Customer Process Steps

Customer Action: 

• The customer contacts one of our specialist advisors to express their interest in financing / refinancing an asset e.g., vehicle, machinery, or equipment).

Key Details Required:

• Type of asset to be financed.
• Estimated value and purpose of the asset.
• Desired repayment terms and budget.
• Our Role: Discuss initial requirements, provide an overview of finance options, and assess basic eligibility.

Customer Action: 

• Provide details about your business or personal financial situation.

Key Documents Required:

• Proof of identity (e.g., passport or driving license).
• Proof of address.
• Financial statements for businesses (e.g., profit & loss, balance sheet, or tax returns).
• Employment and income details for individuals.

Our Role:

• Analyse the customer’s financial position.
• Recommend the most suitable type of asset finance (e.g., hire purchase, lease, or refinance).
• Provide indicative terms, including interest rates, deposit requirements, and repayment schedules.

Customer Action:

• Complete the formal application form provided by us.
• Submit required documentation (as requested during the needs assessment).

Our Role:

• Verify the application and supporting documents for accuracy and completeness.
• Conduct initial checks to ensure compliance with regulatory requirements.

Our Role:

• Creditworthiness Assessment: Perform credit checks on the customer (or the business, for commercial agreements).
• Asset Valuation: Verify the value and condition of the asset being financed. This may involve:
  • Appraising the asset’s market value.
  • Checking its suitability and resale potential (in case of default).
  • Finalise terms of the agreement, including interest rates, fees, and repayment structure.
  • Outcome: Approval in principle (conditional approval) or rejection is communicated to the customer

Customer Action:

• Review the terms and conditions of the agreement carefully.
• Seek clarification or advice on any clauses, if necessary.

Our Role:

• Upon successful credit and asset evaluation, issue a formal loan approval.
• Provide a detailed finance agreement, outlining:
  • Loan amount.
  • Repayment terms (duration, monthly instalments, and interest rate).
  • Conditions of use and maintenance of the asset.

Customer Action:

• Sign the formal finance agreement.
• Provide any additional documents required, such as insurance for the asset or guarantor details (if applicable).

Our Role:

• Finalise all paperwork and ensure compliance with regulatory and legal requirements.
• Confirm the asset’s purchase details (e.g., seller / vendor details, invoice, or purchase order).

Customer Action:

• Take delivery of the asset and ensure it is used in accordance with the finance agreement.

Our Role:

• Pay the agreed loan amount directly to the asset seller or vendor.
• Confirm the transaction details with both the customer and the seller.

Customer Action:

• Make timely repayments as per the agreed schedule.
• Maintain and use the asset responsibly, as required by the terms of the agreement.

Our Role:

• Provide ongoing customer service, such as responding to queries about repayments or assisting with any issues regarding the asset.
• Monitor compliance with the finance agreement, including repayment schedules.