Got more questions?
Uncovering answers to your Driva journey
If not we’re always happy to hear from you directly. Feel free to try us on contact@driva.co.nz or 0800 033 163
About Driva
We're new, and we want to tell you all about us
What is Driva?
We’re a digital car and personal loan platform that matches consumers with lenders. In simple terms, we assist you in navigating a multitude of New Zealand lenders to secure the best rate suited to your individual circumstance.
Engaging with lenders is our daily endeavour, saving you the hassle. This enables us to present you with personalised rates from various lenders all in one spot, ensuring transparency with no hidden fees or last-minute interest rate hikes before you seal the deal.
Is Driva a lender?
Driva is not a lender, rather we aim to assist you in navigating the existing lenders in the market.
Given the plethora of lenders already available, we believed adding another to the list wasn't necessary. This positions us uniquely as we have no incentive to misguide you for commission gains.
Is Driva trustworthy?
Absolutely, and our customers agree—our Excellent Trustpilot rating attests to that. We're recognized and regulated by New Zealand's financial authorities, listed on the New Zealand Financial Services Provider register. This means we follow strict compliance rules, guaranteeing that our operations are both trustworthy and in full legal compliance.
What can Driva assist me with?
Be it a fresh pair of wheels, financing hefty expenses, or embarking on a global adventure, Driva is here to support. Our secured loans cater to a vast array of automotive needs, from commercial equipment and camper vans to trucks and motorbikes.
Facing other significant expenses? Driva's straightforward unsecured personal loans offer the flexibility to manage various situations, from debt consolidation and medical bills to vacations and home makeovers.
Whatever your loan purpose, Driva's platform simplifies the procedure, ensuring you snag the best deal.
Do you handle used cars or private sales?
Absolutely! Our extensive network of lenders encompasses dealership and private sales, along with used and brand-new vehicles. Whether it's vintage, pre-owned, or fresh off the lot - we've got you covered!
The process
Our platform is quite streamlined. Here's the detailed scoop.
How do I secure my quote?
Simply follow a few straightforward online steps to share your basic details, and you'll promptly have access to your optimum quotes from our lender panel. Driva's platform autonomously evaluates your profile against our lender partners' criteria to identify which loans you're likely to be eligible for, along with the applicable interest rates. These rates are customised to your personal profile, diverging from the generic starting rates you might stumble upon elsewhere that alter right before contract signing.
Does inquiring for quotes with Driva affect my credit score?
No, obtaining your rates with Driva won't affect your credit score.
Only after you've selected your preferred lender, submitted your final application to us, been reviewed by the Driva team, and given consent will your application be forwarded to your chosen lender for a full credit assessment, which may impact your credit file. This ensures that there are no unnecessary credit enquiries on your file - lenders are only authorised to conduct the required credit checks once we're certain you have a high likelihood of approval and you are ready to proceed!
What documents are needed to apply?
To access your Driva Dashboard and receive personalised rate estimates, no documentation is needed.
For loan application assessment, typically a driver's licence and the two latest payslips are required. Most lenders also need your last 3 months of bank statements, which can be digitally retrieved via the Driva platform! Occasionally, additional documents may be requested, and we'll inform you accordingly.
Once approved, merely provide the vehicle sales invoice and proof of comprehensive insurance, and you're all set!
Need assistance choosing a lender?
Our adept team is ready to assist anytime - just ring us at 0800 033 163 for any inquiries!
Why the need for financial details?
Navigating through a loan application requires a chunk of information.
Driva and our lending partners abide by the Credit Contracts and Consumer Finance Act, necessitating us to gather sufficient details about your financial position (like current income, expenses, and assets) to reasonably assess the loan's suitability.
Rest easy, your information is securely stored and solely used for this purpose.
Can a co-applicant be added?
This varies with lenders. Some permit adding a partner or child as a co-applicant, assessing both parties' financials during application.
Remember, the lower of the two credit scores is considered for your interest rate, so in certain scenarios, a single applicant might fetch a better rate.
Why do you need my partner's information if I apply solo?
We won't include your partner as a co-applicant unless requested. Yet, most lenders wish to understand your partner’s financial standing for expense splitting purposes, though they aren't liable for loan repayments!
