A broker group and a lender have joined forces to launch a low-rate online car finance product for brokers.
Connective has announced it has joined with peer-to-peer lender RateSetter in order to provide member brokers with a fully digital consumer car loan, designed specifically for the broker channel.
Exclusive to Connective, the RateSetter Car Loan provides brokers a simple online application-to-settlement process with a 4.95% p.a fixed interest rate and 6.55% comparison rate to prime customers.
The offering can be used to finance the purchase of a vehicle or to refinance an existing car loan.
Other features of the product include the availability of same day settlement / funds transfer and the ability to repay the loan early with no exit or break fees.
In launching the new product, the head of Connective Asset Finance, Brent Starrenburg said, “With some of the major consumer asset finance lenders pulling out of the market in recent times, we felt it necessary to work with our partners to create alternative products to ensure our broker network continues to have viable choices.
“With this in mind, we leveraged our existing relationship with RateSetter to jointly develop a product that will place our brokers in a strong position to offer their clients a compelling proposition in the motor vehicle finance space.
“We are seeing strong growth in the volume of motor vehicle deals coming through our broker network and this competitive, flexible and efficient online product has been designed to make it as easy as possible for our brokers to diversify into the motor vehicle space and grow revenues.”
