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Driva Car Loans Review

Applying for a car loan with Driva? We review the platform's lenders, interest rates, fees, pros and cons.
Updated 15 October 2024
Summary of Driva
  • Driva is an online car loan broker that works with lenders such as UDC, Branded Finance (part of Avanti Finance), Community Financial Services, Geneva Finance, Finance Now and Financial Holdings Ltd, all active car lenders in the New Zealand market. Driva exists to compare lenders and offer customers the best deal, specific to their needs.
  • Lenders fees apply to each approved loan. This is in line with other lenders such as Harmoney, AA Money, MTF Finance, banks and finance companies.
  • Driva has been operating in Australia for some time and launched its New Zealand operations in December 2023 and is focused on delivering an online self-select car loan comparison tool.
  • Unlike banks and traditional lenders which take time to process details and make a decision, our experience with Driva found that we got a quote from five lenders within about a minute.
  • Cars can be purchased with private sellers, dealers or second-hand car yards - there's no restriction.
  • Early repayment is permitted, with fees based on the underlying lender's terms and conditions.

Advertising Disclosure: MoneyHub may receive a payment if you make a purchase on our website. Such commercial arrangements have no influence on our independent reviews of financial products. Please refer to our advertising policy for more details.
Our Guide to Driva
  • In this review, we analyse Driva and the service its self-select car loan comparison tool offers.
  • The application process is fast, with approval decisions in minutes, subject to documentation and final checks by the Driva team.
  • Lending is secured and unsecured. You may get matched with an unsecured loan automatically depending on the loan amount and the age of the car. Unsecured loans usually come with a higher interest rate (vs secured loans), so applicants will see secured loans by default unless the vehicle is too old in which case Driva will show you an unsecured loan.

We look at what Driva offers borrowers, covering:

Know This First: Can I apply directly with the lenders Driva lists? Will they offer a better interest rate?

We asked Driva, who responded:
"There are some lenders on the Driva panel, such as Branded Finance/Avanti, where customers are unable to apply directly. There are others where Driva gets wholesale interest rates that aren't accessible to the public. Lenders are happy to give Driva these interest rates given all the pre-qualification and assessment work Driva does, which they would otherwise have to do themselves if the customers were applying directly".
Christopher Walsh
MoneyHub Founder
​MoneyHub's Top Car Finance Options - Avoid high interest rates and fees with our trusted lenders.
  • We focus on highlighting the top car finance options to help you avoid costly high interest rates and unnecessary fees that add up too quickly. Our extensive research has consistently highlighted two trusted lenders who offer fair, competitive interest rates for most borrowers.
  • Simplify – A dedicated car loan specialist, Simplify has built a strong reputation for offering some of the most competitive rates and terms in the market. For 2024, we've named them our Favourite Car Loan Lender for their customer-focused approach and proven ability to get New Zealanders into cars with great finance deals. 
  • Harmoney – If you prefer a low-fee personal lender with an easy, fully online process, Harmoney is a great option for secured car loans. Their streamlined application can help you secure a loan quickly and efficiently.
  • Why Compare? Comparing car finance options can save you thousands. Even a 1% lower interest rate can significantly reduce your repayments. While dealership financing might seem convenient, it often comes with higher costs to boost their profits. By exploring different lenders and brokers (such as Simplify and Harmoney), you can secure a better deal, avoid unnecessary markups, and ensure you're not overpaying for your car.
  • Important: The interest rate you lock in now will impact your repayments for years to come, so choose wisely and compare before committing.
  • Advertising Disclosure: We may receive a commission if you proceed with a loan through our partners. However, this does not influence our recommendations, and all lenders are thoroughly vetted for fairness. Rates vary based on individual credit profiles.

Driva - Understanding who qualifies for a loan

Driva’s borrowers are, historically, individuals looking to purchase a car. Driva has a strict application process and only individuals who meet the following criteria can borrow:
  • Be at least 18 years old.
  • Be able to afford the loan you are applying for.
  • Provide identity confirmation with either a valid New Zealand Driver’s License or a valid New Zealand Passport.
  • Provide bank statements for the last three months (these will be processed and assessed by a credit agency to see your borrowing ability)
  • You’ll need to list all income sources, your assets (e.g. house, investments, savings etc.), liabilities (e.g. credit cards, personal loans etc.) and your mortgage or rent expenses (separately from liabilities)

Getting a loan quote and securing a car
  1. You can get a free quote which helps you decide if the interest rate is reasonable, or if you should apply elsewhere. You will specify your desired loan amount and some employment and housing information.
  2. If you accept a loan, you'll be charged fee, added to the loan total, depending on the amount borrowed. As the loan is secured (unless you've been offered an unsecured loan), non-repayment after a certain period of time will mean your car will be repossessed. 

Pros and Cons of Driva

Pros:
  1. High Satisfaction Ratings: Third-party review sites such as Trust Pilot show that over 90% of reviewers rate Driva with five stars, indicating excellent customer satisfaction. However, we cannot validate or verify these reviews and take them at face value.
  2. Instant online quotes: Driva offers instant online quotes from 5+ lenders without the need to deal with anyone over the phone. Quotes are emailed to you at the same time so you have a record.
  3. Effective Communication: Driva's team has a reputation for prompt and clear communication and is focused on ensuring customers are well-informed throughout the loan process.
  4. Flexible: Driva is willing to work with individuals in different financial situations, including those with bad credit or affordability challenges. While many lenders focus on high-quality, high-value loans, Driva goes beyond this and offers a range of lending options.

