Jacaranda Finance launches 60-minute car loan for average Australian borrowers

The digital lender’s new product aims to help the average Australian borrower get behind the wheel of a new or used car sooner.

Offering car loans from $5,000 to $25,000, Jacaranda Finance rates start at 10.48% per annum (comparator rate of 12.56% per annum*) depending on the customer’s individual credit score.

When evaluating clients, Jacaranda Finance uses Excellent, Very Good, Good, Fair and Average ratings.

Those with an average credit score can expect to receive a rate of 24.00% per annum (comparative rate of 42.10% per annum*).

Customers can opt for a loan term with Jacaranda from 12 to 36 months, with weekly, bi-monthly or monthly repayments.

Jacaranda Finance car loans are designed to reduce the time it takes Australians with an average credit score to get approved financing for a new set of wheels, saying customers can receive approval and settlement in as little as 60 minutes.

Jacaranda Finance CEO Daniel Wessels says too much auto loan commentary and advertising focuses on the top percentile of borrowers and misses out on the majority of people looking for finance. automobile.

“If you go online and search for car loans, you’ll probably find a website advertising ultra low interest rates of less than 5%, telling you to apply for the loan at the lowest rate you can find,” said said Mr. Wessels.

“But in reality, these loans are really only available to the best of the best: the lenders who offer them won’t accept you unless you have extremely perfect credit.”


Advertising

Looking for a new car? The table below shows auto loans with some of the lowest interest rates on the market.



Lender


Variable New 1 year More details
NO CONTINUING FEES

New – Special

  • Unlimited additional refunds
  • Flexible repayment options
  • Can apply online
  • You could win a $1,000 fuel gift certificate. Open to customers who arrange a car loan with loans.com.au. Terms and conditions of application.

New – Special

  • Unlimited additional refunds
  • Flexible repayment options
  • Can apply online
  • You could win a $1,000 fuel gift certificate. Open to customers who arrange a car loan with loans.com.au. Terms and conditions of application.
Fixed New 2 years More details
FAST FREE APPLICATION PROCESS

Quick New Vehicle Loan Low Rates

  • Quick application process with no monthly fees
  • Low fixed interest rates with terms up to seven years
  • New car loans cover cars for up to 3 years

Quick New Vehicle Loan Low Rates

  • Quick application process with no monthly fees
  • Low fixed interest rates with terms up to seven years
  • New car loans cover cars for up to 3 years
Fixed New, used 99 years old More details
APPLY ONLINE

Car loan

  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options

Car loan

  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options
Variable New 1 year More details
APPLY ONLINE

Electric and hybrid car loan

  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options


*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of August 4, 2022. See disclaimer.


Image by Snowscat via Unsplash

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