Liberty Finance Review | Lenders

Best for

Older vehicles, which can be up to 20 years old at the end of the loan

Consumer or commercial customers with impaired credit, such as past defaults or bankruptcy agreements

Draw backs

Higher rates for medium to strong credit customers, looking for newer vehicles

Less forgiving on recent payday lending

Liberty Financial overview

Liberty Financial is an Australian non-bank lender that was formed in 1997 offering a broad spectrum of lending products, including home loans, car loans, businesses loans, SMSF products and other personal loans.

The company covers a broad range of customer types and has favourable credit policies for customers with paid defaults or for older vehicles.

Liberty primarily uses third parties to acquire customers, including mortgage brokers and asset finance brokers (like Driva).

Liberty Financial has over 1,000 reviews on Product Review and a decent customer service rating of 4.2/5. This means the Liberty team is well established and frequently recommended by customers across Australia.

How to apply for a Liberty Loan

To apply for a car loan with Liberty, you’ll need a minimum comprehensive credit score of 300, earn over $20,000 per annum and have had at least 6 months of full-time employment.

While getting a loan with Liberty is a good option for customers with impaired credit, you’ll also need to demonstrate that you’ve made all your recent repayments on existing loans on time (at least for the last 6 months).

See if you qualify for a Liberty loan in minutes

Find my rates

Fixed rates from:

9.15% per annum (10.69% comparison rate)

Loan amounts:

$5,000 - $100,000

Loan terms:

2 - 7 years

Loan types:

Consumer and commercial loans

Min. credit score:

300

Min. income:

$20,000 per annum (before tax)

Co-applicants?

Yes

Fees:

Monthly: $10-$15 depending on loan amount
Early termination charges: Variable, but usually around ~$800
Brokerage: Up to $1,450

*Updated 15/04/24

Big no-no's (automatic declines)

If you've been using paydays in lieu of wages

If you’ve recently used Deferit

If you’ve made use of the Government’s Early Super Access Scheme

If you’ve taken a payment holiday from any of your existing facilities (within the last 90 days)

Driva tip: Using the Driva platform you can find out whether you meet Liberty's lending criteria quickly and easily. We vet your application against all credit policies to ensure you're very likely to be approved before sharing your information.

Other hot tips

Early termination charges apply and can be expensive (~$800+) depending on when you look to pay the loan out

Borders will have expensive rates with Liberty - no matter what your credit score is. This is because Liberty has a strong preference for customers who are property backed

Liberty Financial - Frequently Asked Questions

How does Liberty decide what rate to charge me?

Liberty considers a number of factors when deciding whether a customer is eligible for a personal or business car loan and, if so, what rate they will be charged.

Liberty looks closely at three key factors when deciding what tier (and therefore what rate) to give a customer:

Age of the vehicle being purchased: the older the vehicle, the higher the rate
Credit score of the applicant: the higher the better
Living situation of the applicant: homeowners will get the best rate, while borders are heavily penalised.

Driva takes the hard work out of figuring out exactly what rate Liberty will give you is done for you. Just enter some basic personal information to see what these tailored rates are from Liberty (and the other lenders on our panel) without impacting your credit score.

‍Learn: what lenders look for when pricing your loan

Does Liberty charge fees?

Liberty charges a variety of fees for their car finance product. As with all Driva lenders, these fees are included in the monthly repayment shown at the time of your instant quote, which is the best point of comparison when deciding which lender to choose when you're looking for a great rate.

These fees include:

Establishment fees: $495
Monthly fees: $7.70-$15.00 (depending on risk profile and length of loan)
Early termination fees: Variable, but usually around ~$800

Don't forget that every lender charges fees and that these charges (including any money that lenders pay to Driva) are already built into personalised quotes. The monthly repayment figure you see is exactly what will come out of your account each month and fully inclusive of all costs (bye bye hidden fees!).

How does Driva get paid by Liberty?

Liberty pays us for sending them, high-quality customers. This payment generally includes two components:

Brokerage: up to $1,000
Commission: 2 - 4% of the amount financed (depending on risk profile)

As with all lender fees, these are not payable from you to Driva directly and are not required to be paid upfront. Rather Liberty incorporates them into your total loan amount, which is paid off over the life of the loan.

Driva’s rate quotes for Liberty are higher than what I’ve seen elsewhere!?

You can not apply with Liberty directly (only through a broker), and all car loan brokers have access to the same rates. This means that if you're seeing a lower rate somewhere else, it could be because other brokers are showing generic comparison rates that will be increased later in the process when it comes to signing the loan contract.

While we know interest rates vary by vehicle age, credit score and living situation, no other car loan companies in Australia have the technology required to instantly calculate rates based on your unique circumstances.

This means that other providers show generic starting rates earlier in the process, and you should always check with your source to see if the interest rates you are seeing are tailored to your specific situation and all fees are accounted for. If you still think our rates are higher than you’re seeing them elsewhere, we’d love to hear from you. Email us at hello@driva.com.au.

Who is Liberty Finance owned by?

Liberty Financial Group Ltd is part of a network that includes its immediate parent entity, Vesta Funding B.V., and its ultimate parent entity, Hestia Holdings B.V. The company operates in the Netherlands, New Zealand, and Australia, employing approximately 430 people. Administered from its head office in Vermont South, Victoria, Liberty Financial's ownership structure reflects a global presence and strong backing. At Driva, we find that Liberty Financial's diverse international connections enhance their ability to offer innovative and competitive financial products to our customers.

Is Liberty Finance a bank?

No, Liberty Financial is not a traditional bank but rather an established Australian non-bank lender. Formed in 1997, they offer a wide array of lending products, including but not limited to home loans, car loans, business loans, SMSF products, and other personal loans. Their non-bank status allows them to provide flexible and often more personalised financial solutions. As one of the lenders available through Driva, Liberty Financial offers an alternative to traditional banking, catering to various financial needs and preferences.

Liberty Financial Car Loan Review