Paleso Frequently Asked Questions

At Paleso, we know your financial situation and plans are as unique as you are. We also know there are a few questions we get asked a lot: so here are some basics to get you started. Of course, these are general answers; depending on your situation, we may have more precise information for you. So if you have a more specific query, or if your question isn’t on the list, please contact one of our expert team members either by calling us or completing the ‘contact us’ form online.

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  • What is the difference between a Personal Loan and a Car Loan?
    The distinct difference between a personal loan and a car loan is the car loan has some sort of security (usually the car you are buying) lodged against it. The security is used as a surety that the money will be paid back, and if it isn’t the car can be taken back to recoup the funds. Personal loans are unsecured, meaning there is nothing the finance company can recoup to sell and pay off the loan. Personal loans can be used to purchase cars, motorbikes, boats and equipment still, but as they are more ‘risky’ to a lender, they usually attract a higher interest rate and are harder to obtain.
  • I am working casually, can I still get a loan?
    People who are casually employed find it difficult to get a loan when they have been in the same role for less than 12 months, but there are still financiers that will consider all manner of different employment situations, even from as little as 1 month. Our advice is to get in touch with us and let us have a look at your whole financial profile: we may just be able to help.
  • I only receive an income from Centrelink, can i still get a loan?
    With the implementation of The National Consumer Credit Protection Act in 2010, the onus is on the broker and the lender to ensure that all applicants can comfortably afford to live and repay the loan. Because of this, all lenders have set living expense guidelines to which we have to adhere. However it is still possible in certain circumstances to help people on some Centrelink incomes to get a reasonable loan to help with purchasing a car. Talk to us about your circumstances and we will tell you very quickly if we can help.
  • My only source of income is Newstart allowance, are you able to help me get a loan?
    With the implementation of The National Consumer Credit Protection Act in 2010, the onus is on the broker and the lender to ensure that all applicants can comfortably afford to live and repay the loan. We are unable to assist applicants apply for and receive a loan who’s only source of income is Newstart allowance.
  • Why should I apply with you and not just go straight through my bank?

    Applying through us gives you the upper hand, by having us find the most suitable lender for the item you are purchasing and your financial situation. Why go to your bank and hope you meet whatever guidelines they currently have when you can let us do the shopping around for you to make sure you get the best deal possible.

  • Can you help with a loan for a private sale item?
    Yes, most financiers are happy to assist with private sale vehicles that are newer than 1997, have a Road Worthy Certificate and can and will be registered. There is a lot less protection and a lot more paperwork than if you were buying a car from a Licensed Motor Dealer, but we are here to help with that. We can complete the private sale vendor documentation and also complete the Encumbrance and Write-Off checks for you to make sure you are getting what you have paid for.
  • I have previously been bankrupt, can you still help me get a loan?
    As long as you are physically discharged, we have lenders that will look at the positives of your situation rather than completely exclude you for the negatives. It helps to show since the bankruptcy you have been able to control your financial situation without any trouble, and we could only help with getting you a secured car loan. Talk to us now and see how we can help.

