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360 Finance
3.0 from 64 reviews

Deceiving - Do NOT Trust them

I have recently been on the market for a new car, so as you do, you make a few calls to make sure you can secure the best deal possible as there is ALOT of variances in the current market. I did make a call to 360 Finance as we had used them previously, seemingly without issue, this time round though....
I made a call to their sales department and spoke with a lady (not mentioning any names), I clearly stated that I had used them previously though I am just checking to see where their current rates are, so it was a "Quote ONLY".
So after being on the phone for a few minutes and noticed that i was getting asked a heap of questions, like questions you get asked when lodging an Application, i asked this person again, "this is not an application is it?", again this lady said "no, just a quote"... Anyway, I persist with the bombarding of questions for nearly 10 minutes, during this time I would have had to of asked this lady another 5 times at least, "Are you SURE this is NOT an Application", each time she stated "NO, definitely not, just a quote".
Well, at the end of the conversation she says that someone will be calling you tomorrow to finish this quote for you, i just said again, not an issue as long this is a quote only and not application, again she confirmed that no, just a quote....
So ok, tomorrow rolls around and low and behold, i get a call from Ian saying that am I ready to finish the "Application"... I instantly seen red and told him what an absolute lying bunch of (using nice words..) people they are. I told him that the lady i spoke with flat out lied to me multiple times when asked that this was for a quote only, when in fact she was logging an application.

In short, do not trust these people, they will out right lie to your face.

**Sorry for the long winded review, just this experience has absolutely ticked me off...**

Transparency
Customer Service
Application Process
Timeliness
2 comments
Hi Phill, Thanks for your feedback and our apologies for the delay in replying. Would you be able to email us directly at 360Customerservice@360finance.com.au with your full name and phone number so we can investigate this further? Thanks, The 360 Finance Customer Service teamHi Phill, Thank you for contacting us directly. Again, our sincere apologies for the lack of service that caused you to post about your experience, and our thanks to you for taking the time to bring it to our attention. Although we prefer positive feedback to know we've met our customers needs, feedback of this kind always gives us the chance to review our processes and make changes as required. All the very best, The 360 Finance Customer service Team

Poor Transperency

Do not use 360Finance. The experience has been very poor as the broker will not disclose a complete story of the finance ("quote" an interest rate"). They have avoided providing an actual figure of interest rates using a hypothetical loan amounts without affecting or wrecking your credit profile. And beyond that have further affected my rating while applying for a different loan.

Under a consumer law, they have to disclose an interest rate figure prior to loan application (especially for car loans). And everytime this is discussed, they will try and avoid the topic.

They cannot confidently argue on your behalf (when denied credit) even on a strong income. And it appears to be a poor submission to the finance companies. Do not let the advertised “low interest rates” fool you.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
1 comment
Hi there, Thanks for your feedback and please accept out apologies for the delay in replying. Individual interest rates are determined by a number of factors - the make, model and age of the vehicle you are seeking to finance, the amount and term of the loan and your own credit profile. This information is used by the lender to determine the risk involved in entering into a loan agreement and your capacity to repay the loan. However It is only when a customer has finally chosen their exact vehicle and we receive a tax invoice from a vendor that the final rate is determined in conjunction with the lender - we can only estimate prior to this as the rate for a 2015 used hatch is different to a 2019 new model, and customers will often change their mind on what they want during the application process. Prior to this point in time, we are unable to tell you with any certainty what the rate may be - simply because we don't know! Under the provisions of the National Consumer Credit Protection Act (2009) the interest rate that applies to a consumer loan must be included in the loan contract, and this is ALWAYS included in the loan documents that our customers receive, without exception. Further, we will never knowingly proceed with an application where we do not feel it will be approved by the lender. As part of the application, a credit check is conducted by the lender, and this is done with your express approval. If an applicant has neglected to provide information to us that may adversely impact their application, this is usually revealed by in the credit check and no amount of "arguing" on your behalf will change this. Income, although a vital factor in determining your capacity to repay the loan, is only one of many considered by the lender, and a customer with defaults or poor repayment history on previous financial commitments will find it much harder to be approved for a loan, or may qualify for a higher interest rate than they would like. We trust this provides a little more clarity about the loan application and our role in the process Please do not hesitate to contact us directly should you have further questions. Kind regards The 360 Finance Customer Service Team

OBSCENE fees

They won't tell you their in house fees as they'll skirt that question by telling you they can't tell you what they charge until the loan is confirmed.. which in one way is true in regards to the bank loan rate, however in another - much more accurate way - they can actually tell you upfront that regardless of this rate they'll charge around a $1450.00 'bank/application fee' (most banks are around $250 or less total with no other fees) just to tie the loan down .. then they combine these amounts into the loan amount without asking as they know that you will also be paying back end interest to them on those fees as well via the creditor..

