ClearScore partners with Driva to provide pre-approved car finance

ClearScore is partnering with Driva to provide users with personalised and pre-approved car financing options.

By using ClearScore’s free confidence feature, the company says Australian users can feel more empowered when searching for car loans with Driva.

“This is a milestone in our journey to help Australians access credit pain-free. By partnering with Driva we’ve been able to leverage their loan matching algorithm and provide our users with pre-approvals for car loans without them needing to leave our platform” ClearScore Australia general manager Lloyd Smith says.

Driva and ClearScore say they are revolutionising car finance with more than 30 lenders and technology that provides users with personalised car loan offers within 60 seconds.

ClearScore users can access Driva’s personalised car loan rates on their offers panel after adding information regarding their desired borrowing amount, contract length, car manufacturer and employment status.

This technology can help consumers see their pre-approved car loan rate, while protecting their credit scores by avoiding excessive enquiries.

After finding the perfect loan offer with the best rate, Driva will assess the users’ application to indicate the likelihood of approval on ClearScore’s dashboard, before they apply.

“Driva has thousands of lender data points built into its proprietary loan matching algorithm, which has been made accessible to ClearScore with their new integration. This enables them to give consumers rate confidence after considering key personal factors like credit score, living situation and employment status” Driva co-founder William Brown says.

Brown says Australia is becoming an increasingly digitised society, but the car financing market has failed to provide consumers with easy access to transparent loan options.

Furthermore, with AUD$35.7 billion capitalised from car finances in 2017, ClearScore and Driva expect that this partnership will disrupt the market by providing more power to consumers.

“The vehicle loan space is huge in Australia, but has historically been neglected by previous incumbents who have placed more emphasis on products like Mortgages and Credit Cards. With this partnership, we think ClearScore will be leading the way in helping Australian consumers compare their options in the complicated world of car financing,” Brown says.

Brown says with more than 90% of car sales involving financing, this partnership will have an extensive reach in the Australian market, helping consumers take more control over their finances.