    We can, on occasion, assist people who are undischarged from a Part 9 (Debt Agreement) bankruptcy, please contact us to discuss further.
  • I don’t live anywhere near one of your offices, can you still help me?
    Of course, we can complete all of the required paperwork over the phone and email, but you will need to have access to a JP to finalise the contracts. We have completed loans for people from Tasmania, to Perth and all the way to Weipa!
  • What does it all cost?
    To set up a loan will have some costs associated with it. All financiers charge an application fee, some have ongoing account-keeping fees, some have early exit fees. The fees vary between lenders, and also between states. Other costs that you may incur are PPSR fees, GST, Luxury Car Tax, and in some cases a fee from us for obtaining the loan on your behalf. Before your application is submitted to any lender, we email you with a summary of the fees that would be payable if the loan is approved. Of course, if you decide not to proceed or are unsuccessful, there is no cost what so ever for the assistance we have provided.
  • Can i get a “Pre Approval”?
    Yes – and we encourage this to ensure that you can shop with confidence. All we need is an idea of what you want to buy and the approximate year model range so we can make sure we choose the appropriate lender for that type of vehicle. Either contact us or complete a quote form online.
  • Is the interest rate you can offer me competitive?
    Due to the large volumes of loans we write each month, we have premium access to all the major broker compliant financiers in Australia. Not only that, our service is second to none, and we do all the research on each individual deal before sending any applications to a financier. Why not get a quote to find out?
  • I have defaults on my credit file, can you still help me?
    We often help people who have had some trouble in their past. We will always try and offer the most competitive offer possible. If you have had issues such as Defaults, Judgments or Bankruptcy on your credit file, we will access a specialist risk lender. Risk lenders take into consideration the good things that you are doing now, rather than focusing on the troubles of the past. However, as the finance is deemed to be of higher risk, the interest rates are often higher than ‘Prime’ lending options. Contact us to see what we can offer.
  • What is a PPSR search and why should I do one before purchasing a private sale vehicle?
    According to research conducted in 2010, of the 1.4 million cars sold by private sale in Australia, 5 % (that’s 70 000 cars!!) of those car buyers were misled or deceived about some aspect of the car. Predominantly this is by private sale buyers seller cars that are still encumbered to finance that has not been paid in full. Put simply, the seller could sell the car, put the money in his pocket and keep paying the loan off on the car. That is fine if the seller keeps paying the payments, but if he doesn’t, the car you have paid for in full could be repossessed. By doing a quick PPSR check prior to making a purchase of a private sale car, you can find out information such as :
    • the basic vehicle information (Make, Model, Colour etc)
    • if there is any money owing on the car still
    • if the vehicle has been recorded as stolen
    • if the vehicle has been recorded as a write-off
    Paleso will automatically do a PPSR check for you before you purchase a private sale car, so you can buy with confidence. It’s all a part of the service!
  • Can you process my application and get me an answer and then i’ll provide my supporting documents like payslips and bank statements?
    No, as part of the NCCP act guidelines, prior to submitting the application to any lender we are required to ensure you are able to comfortably afford both the loan repayments and your living expenses. It can be as simple as providing your last payslip with your Year To Date earnings displayed on it, and you can fax, email or post these to us. If you don’t get a payslip we can often use your last 3 months bank statements or a recent lodged tax return and notice of assessment from the ATO instead. We will require this documentation prior to submitting the application for you. If you have any situation out of the norm, just call or chat to us now and we will see what we can do.
  • What do you actually do?
    We are loan brokers. We work for you to get the most competitive finance and insurance deals for cars, trucks, vans, boats, business equipment, machinery, tractors, mowers, caravans, boats, jetski’s motorcycles, ATV’s, business furniture, fittings and equipment, medical costs, cosmetic surgery and more! We do all the running around from start to finish, so you don’t have to. Rather than going to a bank that has one set of rules and guidelines, we know the ins and outs of 32 different lenders that consider all sorts of profiles, incomes and goods and find the best deal suited to your situation.
  • How long does it take to get approved?
    For most applications, it only takes a few hours after we have all the supporting documents we need (payslips etc), but in some instances with complex or difficult applications it can take up to a few days. Rest assured we will keep in contact with you through the whole process so you know where we are up to. Once approved and documents are signed, the person or dealership you are making the purchase from will be paid within 1-2 days.
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Information about Paleso Finance Group

Paleso Finance Group are local Queensland based Finance and Insurance Brokers. We offer credit assistance services via our branch network as well as over the phone and internet to consumer and commercial clients looking to purchase large ticket items such as Cars, Bikes, Boats, Caravans. We also assist with personal loans to help fund other life events like holidays and medical costs. We act as an intermediary between yourself (the consumer) and the most suitable lender for your profile and request.

Russell Parker Consulting Pty Ltd ATF The Nosey Trust T/AS Paleso Finance Group.

ABN: 50 089 326 812
Australian Credit Licence # 376853

Phone: 1300 326 658
Email :