Summary of Simplify

• Secured borrowing only for cars, with interest rates starting from 6.25% p.a. 
• Simplify is a car loan broker committed to finding customers the best deal on car financing. Its partners include Heartland Bank and Oxford Finance, among others.
• Fees of $276 to $600 apply per approved loan. This is in line with other lenders such as Harmoney, Squirrel, banks and finance companies.
• Unlike banks and traditional lenders, Simplify promises 'lightning speed' decisions, with a yes/no in minutes.
• 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 T&C. We believe the fees are reasonable based on our discussions with Simplify's team.
• Simplify also steps in to manage the purchase of a vehicle, and has a team of experts who can help with advice on the car as well as which finance product is best for you.

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Our Guide to Simplify

• In this guide, we analyse Simplify, an increasingly popular car finance arranger.
• ​Borrowers are attracted by very competitive interest rates, with 6.25% p.a. being the introductory rate for applicants with good credit. 
• Unlike traditional lenders who only offer their products, Simplify showcases a range of lenders with a commitment to getting the best deal. Unlike going directly, it negotiates the lowest interest rate for you. 
• The application process is fast, with approval decisions in minutes. 
• All lending is secured, meaning if you fail to keep up with repayments, your car will be repossessed. You'll also be charged penalty fees. 

In this guide, we look at what Simplify offers for Borrowers. We cover:

• Simplify Borrowing Review
• Benefits Of Simplify
• Simplify Fees – How Fees Are Charged To Borrowers
• Conclusion

Simplify’s borrowers are, historically, individuals looking to purchase a car. Simplify's application process is strict - 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 preferred car and model, income, assets and debts.
2. Loan application assessments are made fairly quickly, and you'll be contacted with a range of loan offers from different lenders.
3. If you choose to go ahead with the loan, Simplify's team handle the car purchase process, saving time and giving you trusted options. 
4. 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, non-repayment after a certain period of time will mean your car will be repossessed. 

1. Simplify arrange the car purchase process. If you're new to shopping for a new car, Simplify handles all the paperwork. It also offers digital loan document signatures to speed up the process. However, we encourage every borrower to read their loan documents in detail before signing. The purpose of this is to lower the risk to both the lender and borrower. Simplify wants customers who buy solid and reliable cars, which also protects their loan should the customer later default.
2. Decisions are made quickly, with a personalised interest rate which takes into account your credit history, income and assets.
3. A range of lenders are compared, with Heartland Bank being one of several 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. Simplify doesn't offer loans from Harmoney so it's worth a comparison.

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. Complete every section - leaving blanks can raise issues
3. Insert the most up to date numbers you have for income, debts and other related personal finance questions

Simplify Loans has lots of positive customer feedback on its Feefo reviews page, with over 100+ 5-star reviews from genuine customers. 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.

Complaints from applicants are limited to the broker fees, but in over 125 reviews, this has only been mentioned once.

Before applying, Simplify invites potential borrowers to get a quote to start the process.

A secured loan is where a borrower puts up an asset (like a vehicle) as collateral for a loan. Simplify only offers secured loans, which means it offers lower risk and ultimately lower interest rates. There is a $10 security registration fee. 

Be aware: The asset the loan is secured over 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 1-5 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.