Frequently Asked Questions and Information
KBB Music and Finance Now are happy to be able to bring you one of the most secure and competitive financing options available in New Zealand. Along with Hire Purchase and Personal Finance, we are also able to offer Business Finance and Business Rental options. Personal Finance may be applied for online from this site, Business Finance and Business Rental options will need to be discussed with your local KBB Music store (you can find contact details here).
Below are the questions that frequently arise with regard to Hire Purchase, hopefully your question is answered here. If not, please feel free to contact us with your query.
Why use Finance?
- Credit Cards accrue interest on a daily basis, so unless you clear the amount every 55 days (approx) you will be paying interest, upon interest.
- Save your credit card for a rainy day or an emergency.
- You pay fixed payments over a known period - which can help with budgeting.
- Increased buying power - Buy what you WANT not what you can afford.
- Hire Purchase interest is tax deductible.
Finance General Information
- All Finance is done through Finance Now, the same company that we use in-store.
- The Interest Rate is 19.40%, same as an in-store finance sale.
- There is a $55 booking fee and a $2.75 per month administration fee, which all the finance figures on this site show, this is the same as our in-store booking fee.
- Choose your own term from 6 - 36 months.
- Consumer Credit Insurance is available, and it is optional although we strongly recommend you take it. Amongst other benefits, the prime benefit for musicians is cover for theft from a locked vehicle or locked premises. The added cost is a mere fraction of what it would cost if it were stolen and it wasn't at home. You can arrange this when you come into the store to finalise the paperwork.
- You can apply for 'no deposit' finance, same as in-store. Paying a deposit reduces your repayment amount.
- If the online approval system returns a DECLINED result - do not panic. It's not a categorical decline. You can request that a Senior Lender reviews the application, send us an email using the Contact Page link above. The application will reviewed by a Finance Now Senior Lender during business hours. Remember that Finance Now WANTS to lend you the money and they will look for all ways in their power to lend the money. This online system is great, but it can only produce a result based on the information entered.
- If the system declines you, and a Senior Lender also returns a decline there is another application method that we can try with Finance Now which is called a 'non-conforming application'. This is a broader spectrum approval which covers first time borrowers, and borrowers with past credit issues. It's a chance for people to set or reset their credit history with Finance Now. The interest rate is 24.9%, $55 booking fee and $2.75 per month administration fee. The increased interest rate makes approximately $30 difference per thousand dollars over a 12 mth contract. What this means is that you CAN buy that gear NOW.
- You will need to come into a store to sign the financial paperwork and collect the goods. When you do this, you will need to bring in some form of ID for us to witness. Acceptable forms of ID are drivers licences, Cards with your name embossed on them (most Credit Cards and SOME bank cards). If you do not bring this with, we can not complete the sale.
Unfortunately, we can't complete the entire transaction online, this process is just a 'pre-approval'. If you are unable to get into a branch, please call your nearest branch or email us so we can work out a form of payment for you.
- When the system APPROVEs you, it will give you a letter to print out and bring into the store. Once you bring this in, we will match it up with our system and be able to complete the paperwork. If you have opted to pay a deposit, this is when you should bring it in. We do not accept personal cheques - Cash, Credit Card or EFTPOS only for deposits.
- When you click on the Next --> button above, you are redirected to a secure iFrame which will popup in a new window. This on Finance Now's secure server. You can be assured that your details entered will be confidential.
KBB Music, in conjunction with Finance Now, can fund musical equipment to any organisation that is not using the equipment for personal use. This can include;
Professional musicians (whether they are GST registered or not)
Schools / Educational Facilities
Societies (Churches, Charities etc.)
This finance is available now through all KBB Music stores, and you can download the application form online.
Finance Now’s Business Finance provides the following benefits:
Does not affect other working capital facilities
From no deposit lending
Immediate access to equipment/goods
Minimal impact on cash flow
Tax deductibility benefits (depending on type of organisation)
Minimum is $500. Maximum (with normal credit checks) $20,000. Finance over $20,000 is available; a full set of Company accounts will be required for Finance Now.
To view and download the Business Finance Application form, please click below.
Please note that no information is stored or retained on our servers, so you will need to store a copy of the application for your records.
Once approved, you will need to visit a KBB Music store to complete the paperwork.
If you have any questions, please contact us.