Australia: New online car loan broker product launched

Peer-to-peer lender, RateSetter continues to grow its presence in the broker channel with a new product offering in partnership with broker group Connective.

Connective member brokers can now offer their customers a new low rate online car loan product that has been designed for the broker channel.

RFi Group data shows that the market for car loans is large, with financing a new or used car the most popular reasons (41% combined) personal/car loan holders took out their most recent loan.

The new RateSetter car loan can be used to either finance the purchase of a new vehicle or to refinance an existing loan and offers a 4.95% p.a. fixed interest rate and a 6.55% comparison rate to prime customers.

The new product also offers customers the ability to repay the loan early with no exit or break fees along with same day settlement/ funds transfer.

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