive motor vehicle insurance here.

 

Information we will require from you:

We are obliged to ensure any loan or lease we suggest or assist you to apply for, including an increase to an existing credit limit, is not unsuitable for your purposes.  This includes if the loan or lease does not meet your requirements or objectives, if you are unable to make the repayments, or you could only do so with substantial hardship.  Therefore, we will need some information from you.  It is important that the information you provide is entirely accurate.

 

Copies of our Assessment:

At any time within 7 years of us providing you with credit assistance, you may request a copy of the preliminary credit assessment.  We will provide you with this documentation within 7 business days of receiving your request.  However, if your request is more than 2 years after the date of our Credit Quote, we may take up to 21 business days after receiving the request.

 

Fees payable by you TO US:

We may charge you a fee of between $0 to $5,500 (inc. GST) as an Origination Fee for our services when providing credit assistance, although this is only payable should the loan proceed.  The final origination fee amount will be disclosed before you make any commitment to your loan.  It is a one-off fee, payable at loan settlement.  This fee may be paid directly to us, or added to your loan as part of the loan disbursements.  If via loan disbursement, this will increase your loan by the fee amount. 

 

FEES PAYABLE BY YOU TO THIRD PARTIES:

When the application for a loan or lease is submitted and ultimately proceeds to settlement, you may be required to pay fees to third parties associated with the application; such as the credit provider’s application fee, security registration fee, inspection fee or other fees.  If applicable, these will be detailed in the Credit Proposal document and provided to you before you apply for finance.  You can ask us how they are worked out.

 

COMMISSIONS RECEIVED BY US:

Commissions may be payable to us by the credit provider for any loan or lease that is settled.  The amount varies between lenders and the amount of credit that you receive.  These are not directly payable by you and these will be disclosed within the Credit Proposal document that will be provided to you before applying for finance.  You can ask us for an estimate of these commissions and how they are worked out.

 

COMMISSIONS PAYABLE BY US:

If you are referred to us by a third party, we may pay that entity a commission for the introduction of your business.  For example, we may pay commissions to real estate agents, car or boat dealerships and accountants. These commissions are not directly payable by you.  You can ask us for an estimate of these payments and how they are worked out.

 

COMPLAINTS:

We hope that you are pleased with our service, although if you do have a complaint you can contact our Complaints Officer via 1300 301 051 or [email protected] or registered post to 1A Paran Place, Glen Iris, VIC 3146. Please provide us with as much detail as possible in your complaint so we can address promptly and hopefully resolve it to your satisfaction.

If you are not satisfied with the outcome of our attempt to resolve your complaint, you may refer the matter to the Australian Financial Complaints Authority Australia on phone 1800 931 678 or by writing to GPO Box 3
Melbourne VIC 3001.  The Australian Financial Complaints Authority Australia is a no-charge external and independent dispute resolution service.

 

 

ACKNOWLEDGEMENT

By electronic agreement, as applicant or guarantor, I acknowledge and declare that I have read and understood the Credit Guide & Quote.  

 

Applicant

Name:

Signature:

Mobile:

Time and Date signed:

IP Address: