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NOW Finance Review

NOW Finance offer simple and transparent loans. Their Auto Loan features competitive, fixed interest rates that stay the same regardless of loan term, LVR or asset type and renters will get the same rate as home-owners. With no ongoing fees and the added benefit of pre-approval, you can negotiate your purchase with confidence

Best for

Renters: Customers who are renting.

Extended Loan Term: Where you want to borrow over an extended term, given they don't add a loading for longer terms.

Draw backs

Defaults/Bankruptcies: Won't lend to you if you have defaults, bankruptcies (current or previous) or court judgements

Centrelink as primary source income: Won't lend to you where Centrelink is your primary source of income

NOW Finance Overview

NOW Finance are dedicated to providing competitive financial products to help Australians make their next big purchase.

Entering the market with a Personal Loan product in 2013, NOW Finance disrupted the industry when they removed all fees in 2020, leading the way for many other non-bank lenders. More recently, they’ve launched their Auto Loan product, exclusive to brokers like Driva, to provide even more tailored options for people looking to finance eligible vehicles.

NOW Finance offers competitive, personalised rates that remain unchanged, regardless of the loan term, LVR or asset type. Renters receive the same rates as homeowners, plus there are no ongoing fees. Their Auto Loan can get you behind the wheel sooner without compromise - whether you’re purchasing a new car, campervan or any other eligible asset. With pre-approval and a guaranteed rate provided before you apply, you can negotiate your purchase with confidence.

See if you qualify for a NOW Finance loan in minutes

Find my rates
Fixed rates from:

Auto Loans: 9.29% (9.65% comparison rate*)

Personal Loans: 6.75%

Loan amounts:

Auto Loans: $3,000 to $150,000
Personal Loans: $5,000 to $100,000

Loan terms:

Up to 7 years with no rate loading

Loan types:

Auto loans and secured/unsecured personal loans

Min. credit score:

Auto Loan: 500 comprehensive credit score and 400 One score

Personal Loan: 420 comprehensive credit score and 400 One score

Min. income:

$100 disposable income per month

Co-applicants?

Yes

Fees:
  • Establishment fees: $495 - Auto loans. $0 - Personal Loan.
  • Monthly fees: $0
  • Early termination charges: $0
  • *Last updated 16/10/24

Big no-no's (automatic declines)

Under 18 years of age

Not a citizen or permanent resident

Defaults or previously bankrupt or court judgement

Unemployed

Centrelink is primary source of income

Driva tip: When planning to secure a loan, maintaining clean bank statements is crucial. This showcases financial discipline, significantly enhancing loan approval chances.

Other hot tips

NOW Finance also provide unsecured and secured Personal Loans, with no fees at all, for a larger range of finance needs, including car purchases. So, consider both products when looking to get the best interest and comparison rate for your unique circumstances.

NOW Finance - Frequently Asked Questions