Car loans: put yourself in the driving seat

Buying a new or used car is a milestone. Chances are, buying a car comes before a property purchase and is often the first big financial transaction many people make.

So, you’ve done the research, spent many weekends test-driving cars you like and you’ve finally decided which one to get. It’s an exciting moment, until the bank declines your loan application.

It’s a common occurrence and the options are limited.

Chris Doumanis and Daniel Kalkbrenner met while working in a car dealership and saw this disappointment far too often, so they set about a solution.

“Selling and buying vehicles has become easier with a strong online presence and it was only a matter of time before the finance industry followed,’’ Doumanis explains.

‘‘As a result we are seeing so many more customers preferring our digital platform over traditional methods.

‘‘We found a need in the market and we weren’t satisfied with what was on offer. We wanted to personalise the customer experience and give choice to what was once a limited market.’’

With more than 15 years’ automotive industry experience between them, they started Motor Money two years ago.

“Daniel and I are both relatively young, we’re in our 30s, and a lot of people in the finance space are from an older generation and they’re somewhat set in their old ways of how finance worked in the 1980s or ’90s, which is totally different to how it is now,” Doumanis says.

Motor Money is an online broker providing vehicle and equipment financing solutions. He says many potential buyers are not aware that a rejection from a bank can be detrimental to a credit score and may impact their ability to get a loan elsewhere.

“By using Motor Money, we can save customers time and money by assessing their needs before they commit to an application and we can discover the product that is best going to suit them, online or over the phone in minutes,” he says.

“Motor Money has 30 lenders to choose from, each specialising in different fields – whether it’s commercial, consumer, if they want a boat, truck, ute or a car. Then we’ll offer the customer a range of choice based on who’s going to offer them the best deal.”

There’s no typical Motor Money customer, he says. “It starts from someone who is three months into their job, a trades person that needs a ute or van, right up to companies that have been running for decades, to everyone in between – sole traders, mum and dad operations, professionals,” says Doumanis. Being online gives Motor Money a broad scope of clients, which means “we have to know our products, the most up-to-date information, who’s offering the best products, which policy best suits which customer”, he says.

The finance industry has a product for everyone in the market and using a broker can save time and effort by having the research done for you, he says.

“We understand our clients can be timepoor, running a business or working for one, they don’t have the time to head into a bank branch to apply and sign up in person for finance. So we offer a personalised touch, whether that’s a visit to their home or office, during or after business hours. We’re really focused on building a relationship and earning a customer’s trust and also bringing some trust back to the industry as a whole,” he says.

The advice in this article is general in nature and readers should seek their own professional advice before making any financial decisions.

‘We can save customers time and money by assessing their needs before they commit to a loan application.’

Chris Doumanis