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!
+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'…