Credit Guide

As a responsible lender we need to make sure that any loan offer is right for you, that it meets your objectives and won’t place you under any financial pressure now or in the future.

Sprint Finance is a lender that carefully follows this code and will closely assess your application to ensure that the payments are affordable and the loan is in your best interests.

We are unable to lend where we consider you may struggle with the repayments now or in the future or where you are struggling with current financial commitments.

We specialise in no deposit car loans. These loans are always secured. We use the vehicle you are purchasing as security. Installing a GPS is win win – our security is protected and you get a great interest rate!

In some cases we install a GPS device that helps manage credit risk, in turn resulting in a fair interest rate.

We also sell Consumer Credit Insurance (CCI), Guaranteed Asset Protection Insurance (GAP), Mechanical Breakdown Insurance (MBI) and Comprehensive Motor Vehicle Insurance (MVI). Take a look at the range of Insurances that Sprint Finance offers to protect you, your family, and your assets.

These insurances may be required as a condition of your loan approval, however you are free to purchase suitable cover from any supplier.

Our minimum term is 12 months and our minimum loan is $3,000.

The vehicle being purchased will need to have a current registration and warrant of fitness, be 2005 or newer and have less than 120,000 k’s on the odometer.

We recommend that you purchase through a License Motor Vehicle Dealer so you are protected under the Consumer Guarantees Act. Buying privately can be full of pitfalls with the seller not having to provide any warranties that the vehicle is of good condition. Checkout out top tips for buy a car through a car dealer.

We do not lend against modified, sports or turbo vehicles.

What you can expect when you apply for a loan

When you apply for a loan, Sprint Finance has some responsibilities to you. Sprint Finance needs to make sure we understand your situation and your needs. This document tells you what we will do to help you and make sure you don’t get a loan that you can’t repay. These guidelines are provided for consumers who are borrowing money under a contract governed by the Credit Contracts and Consumer Finance Act 2003.

Understanding your needs

Sprint Finance will do everything they can to understand you and your situation, so you can make good decisions about your loan. Sprint Finance will keep all your information confidential.

We will need to ask questions about your financial situation. Depending on your circumstances, Sprint Finance may ask about your:

  • Income or benefits (including whether you have a full- time, part-time, or casual job)
  • Fixed expenses (such as rent, repayment of other debts, child support, and monthly or yearly expenses such as insurance)
  • Other expenses that come up from time to time (and any special or unusual circumstances that might change your ability to repay a loan)
  • Existing loans and whether your new loan will be used to repay your existing loans.
  • We need to make a clear determination that you can comfortably afford the payments now and throughout the term of the loan.
  • Credit history
  • Personal circumstances, including your age (especially if you are under 18) and the number of people who are financially dependent on you
  • Assets and their value (such as a house or car).
  • Responsible lenders may need to ask for proof about your financial situation.

Depending on your circumstances, proof may include:

  • Getting a copy of your credit report
  • Asking for copies of payslips, tax returns, and bank statements
  • Asking to see identity documents (e.g. a driver’s license or passport)
  • With your permission, talking to your employer or accountant
  • Asking to see original documents, not just photocopies
  • Checking in other ways (with other lenders for example, especially if any information or documents provided do not match).
  • Sprint Finance will do their best to understand your needs and goals. Depending on circumstances, Sprint Finance may ask about the amount you would like to borrow.

Deciding if the loan is right for you

Sprint Finance needs to work out whether you are able to repay a loan. As a responsible lender we decide not to give you a loan if we believe that:

  • You would be unable to repay the loan
  • You would find it extremely hard to repay the loan
  • You are struggling to pay other financial commitments
  • The type of loan will not meet your needs or goals.

Making sure you understand

As a responsible lender Sprint Finance will:

  • Do their very best to make sure you understand everything about the loan, including your rights and responsibilities, before you sign a contract
  • Give you fair terms and conditions, including clearly explaining interest rates and fees
  • Make fair decisions about the vehicle(s) being used as security for your loan
  • Make sure that any vehicle(s) or property used as security for your loan is clearly described in your loan documents and is understood by you
  • Make sure you understand the risks that come with having a loan, and the result of not repaying it, which might include repossession or the sale of any vehicle(s) or property you provide as security
  • Give you this information at the time you apply for the loan.

Helping you if things go wrong

If you are having trouble paying your loan you should contact Sprint Finance as soon as possible. We will:

  • Treat you reasonably if you miss payments. This may include renegotiating the terms of your loan where it is possible to do so.
  • Work with you to find solutions if you are having problems with your money, or suddenly face hardship. This may
  • include referring you to someone who can give you advice about how best to manage your money
  • Refer you to a budget advisor and work with the budget advisor if you ask for that
  • Help you to deal with any social service provider (such as Work and Income New Zealand) if you ask for that
  • Make sure that, if your property has to be repossessed, you are treated fairly, remembering that the lender also has a right to be repaid.

Being treated fairly includes:

  • Making reasonable efforts to tell you about other payment options before the property is repossessed
  • Repossessing only the property named as security in the loan contract
  • Treating you and your property with dignity and making sure the repossession agents also treat you fairly.

How we aim to resolve complaints

If we make a mistake or our service doesn’t meet your expectations, we want to know.

Step 1 – Customer Service

Our Customer Service team is your first point of contact for raising concerns. Talk to our staff and they will do their best to resolve your problem on the spot.

Step 2 – Complaint Resolution

If your complaint cannot be resolved by the end of the next business day then our Complaints Manager will take responsibility to work with you to resolve your questions quickly. We aim to resolve the majority of complaints within a maximum of 5 working days. If your complaints will take longer to resolve, we will update you progressively.

If we can’t resolve your complaint:

If talking to Sprint Finance doesn’t help, you can make a complaint to Sprint Finance’s independent dispute resolution scheme. This complaint scheme is free for consumers.

Scheme: Financial Disputes Resolution Limited (FDR)

Postal Address: PO Box 5730, Wellington 6011

Phone: (0508) 337 7337


Please also refer to Regulatory for more information.