Find your best BMW finance rate with Driva

The maximum amount you’ll be able to borrow depends on a few factors, including the car you’re looking to buy, your credit score and the type of loan you’re after. Driva works with more than 30 lenders, with available consumer loan amounts ranging from $2,000 to $250,000 and up to $750,000 for commercial car loans. 

If you’re looking to increase your maximum borrowing amount, one way you can do this is by increasing the duration of your loan term. Keep in mind however that the longer your loan term is, the more you’re going to end up paying in interest overall. 

To get an idea of how much you could borrow with a Driva car loan, you can use our car loan calculator, or jump straight into getting your personalised loan rates.

When it comes to assessing and pricing your loan, one of the main factors that lenders will look at is your credit score. Typically the higher your credit score, the better rates you’ll be eligible for. 

Your credit score isn’t the only factor that lenders will consider - in fact, for some lenders, it’s not even the most important factor. Lenders will often also consider the type of car you’re buying, your income and the type of loan you’re after. 
Before you start applying for BMW finance, it’s a good idea to check out your credit score and credit history, and you can do this for free with Equifax. This can help you understand why your credit score is the way it is, and give you the opportunity to check for any errors on your credit file.

Car finance is the easiest and fastest way to get a BMW if you don’t have the cash on hand to buy it outright. It can also help you free up cash that you would have otherwise invested in the outright purchase of the BMW.

Once your loan has settled and you’ve got your hands on your new car, you’ll begin making regular loan repayments to your lender. These are normally made monthly, but depending on your lender you might be able to make your repayments weekly or fortnightly. Interest and lender fees will be included in your monthly repayment amount.

Every lender charges fees, so it’s important to take these into account when considering your loan options. These fees might include early repayment fees, monthly fees or an early exit fee.

If you’ve got any questions about car loans or would like further information on how the finance process works, feel free to get in touch with our friendly finance team! Give us a call on 1300 755 494 or email us at contact@driva.com.au. It can also be a good idea to seek external personal advice depending on your financial situation and personal needs.

Whether you’re looking for personal finance or business finance, Driva has a range of finance options available. On the consumer side these include secured and unsecured loans, and on the commercial side we have chattel mortgage, finance lease and hire purchase arrangements available. 

You can also consider dealer finance or BMW financial services, but bear in mind that you won’t be able to compare loan options from a variety of lenders (like you can with Driva).

Absolutely! We can finance brand new and second hand cars, whether you’re buying from private sellers, auctions or car dealers.

When you’re comparing loan options, you’ll probably notice the annual percentage rate (APR) and the comparison rate. Lender quoted APRs are the base interest rate you’ll pay on a loan, but they don’t include any fees you’ll incur, so they can be a bit misleading. We recommend relying more heavily on comparison rates, because they include nearly all fees (excluding things like stamp duty), so are a much more reliable indicator of what you’ll end up paying each month.

Getting your personalised quotes with Driva is a quick and hassle-free process - it takes less than two minutes for you to see all of your eligible and most competitive rates from our panel of over 30 lenders (and won’t impact your credit score at all). You’ll just need to tell us a few details about yourself and the type of car you’re interested in financing, and we can take it from there!

Nope, applying for quotes with Driva won’t have any impact on your credit score. We’ll run a ‘soft credit check’ which means that we’re able to access the same score that lenders will use to price your loan, but without recording an enquiry on your file.

Only after you’ve chosen your ideal lender, submitted a final application to us, and we’ve made sure you’re likely to be approved, will we share your application with the lender who will run a full credit report. This helps to speed up the process with the lender, and ensure that you don’t get any unnecessary credit enquiries to your file.

This will depend on the lender, but some lenders may allow you to nominate a parent or child as a co-applicant. This means that the lender will assess both parties’ income and expenses when processing the application. 

It’s good to keep in mind that the lender will look at the lower of the two credit scores when calculating your rate, so in some cases, you’re likely to get a lower rate if you apply as a single applicant.

In order to legally drive a car in Australia, you’ll need to take out compulsory third party insurance - depending on which state or territory you’re in, this could be included in the cost of registration. You’ll also need to take out comprehensive vehicle insurance in order for your loan to settle with any of the lenders on our panel.