Then there's the $9 per month loan fee, $20 default payment, $20 if they ever have to chase it due to a default, $10 if you ever need to know how much is left outstanding or ask any questions then $50 + $20 per month to pay the loan out early.. the best part is that they won't give you this information until it's almost too late to try to bind you into getting the loan whether you want to or not... plus at the last minute as other people have noted they will ask for a significant amount of other, never previously mentioned, info likely to tie you up with getting that rather than potentially allowing time to search for other loans.

The financial protection products they try to sell you include up to a 75% commission which they do disclose as they're required to - however if you really want this stuff go to anyone of a thousand insurance brokers who will give it to you for literally a fraction of the cost....

Finally if you call out the ridiculous fees while refusing the loan they'll tell you that they "won't work for free" while pointing to their approx 7% loan rate; which actually becomes an effective rate of about 14% compared to the 5.9% banks will offer when you factor in their fees; i.e. approx 250% of the loan rate you could likely get elsewhere.

There's 'free' and then there's a disgusting attempt to legally rip off financially unsophisticated people and for some strange reason I feel this fits into the latter....

from previous reviews it seems they attempt to try to claim most things on here are untrue or 'wrong' for some reason and if that occurs my response will be to go to the effort of attaching the schedule of their fees and commissions they provided so please feel free to tell me why I'm wrong as well... unless I'm correct of course and you don't want to respond and I mean any response and I'll be posting those fees..

I did leave this review for free though, and in a sense I'm 'working' to inform other clients of your amazing fees for you though so you're welcome!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
1 comment
Hi There, 360 Finance is a fee for service broker - although our brokerage fee is only payable if your loan settles. This is something that we make sure we tell all our customers in our very first phone call and most applicants elect to include it as part of the final financed amount. It is also detailed in your loan documents. Regardless, we believe that our years of experience and access to over 20 lenders have allowed us to find you the very best overall rate and repayment possible - including this fee. All lenders include their own fees and charges in their loans, and these are all laid out as required by law in the contract documents that you receive and agree to prior to the loan settling. Had you borrowed elsewhere, it is almost certain you would have been subject to the same - or similar - fees. However, we are confident that we managed to find you a better deal through our lenders than what you may have qualified for at your local bank. Kind regards The 360 Finance Customer Service Team

Highly Recommend Ian

I spoke to Ian who was able to explain the process simply as it was my first loan. He was professional but also wasn’t transactional which was so nice. Great!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate

Amazing service - thank you!

I got my car loan September 2018 with 360 through Craig and it was such a great experience, amazing service! From start to finish I found the contact to be very prompt and Craig was fantastic to deal with. Craig was really friendly and was always wonderful in answering my (many!) questions. 360 made everything super easy and crystal clear. I was able to buy my dream car, so happy! Thanks for everything 360 :))

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateSeptember 2018

Low income earners don’t waste time

Really bad. People are not at all professional and don’t have courtesy to call back and reply to emails. Stay away from Clair because if u are a low income earner she is not gonna help you nor she gonna talk to you if u call them back. Stay away from the whole company.

Transparency
Customer Service
Application Process
Timeliness
2 comments
Thank you for taking the time to provide feedback Dhaval. Due to privacy of your information, we can not respond in this public forum about your specific application and circumstances. We do note that during the application stage, required identification and documentation were not supplied by yourself and therefore were unable to be assessed by our lenders (based on their minimum lending criteria). Please feel free to contact our Customer Service Manager if you would like to discuss your application further.Thanks for replying but I received a mail asking for the documents after I posted this review that also after 1 week of headache chasing 360 finance and before posting I wanted to settle with 360 finance but no one responded and all the responses I am getting now is after this review was posted and documents asked was only yesterday but I don’t have faith with 360 finance anymore. Sorry for the post but I think genuine buyers and 360 finance management need to know what actually is going on.

