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FAQs - Products and Services FAQs
The following Questions and Answers are for your general information only and not intended to be legal or financial advice. For the purposes of choosing the appropriate financial product suitable to your needs, we suggest you consult your financial advisers regarding your specific circumstances and requirements, and consult your legal adviser regarding your rights and obligations under any proposed contract before signing it.
- Can I pay my account weekly?
- Can I make my payment by Credit Card?
- Is my interest charge reducible?
- What is Volvo Car Finance 's interest rate?
- What happens if there is an accident and my car is written off?
- How much can I borrow?
- What financial information do I need to provide to Volvo Car Finance when applying for credit?
- Why do I have to Comprehensively Insure my car?
- How does GST affect my Lease contract?
- Will I pay GST on my loan repayments on my Consumer Loan?
- When do I receive a Statement on my account?
- What Finance Products does Volvo Car Finance Offer?
- How do I change my address or other details on my account?
- Can I make lump sum payments and still draw direct debits?
- Does Volvo Car Finance provide finance for the purchase of other goods and services, like renovations to my house?
Can I pay my account weekly?
Yes, the only requirement is that the weekly payments made during the month must equal the contractual monthly instalment. The balance of the monthly instalment needs to be paid by the due date. Unfortunately, at this time, we are unable to offer you a direct system other than monthly. You may pay by cheque, etc at your local Westpac office or have your bank set up a periodical payment.
Can I make my payment by Credit Card?
No, Volvo Car Finance does not offer that payment option, you may pay by Direct Debit, Bank Authority or Coupon Slip.
Is my interest charge reducible?
You can reduce the amount of interest payable if you are on a Uniform Consumer Credit Code contract. The amount of the rentals under a lease or hire purchase agreement are predetermined and you will not benefit from paying any rentals early. You do however, receive a rebate of interest if you finalise your account early.
What is Volvo Car Finance 's interest rate?
Volvo Car Finance has a number of financing and leasing options available. Your best option is to visit our nearest dealer and speak to the business manager there.
We are not a general financier. Our charter is to support the dealer network and their customers. As a result you will need to talk to your local dealer.
What happens if there is an accident and my car is written off?
We require for your protection and ours that your car is comprehensively insured at all times. In the event of an accident you should submit a claim to your insurer. Please note you must continue to pay normal monthly instalments pending determination of your claim.
If the car is not insured, we will take possession of the vehicle and sell it at public auction. You will continue to be liable for the difference between the net sales proceeds received from the vehicle and the current payout. You should contact us to discuss how your account should be paid out.
How much can I borrow?
Subject to satisfying our normal credit criteria, we will advance up to the full amount of the motor vehicle being purchased, although in certain circumstances may require you to contribute some deposit in the case of a loan or a commercial hire purchase agreement. We recommend a deposit to help reduce interest charges and monthly instalments. Volvo Car Finance may also finance the cost of loan insurance and comprehensive motor vehicle insurance.
What financial information do I need to provide to Volvo Car Finance when applying for credit?
Volvo Car Finance will require details of your income, your regular monthly commitments, three years history of employment and residency as well as a current driver's license.
Why do I have to Comprehensively Insure my car?
To protect you, Volvo Car Finance and any other party involved in an accident. Should you write-off your car without insurance then you will still have a debt to repay. Effectively you will be paying for a vehicle you no longer have use of.
How does GST affect my Lease contract?
Any Lease contract written after 1/7/00 will attract a 10 % GST as will the Residual Value.
Will I pay GST on my loan repayments on my Consumer Loan?
No, GST is not payable loans.
When do I receive a Statement on my account?
Statements are sent automatically once a year in July.
What Finance Products does Volvo Car Finance Offer?
If you want to discuss in detail how Volvo Car Finance can assist you, we suggest you speak with your local Volvo Car Dealer alternatively this web site provides information on our products.
How do I change my address or other details on my account?
There are a couple of options. You could contact our customer service centre, the phone number can be accessed by clicking here, alternatively you can email us by selecting the "contact us" option on the homepage.
Can I make lump sum payments and still draw direct debits?
Yes, the payment will be credited to your account and direct debits will still draw on your normal due dates. The net effect is that your account will be paid out earlier.
Does Volvo Car Finance provide finance for the purchase of other goods and services, like renovations to my house?
No, Volvo Car Finance 's business is financing new and used motor vehicles through our dedicated Volvo Car Dealers.