Novvi is an online lender offering car finance products with flexible repayment terms and competitive rates.
Novvi helps customers secure car finance with an easy online application process and quick approval. Novvi works with several lenders offers customers a tailored product depending on their financial situation.
Starting with a minimum loan amount of $7,500, you have the option of borrowing more than 100% of the purchase price at low rates. Australians who are self-employed or have a history of bad credit are also eligible for loans.
Find out more about its car financing in this review.
Things to consider about Novvi Car Finance
Borrow from as little as $7,500 to repaid over a period of between 1 and 7 years. Novvi charges no application fees. A rate of 4.54% p.a. available and repayments are fixed throughout the loan period.
While the quote and application processes are online, Novvi’s loan agents get in touch with you personally to discuss your options. You can work out your repayments with the online calculation tool or submit an inquiry online.
Features of the Novvi Car Finance loan
If you’re interested in applying for car finance with Novvi, here are some of the loan features:
- No application fees. Borrowers pay no fees when submitting a loan application.
- Competitive interest rate. Novvi claims to offer the lowest car finance interest rate in Australia at 4.54% p.a.
- Easy application process. You can use the online calculator to work out fortnightly and monthly repayments and then request a quote online. If you’re happy with the quote, you can submit your application online.
- Quick approval. You loan application can be approved within two hours.
- Flexible terms. Depending on whether you’re applying for a consumer or commercial loan, you can repay the loan over a period of between 1 to 7 years. Set up a direct debit or make payments through BPay.
- Accessibility. Novvi loans are available to self-employed Australians as well as those struggling who are bankrupt. Your credit profile isn’t affected if Novvi is unable to grant your loan.
- Insurance. Novvi also assists with procuring insurance for your new car. Choose between comprehensive cover products as well as loan insurance and warranties for when you experience car trouble.
How much will the Novvi car loan cost?
The following fees and charges apply with a Novvi car loan:
- Application fees. You don’t pay any application fees.
- Acceptance fee. Depending on which lender grants your loan, you might have to this fee.
How you can apply for the Novvi Car Finance loan
Novvi’s online application is quick and approval is granted within two hours. You can get the process started by clicking “Go to Site”. As this is a bad credit car loan, you can apply if:
- You have defaults listed on your credit file
- You've missed payments
- Your account is in arrears
- You have been bankrupt
- You are self-employed
You need to be able to show that you are able to repay the loan you are applying for. Novvi accepts applications from Australians with bad credit history, but it’s important to note that they can’t guarantee that every application will be successful. However, your credit history won’t be affected if your application is denied.
You will be asked to submit the following:
- Name and contact details
- Loan amount and type of loan (consumer, commercial or novated lease)
- Desired loan term
Once you submit your application a loan agent will get in touch with you about your loan options.
Securing car finance is about more than filling in an application form and hitting “send”. Borrowing a large amount of money implies a commitment to repay it, so it’s important to do the research and find the deal best suited to your current financial situation.