Tim was excellent, highly recommend dealing with him

I can not recommend Tim high enough, he was helpful friendly and got back to me in a timely manner, he really went out of his way to accomodate my needs and got it done quickly. I will note some of the other staff not quite so nice, I would not recommend calling on a Saturday. The other thing I will mention is that delays aren’t always the finance companies fault, sometimes the dealer is very slow to provide documentation - it doesn’t hurt to follow up on delays, you may be able to speed the process up. All in all highly recommend Tim for all your financial ance needs - they can also help with all insurance and warranty as well, really took the hassle off having to chase after it myself - and it all came in cheaper than the dealer!

Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateFebruary 2019
Car ModelToyota LandCruiser 70 Series

Tim is fantastic, request him for any loan

I can not recommend Tim high enough, he was helpful friendly and got back to me in a timely manner, he really went out of his way to accomodate my needs and got it done quickly. I will note some of the other staff not quite so nice, I would not recommend calling on a Saturday. The other thing I will mention is that delays aren’t always the finance companies fault, sometimes the dealer is very slow to provide documentation - it doesn’t hurt to follow up on delays, you may be able to speed the process up. All in all highly recommend Tim for all your financial needs - they can also help with all insurance and warranty as well, really took the hassle off having to chase after it myself - and it all came in cheaper than the dealer!

Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateFebruary 2019
Car ModelToyota LandCruiser 70 VDJ GXL

Awful Customer Service

Avoid dealing with Simona, she doesn't respond to message and has a bad attitude. The experience was extremely poor, I asked to withdraw my application as I had been approved quicker elsewhere and due to this declined it (rather then withdrawing it). I am reporting them to the ombudsman as I don't believe that they acted ethically.

Customer Service
Application Process
Timeliness
1 comment
Hi Theresa Thank you for providing feedback, and please accept our apologies for not meeting your expectations in this instance. In the interests of transparency, according to our information your application was submitted to one of our numerous lenders but they were unwilling do assist you without a minimum 20% deposit due to your credit history. We understand that you decided to withdraw your application after this and sought an approval from another lender. Thank you once again for your feedback and we wish you all the best for the future.

Awful follow up experience

I had a great call on my initial enquiry for a car loan. I was surprised at how much personal information was required in order to obtain an interest rate quote based upon the information I gave. In the follow up email I was annoyed to discover that the company would not proceed any further with giving me a quote without obtaining my drivers licence and 2 payslips. I advised by email and by phone on a follow up call that I did not see the need for that sort of detail just to find out what my interest rate might be and from which lender. I felt I have already given enough information and am happy to provide this detail once I am given the information I want. The email stated this is required for a pre-approval. I am only wanting to enquire what my rate will be before making a decision on which lender to go through. To be told this is how they do it and there is no other way, I find deceptive and misleading from the ad on carsales which says enquire now.. quite different to this is a pre-approval. Unhappy with this service and how the team leader handled my feedback.

1 comment
Hi Tania Thanks for your feedback and please accept our apologies for the delay in replying. Car finance is not a "one size fits all" product and your individual interest rate will depend a number of different factors, such as the value and age of the vehicle you are wanting to buy, the length of the loan contract and your own personal credit profile. Items such as payslips, ID and bank statements are part of what is used by the lender to undertake this credit check and ultimately this plays a large part in determining your personal interest rate. Without this supporting information it is simply not possible to provide you with an accurate rate. From your comments, it appears that we didn't communicate this to you clearly and for this we apologise. Thank you again for taking the time to provide your feedback.

Exceptional Service

The customer service we received from Nicole Evans was exemplary, we could not fault her.
A very impressive consultant and a true asset to 360 Finance, Queensland.
In the current times of off shore call centres and lack of personal service, it was very refreshing to deal with a consultant of her calibre.