But, be aware:
  1. Fees can be high if you miss payments or default. This is standard with any car lender but it's essential to be aware of to manage your budget and personal finances.
  2. Always compare the offer you receive with other options. Harmoney is a dedicated alternative lender and has a reputation of providing low interest rates to borrowers with strong credit histories. Driva doesn't offer loans from Harmoney so it's worth a comparison.

Have the best chance of loan success

The speed and success of a loan being approved will depend on how well you complete your loan applicant. For the best success, be sure to:
  1. Be honest when answering all questions
  2. Insert the most up to date numbers you have for income, debts and other related personal finance questions

Driva's Fees – How fees are charged to borrowers

  • Driva's lenders charge each borrower an establishment fee when their loan is approved and drawn down to finance a car. 
  • In some cases, where loans are arranged via a broker or car dealer, an additional fee may be applied.
  • When registering your security (i.e. car) against the loan, there is a PPSR fee, which will vary based on the lender.
  • Other fees apply, but these tend to be for non-standard needs. These are published on their fees section.

Driva Car Loans - Customer Experience and Feedback

Driva has lots of positive customer feedback on its Trust Pilot reviews page, with over 1,000+ 5-star reviews from genuine customers. However, these are largely from Australian customers (Driva's main market) but we understand the customer processes and support are very similar.

The common theme seems to be the helpfulness of customers being continually informed of the progress of their applications throughout the process, making buying a car simple and easy.

Based on the customer reviews we analysed for Driva up to March 2024, the prominent themes of customer experiences observed include:
  • Efficiency & Speed: Numerous customers have appreciated their loans' quick and smooth processing. This includes swift application handling and speedy communication, resulting in fast approvals and fund transfers.
  • Service & Communication: Many reviews highlight Driva's outstanding customer service. Staff members are noted for their professionalism, helpfulness, and effective communication. There's a notable appreciation for the personalised service provided by individual team members, adding a sense of trust and comfort to the experience.
  • Ease of Use: Customers have found Driva's processes user-friendly and straightforward, including applications and document submissions. The online system is frequently mentioned as convenient and efficient.

Areas of Improvement:
  • Transparency and Clarity: A few customers indicated a need for more clarity and transparency in the initial stages of the loan process. Better initial explanations and guidance could enhance the customer experience.
  • Process Delays: Some reviews mention occasional delays in the loan process or in receiving responses. While not a widespread issue, it highlights the importance of consistent efficiency in service delivery.

In conclusion, Driva is generally well-regarded for its efficiency, excellent customer service, and user-friendly process. While there are minor areas for improvement, the overwhelmingly positive reviews suggest a strong customer satisfaction record.

Driva Car Loan Security

A secured loan is where a borrower puts up an asset (like a vehicle) as collateral for a loan. Driva's lenders offer secured and unsecured loans.

Be aware: If you've taken a secured loan,  the asset the loan is secured over (for example, your car) can be repossessed if you miss too many loan repayments and default on your loan; additional fees will also apply. For this reason, we suggest making sure the car loan you apply for is affordable over the 1-7 years you plan to repay it. If it isn't, we suggest looking for a more affordable car. Having a car repossessed can affect your employment and other repayment obligations. 

Driva Car Loans - Our Conclusion

  • Driva is self-select focused and offers a no-obligation quotes from a range of car lenders within a minute. Borrowers can then make a formal application and, in many instances, refine their quote.
  • Driva's website is designed for effortless navigation, speed and transparency. This approach is achieved without compromising on affordability; by comparing interest rates upfront you can see who is offering the besrt deal.
  • Any potential borrower can get a "yes" or "no" from Driva within a minute.
  • The fees with each lender do vary, as outline in our car loans comparison guide.
  • ​Application/dealer/broker fees will be added on, and can range from $0 to $500+, depending on your lender. What fee(s) you pay will be shown upfront before you agree to any loan.
  • Repayments work like any other debt, and there is a credit team to talk to if any borrower falls behind or needs to make a hardship application. Loan variation fees apply in such cases, as is standard with any car loan.
Christopher Walsh
MoneyHub Founder
​MoneyHub's Top Car Finance Options - Avoid high interest rates and fees with our trusted lenders.
  • We focus on highlighting the top car finance options to help you avoid costly high interest rates and unnecessary fees that add up too quickly. Our extensive research has consistently highlighted two trusted lenders who offer fair, competitive interest rates for most borrowers.
  • Simplify – A dedicated car loan specialist, Simplify has built a strong reputation for offering some of the most competitive rates and terms in the market. For 2024, we've named them our Favourite Car Loan Lender for their customer-focused approach and proven ability to get New Zealanders into cars with great finance deals. 
  • Harmoney – If you prefer a low-fee personal lender with an easy, fully online process, Harmoney is a great option for secured car loans. Their streamlined application can help you secure a loan quickly and efficiently.
  • Why Compare? Comparing car finance options can save you thousands. Even a 1% lower interest rate can significantly reduce your repayments. While dealership financing might seem convenient, it often comes with higher costs to boost their profits. By exploring different lenders and brokers (such as Simplify and Harmoney), you can secure a better deal, avoid unnecessary markups, and ensure you're not overpaying for your car.
  • Important: The interest rate you lock in now will impact your repayments for years to come, so choose wisely and compare before committing.
  • Advertising Disclosure: We may receive a commission if you proceed with a loan through our partners. However, this does not influence our recommendations, and all lenders are thoroughly vetted for fairness. Rates vary based on individual credit profiles.
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