Credit Concierge has thrown down the gauntlet to the big four banks, offering car loan interest rates that are more than seven percentage points lower than some of its big rivals.
Credit Concierge offers car loans from just 4.79% (comparison rate 5.34%). Yes, really.
That compares to significantly higher interest rates from the big four banks:
- Commonwealth Bank = 6.99% (8.05%)
- Westpac = 8.49% (9.67%)
- ANZ = 12.45% (13.32%)
- NAB = 12.69% (13.56%)
As the chart below shows, taking out your next car loan through Credit Concierge, rather than one of the big four banks, could save you thousands of dollars over the life of your loan.
Credit Concierge will do the leg work, so you don’t have to
So how, you might be wondering, is Credit Concierge able to offer such low interest rates?
The answer is that Credit Concierge works with a network of finance brokers, who can compare hundreds of different loan products from more than 30 of Australia’s best lenders combined with industry leading technology that can match you with the best loan product the first time.
That panel of lenders includes the big four banks, other well-known brands like Macquarie Bank, Latitude Financial Services, and Liberty, and challenger lenders like Pepper Money and Firstmac.
As a result, Credit Concierge is able to pair you with a broker who specialises in situations just like yours; and the broker is able to present you with a range of car loan options suited to your personal circumstances.
Even better, Credit Concierge’s network of car finance experts means it has access to car loans and interest rates that aren’t available to the general public and that’s where the real power connecting with Credit Concierge kicks in.
Credit Concierge puts its money where its mouth is
Credit Concierge is so confident in its car loan offering that it has promised to make payouts to borrowers who are offered lower interest rates on comparable car loan products.
Borrowers need to find a lower rate on a comparable product from a lender on Credit Concierge’s panel of lenders. Credit Concierge will then pay the difference between the total interest cost of its loan and the total interest cost of the rival loan.
To qualify for the payout, borrowers must have received a formal loan offer from the rival lender before they have received a proposed loan contract from Credit Concierge and the loan must settle with Credit Concierge to qualify. Full conditions can be found here.