Terrible Experience with 360 Finance

The customer service on the 1st call was excellent - thank you [name removed]. However when it proceeded to the next level, i was surprised how a loan can be declined for a silly reason as "Your Contract document has an end date to it" With the same documents, condition and criteria i got an approval from another broker and finance company. It is the broker's responsibility depending on the customer situation which lender to present the profile to and before submitting the application, do all checks. A credit score impact of a client due to incorrect assessment is not acceptable. You guys should improve your process on shortlisting a Finance company and be 100% sure before submitting the application.


I couldnt ask for better services

Fantastic service, from my first call the staff have been amazing to deal with.

It was an extremely easy and an extremely pleasant experience in what is usually a daunting task.

Dylan my consultant was most definitely professional and quick to response to all of my questions. THANK YOU THANK YOU THANK YOU

1 comment
Thanks Diane for the review. We appreciate you taking the time to provide feedback and it is so great to hear of your experience with us.

Absolutely perfect! Can’t fault these guys at all

360 finance recently helped me out with my first loan to purchase a car and I could not be happier. They were extremely quick with finding me the most suitable and cost effective loan especially being an apprentice. Alex is a legend, he helped me out every step of the way and was happy to answer all the questions i had as this was my first loan, these guys are extremely helpful and I definitely wouldn’t recommend anyone else except for the team at 360 Finance.

1 comment
Thank you Anthony for your feedback and happy that you were happy with our service :-) We will pass your feedback to Alex.

HELPFUL

They were the first one I went to for my first car purchase. and it was a breeze and helpful. I did not even expect the turn around time for my application. Lesley, ( who is no longer there) is very helpful and not pushy type of a consultant. She even gives me tips on how to deal with a car dealership. That was 4 years ago, and I am still looking forward to help me though in the near future.

1 comment
Thank you Jose for your feedback and we would love to assist you again with finance.

Brokers can only do there best

360 finance try’d There best in every aspect despite me getting angry with time delays wich can’t be helped.We ended up getting our loan for our car approved wich we are very gatefull for. I think it’s important to rember these guys are brokers and can only do there best.At the end of the day it’s upto the lender. Shout out vannesa for sticking through the application an getting it done.Thanks!

1 comment
Thanks Brit for the feedback. We are so glad we could assist you and you are correct that as asset finance specialists, we work with a range of lenders and their lending criteria to get our customers set with finance that suits their circumstances and needs. Thanks again for taking the time to provide a review :-)

Lying Company

Horrible Customer Service. I asked for a loan that would only be for 1 year which they approved me on. I was then later on told a few days before I was to sign the contract that the actual loan term was 3 years, with hidden costs that was never mentioned. Was never told about the interest rate when asked. Was never told who the lender was. even though under the Australian Consumer Law they are to disclose this type of information and not hide it till the last minute. Said I would not be able to get a loan from any other finance company, yet the people I had a talk to before 360 Finance said I just had to wait 2 more months and I would be approved by them. Their facts are nothing but Sales Puff. Lying Scumbag company waiting for a lawsuit to happen. Competitor Rates are all 7-12%. How does it end up at 22%?

Pathetic for the broker that was helping me to degrade me just because I "wasted their time and that I would never get a loan at my current state" when they in fact wasted mine. To have to pay 40% of the loan I want as just the cost of them helping me, What a scam.

Never. Told. Me. Anything. Important. Till. I. Was. About. To. Sign. The. Contract.

Did not even send me a copy of the contract till I requested the same day I was meant to sign it. Only then Was the hidden costs shown.

Don't waste my time and I won't waste yours :)

2 comments
Thank you for your review and sorry that you have not had a great experience with 360 Finance. Our Customer Service Manager will be looking into this matter with our Consultants and will respond as soon as we can.HI there. We have tried to contact you via private message. If you could please get in touch with our Customer Service Manager to discuss your concerns and your particular application.

Awful broker

Contacted them via website to finance a $165k car. They said they can help and had experience with large amount as this. I told them that please do not run credit check until they are sure they can finance. They asked to fill out a large form and asked for all documents. After filling out all documents, they said that they will run a credit check. Told them, they aren't allowed to. Then they simply told me that no credit provider will finance large amount! Completely wasted my time with their paperwork and processes and nearly ran a credit check where they really cannot help. May be they can help for smaller amount. Later, I got an approval from CBA myself by dealing with them directly.

