What Loan Hire Agreement Service Do You Provide?

A loan or hire agreement allows customers to spread the cost of their purchase over an agreed period.

The agreement will outline:

• Monthly payments
• Agreement term
• Interest payable where applicable
• Total amount repayable
• Customer responsibilities

Before signing any agreement, you should carefully review all documentation provided.

Customers can usually request information about their current loan balance directly from the finance provider.

A balance request may include:

• Outstanding balance
• Remaining repayment term
• Settlement figures
• Early repayment information

The finance provider will explain the available methods for obtaining this information.

Finance applications are assessed individually and approval cannot be guaranteed.

If a loan application is declined, the lender may be unable to offer finance based on the information assessed during the application process.

A declined application does not necessarily prevent alternative payment options from being available.

If your application is unsuccessful, you may wish to discuss alternative arrangements that could be available.

Many finance agreements allow customers to make overpayments or settle the outstanding balance early, although the terms will vary depending on the finance provider and agreement type.

Early repayment may help:

• Reduce the outstanding balance
• Shorten the repayment period
• Reduce future interest payable

Customers should contact their finance provider to understand the specific options available under their agreement.

Some regulated finance agreements provide customers with a statutory cooling off period after signing.

The statutory cooling off period allows eligible customers to withdraw from the agreement within the timeframe specified by the finance provider and regulatory requirements.

If you change your mind after entering into a loan or hire agreement, you should contact the finance provider as soon as possible to understand the options available and any conditions that may apply.

A statutory cooling off period is a period during which eligible customers may have the right to withdraw from certain finance agreements.

The exact rights and timescales depend on:

• The agreement type
• Regulatory requirements
• The finance provider’s terms and conditions

Customers should read all agreement documentation carefully before signing.

Early repayment may be available under many finance agreements.

Before proceeding with an early settlement, you should request a settlement figure from the finance provider. This figure will explain exactly how much is outstanding and any applicable conditions associated with repayment.

If you have questions about a loan hire agreement, requesting your balance, early repayment, overpayments, declined applications or your statutory cooling off period, our team can help direct you to the relevant finance provider and documentation.

We can assist with:

• Loan hire agreement information
• Repayment queries
• Settlement requests
• Finance application guidance
• Cooling off period information
• General agreement support