For their secured car loan product, Pepper looks at three key factors when determining what interest rate to charge:
Unlike many other lenders, Pepper does not provide more favourable rates for people with better credit scores (i.e. no risk-based pricing).
With Driva, the hard work of figuring out exactly what interest rate Pepper will give you is done for you. Just enter some basic personal information to see what these tailored interest rates (and comparison rates) are from Pepper (and the other lenders on our panel) without impacting your credit score. You can then play around with vehicle age in the rate calculator to determine how it impacts your rate.
Learn: what other lenders look for when pricing your loan
Like all lenders, there are some fees associated with a Pepper loan.These include: Establishment fees: $449 for a dealership, $600 for a private saleMonthly fees: $8.90 Early termination fees: $150 flat fee plus a $650 variable fee (which reduces over the life of the loan) Don't forget that every lender charges fees and that these charges (including any money that lenders pay to Driva) are already built into the monthly repayment quoted.
Like all lenders, there are some fees associated with a Pepper loan. These include:
Don't forget that every lender charges fees and that these charges (including any money that lenders pay to Driva) are already built into the monthly repayment quoted.
We get paid for sending Pepper high-quality customers that have been pre-vetted to ensure they meet all policies before they are lodged. This payment generally includes two components:
As with all lender fees, these are not payable from you to Driva directly and are not required to be paid upfront. Instead, Pepper incorporates this payment into your total loan amount, which is paid off over the life of the loan.
All car loan brokers have access to the same rates, and Driva can match the rate you would receive from Pepper by going directly. This means that if you’ve spotted a lower rate for a Pepper loan somewhere else, it could be because you’re seeing generic comparison rates that have not factored in the age of the vehicle or your living situation.
If you still think our monthly loan repayments are higher than you’re seeing them elsewhere, we’re confident we’ll be able to beat it. Email us at firstname.lastname@example.org.