For instance, shared rent of $1,000 monthly implies a 50-50 split, requiring knowledge of your partner's income. Rest assured, all information is securely stored and used solely for this purpose.
Still deciding on a car? No worries!
Loan pre-approval doesn't necessitate a chosen car. For secured loans (typically 2008 models or newer), the vehicle age affects your interest rate. If undecided, we estimate based on the likely vehicle age and price. For older models (2007 or earlier), unsecured loans are an option, even allowing fund access before seller engagement.
Vehicle details or loan amounts can be amended later, with pre-approval entailing no commitment. Explore our handy car loan calculator to gauge borrowing capacity.
Where does the approved loan amount transfer to?
For a 2008 model or newer, secured car loans are likely your best bet, with funds directly transferring to the seller, be it a dealership or a private individual, ensuring a swift transaction.
For vehicles 2007 or older, unsecured loan options are more common, with funds transferring to your bank account, giving you the flexibility to pay the seller at your convenience.
With unsecured personal loans, funds directly transfer to your bank account for your usage.
Our lenders
We work with them all day everyday, so you don't have to
Which lenders are affiliated with Driva?
We collaborate a diverse panel of lenders, ensuring the proposals align well with the vehicle of your interest and your financial circumstance.
Lenders vary in responsiveness and support quality, but our selection prioritises a frictionless customer experience and competitive rates across varied scenarios.
How do lenders determine my rate?
Lenders customise rates based on multiple factors, like the vehicle's age, credit score, past defaults, housing status, and employment stability. Different lenders may prioritise different factors. With Driva, we simplify this process—input basic details and discover tailored rates from various lenders to select the best fit.
Do Driva’s lenders charge fees?
Nearly every lender has associated fees; the key is considering them when choosing a lender.
All fees, including those paid to us by lenders, are incorporated into personalised quotes, making the displayed monthly repayment figure a true reflection of your cost (no hidden fees!).
How does Driva get paid?
Compensation varies by lender, but none charge you directly upon loan settlement. Lenders compensate us for connecting them with quality customers, and any fees are embedded in your quoted monthly repayments.
Transparency is our hallmark, ensuring you're always aware of these fees when receiving quotes from us.
Why might Driva's rate quotes be higher than others for the same lender?
Rate discrepancies aren't surprising as comparison rates are influenced by loan amount, vehicle age, credit score, among other factors. Unlike others in New Zealand, our technology instantly calculates interest rates based on your unique situation.
What is an APR?
APR, the annual percentage rate, signifies the annual rate charged for borrowing, exclusive of all fees and charges.
What is a balloon payment?
A balloon payment, the final payment at the loan's end, usually a percentage of the total loan value, affects the interest paid and monthly repayments.
Higher balloon payments yield more interest but lower monthly repayments. If the vehicle's value at loan end surpasses the balloon payment plus accrued interest, a balloon payment might be viable. Otherwise, it's advisable to avoid balloon payments, especially as lenders often set a cap on them, particularly for older vehicles.
Credit score
What it means, and how we protect it
Does my credit score affect my rates?
Certainly. Lenders evaluate your credit score for loan eligibility, with some determining your interest rate based on your score—the higher the score, the better the rate.
Does seeking quotes with Driva affect my credit score?
No worries there. Driva’s initial rate provision doesn't impact your credit score. The process involves a “soft credit check,” ensuring no record on your credit file until you finalise a lender choice post-Driva vetting.
How does Driva perform a soft credit check?
Utilising the details from your initial inquiry, a "soft credit check" is conducted via our partners at Equifax, obtaining the crucial score lenders use for loan pricing without marking an enquiry on your credit file.
How can I check my credit score and history?
Your credit score, summarising your credit history, influences lender decisions on loan eligibility and possibly the rate. Check your score for free with our partners or obtain a detailed credit history directly from Equifax. For insights on improving your credit score and loan rates, contact us at the provided email or phone number.
Believe my credit score or history is inaccurate, can you assist?
We can access only the information Equifax provides on your credit file, with no capacity for amendments or resolution requests. If inaccuracies are suspected, liaise directly with Equifax via their corrections portal to rectify any errors.