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0.70/1.00% Discount off The Standard Vehicle Finance Rate for Hybrid & Electric Cars and Free Credit Check @ GoGreenMoney.com.au

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Hey OzBargain, long time deal snatcher, first time poster. My name’s Vince and I’m the founder of Go Green Money, we’re a brokerage that specialises in asset finance & vehicle sourcing. Essentially, we work for our clients to source the absolute best deal on the market across 21 financial lenders and a number of car dealers Australia wide. The core reason for starting this business was to shed as much transparency across a traditionally convoluted and ‘shady’ industry. Below I have two offers for the community and will be taking questions for the remainder of the day.

Offer 1. 0.70/1.0% Discount off the Standard Vehicle Finance Rate for Hybrid & Electric Cars.
Offer 2. Free ‘Equifax ID Basic’ credit score check ($59.40 value) for all new applicants.

Offer #1 -

This is a green vehicle finance initiative that provides consumer and commercial applicants with a discount on our standard rate. The program supports investment in energy efficiency, in particular low CO2 emission passenger and light commercial vehicles.

To Qualify:

  • 0.70% eligible for consumer finance applicants.
  • 1.00% eligible for commercial finance applicants.

Advantages

  • Enjoy a discount off our standard rate
  • Potential fuel savings
  • Reduce your carbon footprint

Vehicles that Qualify

  • You can search through an extensive list of qualifying vehicles at https://www.greenvehicleguide.gov.au/
  • Eligibility of vehicles will be dependent on their level of CO2 emissions
  • Passenger or Light Commercial vehicles
  • New or Demo
  • Maximum loan of $200,000

The right question is ‘how do I know I’m getting the best base rate?’

Every applicant’s rate is different depending on their unique set of life circumstances. Each lender reviews an application using their own set of measurements to pre-determine the applicant’s strength in profile. Although such measures are not made public by the lender, below is an indicative tiering of key criteria used in combination to distinguish what rate-band the applicant can qualify for. I’ve also included examples of real life people circumstances and outcomes on rate. For privacy, I have not included any personal details, the rate-band shown below is based on new car applicants.

Low-Risk, Consumer: 5.64 – 7.64% (ABN: 5.85% - 7.85%)

  • 2+ years employment in same industry/occupation or self-employed.
  • Maximum of two jobs in three years.
  • Full Time permanent employment, long term contractor, or long term Self-employed.
  • Maximum of two addresses in three years.
  • Home Owner or Home Buyer or Asset Backed.
  • Mature/established credit file with modest activity or activity appropriate for profile.
  • A-Rated or Good credit reference history (if available) and with no financier related credit adverse.
  • (ABN only) Time in business greater than 24 months.

    Example Client: Ozzy Baringar
    Qualifying rate: 5.99%

  • Purchased a brand new 2019 Toyota Corolla hatch.

  • Asset backed and owned her property outright for 7 years.
  • ‘A’ rated credit file with a credit score of 703.
  • Provided a loan statement for a 2 year old personal loan illustrating strong payment history without a missed payment.

    Why didn’t she qualify for 5.64%?
    Was working as a full-time HR manager with a large firm and moved to a new full-time role with a different company. At the time of the application, had only been working for this company for 18 months.

Mid-Risk: 6.74% - 8.74% (ABN: 6.10% - 8.10%)

  • Minimum 2 years employment in same industry/occupation or self-employed.
  • Full Time permanent employment, long term contractor, permanent Part Time, long term Casual or Self-employed.
  • Maximum of two addresses in two years.
  • Home Owner or stable renter.
  • Credit File with regular activity or periods of higher activity greater than 6 months ago.
  • Good or Satisfactory credit reference history if available and with possible paid financier related credit adverse listed on credit file over * 24 months (as a single credit event) prior to application.
  • (ABN only) Time in business greater than 18 months.

    Example Client: Jane Hunter
    Qualifying Rate: 7.61%

  • Purchased a brand new 2018 Kia Cerato Sedan.

  • Full time permanent employee as a data administrator at a medium sized company for 4 years.
  • Owned a Harvey Norman credit card, provided statements that showed consistent payment history.

    Why didn’t she qualify for 6.74%?

  • Previously a boarder living with parents and had recently moved into her own rental property for 12 months.
  • Due to moving to a new property for the first time, there was a high amount of activity on their credit file as the applicant was looking to purchase household goods.

High-Risk: 10.74 – 12.74% (ABN: 7.10% - 9.10%)

  • Employment History reflecting a higher frequency of change and/or different industries.
  • Perm PT, PT, Casual or Self employed.
  • Renter, Boarder, Living with parents.
  • New Credit File or established Credit File with high recent activity.
  • Satisfactory or Mitigated Slow credit reference history (if available) and with possible paid financier related credit adverse listed on credit file over 12 months ago (single credit event) prior to application.
  • (ABN only) Self-employed greater than 12 month.