1 comment
Hi Gojaria. Thanks for your feedback. To help us understand your experience and situation, could you please contact us with the name used on your application as we are unable to find you in our system (based on your Product Review user name). Once we review the circumstances and discuss with your consultant, we would like to opportunity to discuss this with you further. (We will send a private message to allow you to provide your contact details). Thanks in advance.

Absolutely stressful

These guys would have to be the most stressful finance company that I have ever dealt with. They told me my loan was approved yet they would not tell me the interest rate.They stressed the seller out as well.I have applied for a lot of loans over the years ,I have never been through so much stress as i have with 360 finances.I canclled the loan and went to NMRA and had an answer within 3 hours and settlement the next day. I,have been sending documents to 36o for near on a week and still didn't get any straight answers.
Never again and they have the hide to want to charge $900 .I don't believe they are working in the best interest of the borrower I am of the opinion they are working in the best interest of 360 finance.

1 comment
Hi Rod, Thank you very much for taking the time to provide feedback on your experience. Our aim is to ensure that all our customers have a great experience when dealing with 360 Finance. Please accept our apologies for not providing you with the same level of quality service in this instance. We understand that some of the delays you experienced were a result of difficulties in locating the best finance provider to suit your personal circumstances. We also received some incorrect documents from the vendor and, despite our best efforts, both of these issues can cause delays to the process and can be frustrating for all concerned. As you have also pointed out we include a service fee to any settled loan, as do most finance providers. We ensure we mention this fee to all customers during our initial consultation and this charge is not applicable if a customer decides not to proceed with a loan. Our aim to always provide our customers with the lowest total cost of loan and lowest rates available to their lending profile. We achieve this using our 11 years of industry experience; from our panel of over 20 lenders and with access to some of the lowest industry rates - which combined, far outweighs the service fee we charge. We hope the above provides some clarity around your experience. We’d like to again thank you for your feedback. Whilst we always prefer to hear positive messages, experiences such as yours allows us to refine our offering for future customers and we thank you for that opportunity. The 360 Finance Customer Service Team

Never got back - had to chase up multiple times

I had a terrible experience with this company. Quick to take all of your info, but when it comes to calling you back they are lazy. They either don’t communicate properly so the broker can call you back, or they just don’t care. When I called for the third day in a row I was belittled and spoken to rudely by the broker who was meant to help me. He told me he was very busy and will call as soon as he can to let me know. I let two weeks slide by missing my chance to buy a great car for a great deal. Called them and told them to cancel everything and take me off the call back list if there was one even. Not a fast service, don’t recommend and don’t rely.

2 comments
Thank you for the feedback. We are currently looking into this with your consultant to review the circumstances and will respond asap.Hi Jade Firstly, please accept our apologies for the our poor communication throughout your loan application. Our aim is to ensure that all our customers have an outstanding experience when dealing with 360 Finance and clearly we have fallen short in this instance. I understand that some of the delays you have mentioned are a result of some difficulties in finding a finance provider that suited your personal circumstances, which we are happy to discuss with you in more detail offline (Due to Privacy considerations, we cannot discuss these maters in a public forum such as Product Review). Regardless of the reasons behind these delays, we still have not acted proactively in our communication with you and for this we apologise. Thank you again for taking the time to provide feedback on your experience with 360 Finance. The 360 Finance Customer Service Team

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Questions & Answers

You have taken £90 out of my account without my permission...And I don't even live in Australia and i haven't applied for any kind of loan PLEASE ADVISE WHY THIS HAS HAPPENED? ?
1 answer
Dear Alan, Thank you for your message. Unfortunately, these transactions have not been instigated by this business. We are a legitimate finance broking business, licensed by the Australian Securities & Investments Commission & are a subsidiary of one of Australia’s largest public companies. We do not direct debit accounts either in Australia and certainly not international accounts. We have seen a dramatic increase in emails related to this recently. Please contact your bank to put a trace on this payment to find where it has originated & to notify that it is fraudulent. We apologise that we cannot be more helpful at this time. Please see below links for companies that we have found in the UK that might be the ones charging you; https://companycheck.co.uk/company/09477517/FINANCE-360-LIMITED/summary http://www.fca.org.uk/news/warnings/360-financial-limited-clone Kind regards,

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