Frequently asked questions
- Why finance with an MTF Finance dealer?
When you buy your vehicle from Top Cars Direct, you are buying from the person who makes the lending decision. Subject to lending criteria, your MTF Finance dealer is able to make a quick finance decision, allowing you to drive the vehicle of your choice home, today.
- Why shouldn't I use my home loan to finance my vehicle?
Sometimes people use a home loan to finance other things, such as a boat, overseas holiday or vehicle. But putting the car 'on the house' may not be the best solution. If you put your car 'on the house', you may pay interest for much longer, making the final cost significantly higher.
- How much can I borrow?
You may borrow from $2,000 to $500,000, as long as you have sufficient security to support the loan and we're confident that you are able to manage the repayments.
- How soon will I know if my loan is approved?
To consider your application, you must provide:
- valid NZ driver licence
- bank statement less than 30 days old, in your name, showing transactions for a calendar month
- bank statement, utility bill, rates, NZ government documentation or insurance confirmation showing your name and physical address
If you apply in person, and bring these documents with you, we can usually give you an answer on the spot.
- What happens when my loan is approved?
We'll talk through the loan document, make sure you understand your rights and obligations under the contract and then ask you to sign it. If you have any concerns or queries regarding the obligations you are entering into, we recommend that you seek advice from your lawyer or accountant before signing the loan document.
- Are there any hidden costs?
The interest rate and all fees are set out in the loan agreement you sign at the beginning of the loan term. For information about interest rates and fees, when financing with MTF Finance, see Cost of borrowing.
- Business advantages of a finance lease with MTF Finance
If you're a business customer, you may be able to claim GST on the principal portion of each instalment, the interest portion of your payments may be tax deductible. The vehicle is recorded on your balance sheet, so you can also claim depreciation.
- What consumer protection laws cover my loan with MTF Finance?
Consumer protection laws associated with the motor vehicle finance industry include:
- Credit Contracts and Consumer Finance Act 2003
- Responsible lending code
- Motor Vehicle Sales Act 2003
- Consumer Guarantees Act 1993
- Fair Trading Act 1986
- Privacy Act 1993
- Personal Property Securities Act 1999
- Financial Service Providers (Registration and Dispute Resolution) Act 2008
- Financial Advisers Act 2008
- Anti-Money Laundering and Countering Financing of Terrorism Act 2009
- What happens if I have a concern or complaint?
If you have a concern or complaint about a product or service provided by MTF Finance, you should contact the person who sold the product or provided the service, in the first instance.
If a satisfactory outcome is not achieved, following the step above, please contact MTF Finance Solutions Team
03 477 0530, email@example.com, PO BOX 885 Dunedin 9054
If you are not satisfied with the response received from MTF Finance, or MTF Finance is unable to resolve the matter, either party may refer the dispute to the Insurance & Financial Services Ombudsman Scheme (IFSO):
firstname.lastname@example.org, 0800 888 202, PO Box 10-845 Wellington 6143