1. What do I need to get a loan?

Income – you need to be employed / self-employed and be able to demonstrate your ability to make repayments. This assessment is based upon your surplus income after all outgoings are taken into consideration.

Security – you need to offer some form of security against the loan. This can be in the form of vehicle, boat, chattels, plant equipment or property.

Credit rating – we require that you have a reasonable record of being able to meet previous commitments.

2. How much can I borrow?

You can borrow from $1,000 to $50,000 depending upon the asset purchased, security
Involved and credit rating. Loans above $50,000 are available by negotiation.

3. What proof of ID and income do I need?

We require that you provide us with two forms of identification – copies are fine and acceptable forms are: drivers’ licence, passport, ID card and birth certificate.
Proof of income can be 3 months payslips; 3 months bank statements showing salary payments inward or company tax returns.

4. What are the maximum and minimum loan periods?

Our usual loan periods are from 12 to 60 months – you choose – other terms are available upon request and subject to approval.

5. Is there a minimum age requirement?

Yes, the minimum age is 18 and we may require a guarantor for applicants under the age of 21.

6. What/who is a guarantor?

Panda Finance may require that the loan be guaranteed by way of a parent, parent in-law, employer or any other such person deemed suitable and approved by us. Any person acting as a guarantor will be independently credit rated and responsible for all loan obligations.

7. Do I need insurance on the security?

Yes all items used as collateral need to be insured and a copy of the insurance certificate forwarded to Panda Finance.

8. How do I make finance payments?

We want to make repayments as easy as possible for both parties so to repay your loan as per the contract, payments are set up by automatic Direct Debit from your bank to our bank.

9. Can I sell the secured item before the end of the term?

Yes but we need to be notified, the remaining balance needs to be paid and we can then release the registered security against the item.

10. Can I be pre-approved before I’ve chosen what I want to buy?

Yes – this makes life a whole lot easier if you are looking around for a vehicle to purchase and already know the approved amount you can borrow.

11. Do you do property loans?

Not yet but maybe in future!!