CarClarity

CarClarity, Australian vehicle loan comparison platform

CarClarity is an online financial comparison service based in Australia, operated by CarClarity ACL Pty Ltd (ABN 50 606 243 243 / ACN 606 243 243, Australian Credit License 478 874). The company presents itself as Australia's first fully online car loan platform and as a financial comparison service that allows users to get finance options in about 60 seconds.

Available finance products

The platform's offering covers different types of vehicle loans and other financing needs:

• New car loans
• Used car loans
• Business car loans
• Car loan refinancing
• Other loans, including personal loans and home loans

Financing is offered on both a secured and unsecured basis. According to the information published, financeable vehicles include cars, SUVs, utes, motorbikes, caravans, jet skis and electric vehicles. The platform also mentions finance for boats, trucks, equipment and personal loans for renovations or holidays.

Lender comparison and matching technology

CarClarity states that it compares more than 50 Australian finance companies and more than 1000 finance products. Its smart matching technology shows estimated repayments based on the applicant's circumstances. The platform also offers a loan calculator and an affordability calculator to estimate repayments and budgets.

The company states that getting loan matches does not affect the user's credit score, although once the application process begins a credit check is carried out which may impact that score. The rates published on the site start from 6.49%.

Application and approval process

The process is 100% online: the user completes a single application and is matched with more than 30 lenders. CarClarity handles the checks and negotiates the price. The company indicates that most approvals happen within 24 hours, and some even faster. It also states a finance approval rate of 91%, based on applications submitted to CarClarity lenders between 1 October and 31 December 2021.

The platform serves self-employed applicants and people with a negative credit history, and works with lenders that offer options for different financial situations. In certain cases it may refer users to partners such as Credit Repair Australia, Credit Wipe or FixMyCredit to improve their credit score.

Team and background

CarClarity was founded in 2020 by Zaheer Jappie, Luke and David Fahim, with the aim of digitalising and simplifying the car loan application process. The management team includes Zaheer Jappie as chief executive officer, Elias Istanbouli as chief operating officer and David Fahim as chief commercial officer, with previous experience at organisations such as RateSetter, Flexigroup, Prospa, Zupply, Five2One and Seek.

Scope of service and conditions

CarClarity describes itself as an online financial comparison service that gives access to a team of experts to select car loans from a panel of more than 40 lenders and more than 1000 finance products. The company clarifies that the products compared on its site do not necessarily compare all features that may be relevant and that it does not compare all rates in the market. All applications are subject to the credit provider's credit assessment and eligibility criteria, with terms, conditions, fees and charges applicable. The information provided is factual information only and does not constitute financial or tax advice. CarClarity may receive commissions from the lenders it recommends.