Fees: here's what you should know
We're transparent about lender fees, including the ones they pay us, to eliminate hidden surprises!
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. By law, this fee is capped at the cost Driva incurs when processing 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 | 10.70% | 11.70% |
Brokerage | $270 | $270 |
Establishment fee | $140 | $70 |
Total fees incl. in monthly payment | $410 | $340 |
Monthly payment | $765 | $780 |
Driva tip: by choosing Lender A instead of Lender B, you would save $900 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 | 10.70% | 11.70% |
Brokerage | $270 | $0 |
Establish. fee | $140 | $240 |
Total fees incl. in monthly payment | $410 | $240 |
Monthly payment | $1109 | $1141 |
Driva tip: by applying through Driva instead of directly through the lender, you would save $2,688 over the life of the loan even after accounting for the brokerage fee the lender pays us!