Driva

Driva: online loan brokerage for vehicles and personal finance

Driva is an Australian-licensed credit broker that operates exclusively online. Its activity consists of intermediating between those seeking financing and a network of more than 50 lending institutions, offering a comparison of options at no direct cost to the user. The company presents itself as a navigator that guides the client through the application process, from the initial simulation to final approval.

Financing products

Driva's catalogue covers several categories of loans:

• Car loans, both new and used.
• Personal loans for major expenses.
• Debt consolidation.
• Novated lease, a form of vehicle leasing linked to salary.
• Financing for electric vehicles, motorcycles, and refinancing of existing loans.
• Business car loans.
• Extended car warranty.

In addition, the firm offers specific products under agreements with manufacturers: LeaseMyTesla, Tesla Guaranteed Future Value, and Zeekr Novated Leasing.

How the service works

The process begins with an online application that, according to the company, takes about two minutes. Based on the information provided, Driva generates a smart match with pre-qualified rates from partner lenders. The user can then choose the offer they prefer with full transparency on rates and fees. Before submitting the application to the lender, Driva checks that it complies with more than 1,000 different credit policies, with the aim of protecting the applicant's credit history. Once approved, the final documents are reviewed and the funds are released.

The company states that the total process time can be completed in as little as 24 hours, although timelines vary depending on the chosen lender. The initial enquiry does not affect your credit history.

Transparency and rates

Driva emphasises rate transparency. Each quote includes the comparison rate, which reflects the true cost of the loan by incorporating all associated fees. The company advises focusing on the comparison rate or the monthly repayment rather than the nominal interest rate, which can be misleading. The rates shown on the site are indicative and vary according to the applicant's profile, the age of the vehicle, and their personal situation. Driva states that the personalised rates it offers do not change later in the process.

Lender network and coverage

The company works with more than 50 car and personal loan lenders. According to its presentation, the selection of lenders is based on criteria of customer experience, speed of response, and rate competitiveness. Driva operates throughout Australia and mentions cities such as Sydney, Melbourne, Perth, Gold Coast, Adelaide, Hobart, Canberra, and Brisbane.

Company background and approach

Driva was founded from a personal experience of its CEO, Scott, who in 2017 went through a particularly frustrating vehicle financing process: his application was declined without explanation after four and a half days, and it also generated two enquiries on his credit file that reduced his score. The company presents itself as an alternative that avoids such practices, with no incentives to steer the client towards unsuitable options.

Licence and guarantees

Driva Pty Ltd operates under Australian Credit Licence No. 531492 and ABN 37 636 659 160. The firm offers a better rate promise: if the client finds a lower rate for the same loan elsewhere, Driva matches the offer and provides a $300 gift card; if it cannot match it, the client still receives the card with no obligation. Eligibility conditions are detailed in the site's terms and conditions.