    Example Client: Bernadette Bennis
    Qualifying Rate: 10.74%

  • Full time hair and beauty advisor at Hair House Warehouse for 1.5 years.

  • No prior lending history.
  • Renter for 1.5 year but now boarding with partner.
  • Teleco default over 1 year old that was listed as fully paid on the credit file.

I’ll be here to answer questions but feel free to drop a quote request at gogreenmoney.com.au or call me direct on 1300 29 29 33. We’re open 24/7, Australia Wide, thanks for your support!

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closed Comments

  • +1 for good sum up. Always wondered what's the exact criteria when they do something like 'let me talk to my manager' or 'my crystal ball says'…

    • If you're in the finance field, particularly vehicle finance, you need to be able to summarise otherwise there's too many disclaimers.

      And if you know anything about automotive finance, you'd know 1% is a negotiable amount.

      People seem more than happy to negotiate vehicle pricing, yet take finance rates at face value.


      Personal bug-bear when people up-vote rep posts because of effort put in. Should be voting on the deal itself, not the essay.

      • Never seen 1% loan from any 3rd party financier. Other than something like Toyota finance 1% special.
        Which I heard they pass some of the costs into the vehicle price itself?

        • Never seen 1% loan from any 3rd party financier.

          Oh jees you up-voted but didn't read the title?!

          It's 1% off the standard rate! And that's only for business clients, it's 0.70% discount for personal.

        • Iv'e worked in vehicle finance for over 20 years , and anytime you see a 0% or 1% deal , it's normally targeted on only one or two vehicles in the manufacturers range , and it's there as a method to boost the sales of a particular model that for whatever reason is not selling .

          When companies such as Toyota VW or Nissan run these low interest campaigns , they don't "pass some of the costs into the vehicle price itself" . Actually it's quite the opposite in fact, these low interest rate campaign vehicles are also normally very heavily discounted ,in order get rid of the model/s that they are having a problem with .

          Notice that Toyota never offer low rate deals on Hilux , that's because it's the biggest selling vehicle in the country , and they don't need to subsidise the interest rate to sell them.

          A word of caution , 0% rate may be a great finance deal , but as I said it's usually only offered on a car that's not selling.
          And if a car is not popular when it's new , it may mean it's also not going to be popular when you want to trade it in , so it's re sale value will more than likely suffer.

          • @Cheep Charlie: On the contrary, I think 0% finance deals are fantastic. What you're saying is a very misleading way to justify higher finance sourced through a broker (and a broker's commission!)

            anytime you see a 0% or 1% deal , it's normally targeted on only one or two vehicles in the manufacturers range , and it's there as a method to boost the sales of a particular model

            Yeah like every other product you buy that is ever on special (obviously). This is awesome for people in the market for that particular model though. If your advice is to avoid products that are on special, I think you might be targeting the wrong audience :)

            they don't "pass some of the costs into the vehicle price itself"

            Not really sure what you mean by 'passing costs into the vehicle' but yes the use of in-house finance to avoid the cost of third party brokers who take a cut of the deal reduces the cost of doing business. So with in-house finance the cost of goods sold is lower, thus there can be a passing on of some of that reduced cost base to the customer for deals from time to time.

            A word of caution … if a car is not popular when it's new , it may mean it's also not going to be popular when you want to trade it in

            So again a bit misleading because almost all cars are depreciating assets. Just because there is a limited time finance deal doesn't mean it is the sole determining factor for future value - particularly compared to the costs of paying a significantly higher interest rate sourced from a broker. A lot of the more recent 0%-type finance deals have guaranteed buy back which reduces/eliminates the risk of higher than expected depreciation. It also makes it easier to calculate the total cost of ownership for the finance period.

            • @ajole: Not trying to "mislead" anyone , I'm not trying to push a particular product on here ,so there is zero benefit to me in trying to mislead the forum .

              I posted my opinions about low rate campaigns , after a couple of decades of experience in the industry , and I stand by my original post.

              The forum members can read it, and make up their own minds.

    • Cheers! We're just hoping to be as transparent as possible. Let me know if you have any other questions, I'll be here throghout the night.

      Vince @ Go Green.

  • Does this require both the purchase and finance through your company, or can just be the finance by itself with the vehicle sourced elsewhere?

    Your post doesn't seem to indicate 1 way or the other

    • No, this doesn't require both the purchase and finance to go through Go Green. You're able to finance the vehicle and source it yourself. We've got a big enough network and at the very worst case we can price check against the price you've received and keep the dealerships honest.

      Vince @ Go Green

  • Given the recent sales of new cars beng so low are you able to get these cars at a significant reduction on rrp. I am in the market for an electric car be it PHEV or totally electric. Currently have PHEV outlander.

    • Can you let me know the exact vehicle that you're after, Johnno101? I'll reach out to our network and list some pricing here for you to compare.

