July 16th, 2018
Connective today announced that peer-to-peer lender RateSetter, will provide its member brokers with the first fully-digital consumer car loan designed specifically for the broker channel.
In the first agreement struck with an aggregator and exclusive to Connective, the RateSetter Car Loan provides brokers a seamless, fast and simple online application-to-settlement journey with a market-beating 4.95% p.a fixed interest rate (6.55% comparison rate*) to prime customers^, making it the highly competitive of any consumer car finance product available through the third-party channel.
RateSetter’s flexible offering can be used both to finance the purchase of a vehicle or to refinance an existing car loan. Other notable features of the product include the availability of same day settlement / funds transfer and the ability or to repay the loan early with no exit or break fees. Physical inspections are not required, even for private sales.
In launching the new product, the Head of Connective Asset Finance, Brent Starrenburg said;
“With some of the major consumer asset finance lenders pulling out of the market in recent times, we felt it necessary to work with our partners to create alternative products to ensure our broker network continues to have viable choices.
With this in mind, we leveraged our existing relationship with RateSetter to jointly develop a product that will place our brokers in a strong position to offer their clients a compelling proposition in the motor vehicle finance space.
We are seeing strong growth in the volume of motor vehicle deals coming through our broker network and this competitive, flexible and efficient online product has been designed to make it as easy as possible for our brokers to diversify into the motor vehicle space and grow revenues.”
RateSetter joined the Connective lender panel in early 2017.
* Comparison rate based on rates available for a 5-year, $30,000 secured automotive loan for a borrower with an excellent credit history and a vehicle less than 3 years old as at 10 July 2018. Amount is all-in amount of credit applied for, including stamp duty, insurance costs, and brokerage fees but excluding loan establishment fees. WARNING: This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Your personalised rate may be different to the example.
^ A prime customer is a borrower with an excellent credit history and a vehicle less than 3 years old. If you want to be more specific, a top-tier customer has a credit score over 750 and is either a property owner or has been in their job for 12 months.