Fees: here's what you should know
We're transparent about lender fees, including the ones they pay us, to eliminate hidden surprises!
We're on the driver's side
Here's what you should know about fees that might be charged in Driva car loans
No hidden fees
Our quoted monthly repayments are inclusive of all fees. This includes fees the lender charges you and fees the lender pays us (some on your behalf)
Special rates
Some of our lenders give us special rates, and we work with a number of lenders you can't apply for directly. This means you'll usually get a better deal through Driva than going direct
You always choose
Different lenders pay us differently, but this never impacts the options we show you. Driva customers will always be free to choose the lowest cost option for them
Lender fee types
Every lender charges fees. These are available to Driva customers in their Proposal Disclosure Statement, but here's a summary.
| Fee | Payable upfront? | Paid to Driva? | Description |
|---|---|---|---|
Establishment fees | x | x | Lenders charge this for setting up your loan. This fee is added to your loan amount and payable as part of your monthly repayments |
Monthly fees | x | x | Added to your monthly repayment, and covers the cost of ongoing customer support |
Early termination charges | x | x | Added to your monthly repayment, and covers the cost of ongoing customer support |
Brokerage | x | o | This is added to your loan amount, and is paid to Driva by the lender for introducing the loan |
Monthly Repayment is King
There's a lot to digest when thinking about your next car loan. But when it comes to understanding the car loan options Driva has quoted you, monthly repayment is king. This is because all fees are included in the quoted monthly repayment, ensuring you can compare like-for-like between lenders.
| Lender A | Lender B | |
|---|---|---|
Loan amount | $35,000 | $35,000 |
Loan term | 5 years | 5 years |
Interest rate | 4.69% | 6.17% |
Brokerage | $990 | $990 |
Establishment fee | $700 | $400 |
Total fees incl. in monthly payment | $1,690 | $1,390 |
Monthly payment | $696 | $706 |
Driva tip: by choosing Lender A instead of Lender B, you would save $600 over the life of the loan even though Lender A has an establishment fee twice the size!
How Driva helps you save
Driva vets your application against thousands of data points to ensure approval confidence, and has access to special rates as well as lenders you can't access directly. You also might be surprised to learn that it's often cheaper to go with Driva than direct to the lender for identical loans.
| Lender A Through Driva | Lender A Applying directly | |
|---|---|---|
Loan amount | $65,000 | $65,000 |
Loan term | 7 years | 7 years |
Interest rate | 5.19% | 6.19% |
Brokerage | $990 | $0 |
Establish. fee | $700 | $700 |
Total fees incl. in monthly payment | $1,690 | $700 |
Monthly payment | $949 | $990 |
Driva tip: by applying through Driva instead of directly through the lender, you would save $3,444 over the life of the loan even after accounting for the brokerage fee the lender pays us!
More questions?