      Vince @ Go Green

    • Recommend having a look at the Toyota RAV4 Hybrid , the new model was launched last month , and all the available stock in Australia sold out within 2 weeks.

      Toyota dealers have no stock but are taking orders , but you need to be prepared to wait until Oct/Nov to get one , due to the popularity .

      A scarce car new, is also going to be a scarce car used , a good sign for a great re sale value when you eventually want to trade it .

  • The issue with rav 4 is that it’s hybrid not electric. Looking for say the ioniq

    • Good car - I've spoken to our network, the last Ioniq was sold for $33,983.91 drive away.

      But what features are you looking for? As you know, vehicles can range from basic to luxuries as leather and a sunroof.

      Let me know, i'm here to chat, feel free to give me a call anytime on 1300 29 29 33 and we can explore further.

      Cheers,
      Vince @ Go Green

  • So, what's the bargain here? Your rates aren't amazing. You also haven't listed any information about your Offer #2.

    • Hi Tromboc, thanks for the reply this morning.

      Just so I understand a little more, could you point me in the direction where a consumer loan is listed at 4.64% for a car so I can compare? I’ve been in the industry for a number of years, and it’s been a very long time since 4.64% has been available to the consumer lending market.

      I’m more than happy to dive into Offer #2 with you, It’s a free ‘Equifax ID Basic’ credit score check which is valued at $59.40 for all new applicants.

      Vince @ Go Green

      • Hi Vince,

        It's probably more your job to do the homework before posting a "Bargain", but since you asked so nicely…

        0.7% discount (1% commercial) for low emission vehicles is not a unique discount available only to your lender, and is available from many other lenders, including those with lower base rates such as loans.com.au 4.99%.

        Also your quoted 4.64% is factoring in the commercial discount 1% off the already lower consumer lending rate. How is this possible? I hope your loan applications are more accurate!

        • Thanks for the reply, Tromboc.

          You are correct, thanks for picking that up! - consumer is 0.70% which brings the rate down to 4.94% for a consumer vehicle purchase. Sorry, a lot of numbers throughout the day and I must have mixed them together in my reply.

          Loans.com.au work as a comparison website, they also have brokers that have access to a panel of lenders. The 4.99% offer you're referring to will be through RateSetter - Loans.com.au don't offer their own funding.

          We're still overall cheaper, and thanks for picking the error up!

          Vince @ Go Green

          • @GoGreenMoney: loans.com.au are a lender, backed by Firstmac, that much is pretty easily visible on their website.

            The 4.99% I'm referring to is their standard rate at present, plus a 0.7% discount brings it to 4.29%, I'm not sure what math you're doing, but 4.29 < 4.94 in my books.

            You should check them out: https://www.loans.com.au/car-loans/personal/green-cars

            I'm not just trying to troll you, if you were to come out with a genuine bargain I'd be all over it, I'm in the market for a new car myself. OzB is supposed to be a dedicated space to advertise genuine bargains, not a newsfeed that businesses can hijack to freely advertise, and you're coming off as the latter.

  • With regards to the "Eligibility of vehicles will be dependent on their level of CO2 emissions" - how do we know what the eligibility is?

  • Can I just say if you currently have a home loan with very good equity on it, redrawing from that to pay for vehicle (not to mention sometimes there is a cash discount) would be cheaper than going through this.

    • -1 vote

      Hi Burningrage,

      Thanks for this. I hear this point alot.

      While I agree that home loan rates are lower, this does not necessarily mean you are paying less money overall. The size of the debt, coupled with the issue of compound interest, will result in you paying more over the life of the loan when comparing to a traditional car loan. If you have structured repayments for your home loan, you may be able to save money that way (if you structured to make extra repayments to pay the car off within 3 or 4 years). If you do keep the car for the term of the mortgage (25 years for example) on a $30,000 car you'll end up paying close to $80,000.
      Still, it's always best to speak with your financial advisor about it as it might be beneficial in your circumstance.

      Vince @ Go Green.

      • My issue with car loan is that all fees and charges as well as interests are capitalized in advance resulting in no real benefit nor any incentive for the borrower to pay the loan earlier. That was the experience I had in the past.

        Home Loan does not work like that. That itself I believe, is already a strong argument in favour of redrawing/offset instead of applying for car loan which would affect credit rating, possibly intrusive questions (it was only 2-3 days ago I read an article in The Australian about lenders asking about bubblecups / whey protein bars spend habit in borrowers' loan application).

        Of course this only applies if you have spare equity, if not then I would say 5.64% (if you can get it that is) is a very good deal.

  • Thank you for replying though GoGreenMoney.

    Really appreciated.

  • @GoGreenMoney: Just trying to see if you could provide your best quote on Toyota RAV4 Cruiser AWD Hybrid.
    As mentioned by some above, it's in demand and queued up already but curious given you have the network.
    No, I'm after the 10% discount but good on the guy asking it (you can't get if you don't ask).