Vehicle Loan

Security-backed loans to assist in the purchase, alterations and repairs of vehicles are available

Lending Policy

Paraloan’s lending policy requires, all applicants, where eligible, will be expected to have made application in the first instance to one or more of the following agencies:

a. Accident Compensation Corporation

If your physical disability is covered by ACC, please apply to the Accident Compensation Corporation in the first instance.

b. Enable NZ

Enable NZ provides resources for people with disabilities. For more information, visit www.enable.co.nz or phone 0800-171-995.

c. Lotteries Grants Board – Welfare Committee

If you are not eligible for assistance from ACC or Enable NZ, you may apply for a grant from the Welfare Committee of the Lotteries Grants Board. For more information visit Lottery Community (Department of Internal Affairs) or phone 0800-824-824.

Paraloan will consider loan applications to meet any balance required, or where the applicant is not eligible for any other assistance as mentioned above. As a general rule, other avenues of funding are not available or affordable.

Loan security

Applications for car loans will not be considered unless the loan can be secured over a property in the first instance. Secondary consideration will be given to borrowers, if satisfactory chattel security (security over the vehicle itself) can be obtained.

A guarantee from a third party (could be a family member or friend etc.) will be asked for.

If seeking chattel security, a valuation of the motor vehicle must be obtained from the motor vehicle dealer from whom the vehicle is to be purchased, on their official letterhead.

Affordability

Paraloan will lend to people with physical disabilities where other sources of finance are not available or affordable, and when a loan is considered to be in the best interests of the applicant and the loan repayments and insurance are affordable.