From June, 27th, 2016 until July, 1st, 2020 Loans.com.au was offering a $30 Wish voucher to their customers to encourage them to write a positive or a negative review. It is possible that reviews below have been written by customers who received such a reward. These reviews adhere to ProductReview’s Incentivised Customer Reviews Guidelines and may explain a spike in review numbers.
check how much you will loan on a car first
After them pushing me to get my application through and hours on the computer getting forms to fill out that they lost twice only to be told they wont lend the amount that was talked about when i got the credit check because my brand new car isn't worth enough. the first thing that should have been checked is how much they will let you refinance on the car you have, not wait right up until the end to tell me. now I have a mark on my credit score for a loan that shouldn't have even gone through in the first place. pathetic system
unorganised and constantly asking for unrelated information.
I initially applied for a loan, got 'pre-approved', then the pre-approval expired. I decided to try again.
First, did the web application and [name removed] called me back. He was friendly, and seem to know what was going on. Then I was asked to provide documentation, again, and again and again and then again. Up to the point where they wanted itemised listings of my bills coming off my account and statements from the bills showing it's being paid. All expenses, including my wife's accounts was put into the mix, but not her salary. It's frustra...
Go here to get harassed!
Some accurate facts:
1) I apply for a car loan on their website.
2) I give them all the relevant documents like my payslip.
3) They do a credit check on me (multiple credit checks hurt your credit score).
4) The give me a pre-approval of $28500. I say, I only need to take a loan of $16000 as I intend on paying a substantial amount upfront. So far so good.
5) They ask 20 further documents which I provide. All good to go for the final approval.
6) Right at the end, they say I have to pay a salary packaged loan worth < $2000 to get a loan, or el...
Absolutely waste of time
I applied for a car loan as their website says it will be quick but these snails took 3 days to respond with rejections
Couldn't believe a person with 700+ credit score a 6figure salary job minimal debt couldn't satisfy their credit teams unimaginable criteria.
Please just avoid just avoid.
Choose someone who has office so you are not taking to the wall but to a person
Office times mentioned 7am-7pm AEST
ALTHO I live in Wa callEd them around 4pm AWST and their automated msg say its out of their service time which was 6pmAEST.
Thanks for wasting my time.
Do not waste your time! Pre Approval is a Myth!
After reading the mixed reviews on this site I decided to give them a fair go with the online car application process. In order to fill the details your customer adviser tries to be your best friend and hounds you until you find a car.
I was given pre approval for an amount double of what I actually needed filling me with confidence things would go smoothly...how very wrong was I. After reaching out multiple times for them to contact my dealer for the invoice the hope of the advertised quick and easy process was beginning to fade. Once the inv...oice was finally sorted my application progressed. After not hearing anything for a number of days and repeated phone calls for an update (not quick or easy) I was told by my lending manager Garth, that he was having trouble with my loan due to my living location being in regional Australia (Karratha). He stated if the loan were to fall through it would be hard for a debt collector to secure the vehicle. He stated he was 90% confident the application would still progress....I had my doubts. Now I find it hard to believe that given one of the first steps in the application is your home address the loan would fall through at the final hour is shocking service. Not only do I have stable employment and an excellent credit capacity Karratha is one of the largest regional towns in Australia that is easily accessible. Do not grant Pre Approval if you are not 100% confident in delivery your service. Not even a follow up call or apology from the broker. Was hand balled to an admin to give me the news. I wouldn't waste my time or even consider using your service again.
I applied for a car loan, got pre approved for the loan. Put a deposit on a car, only to be told the next day that because my wife was on Jobkeeper that they weren’t going to service the loan.....went elsewhere without any trouble. Would not recommend them.
Terrible customer service
Went through the whole process with this company for them to tell me that due to the company I work for receiving job keeper even though I am not, to decline my application.
They make you jump through so many hoops. Contacted me frequently to quickly pre-approve only for the final detail to be over looked.
This should be outlined from the beginning Ian sure any other company will be happy to take my money.
Honest Advice - Stay away, felt Deceived.
Loans.com.au seems to be run on a very inefficient process model, Applied for a used car loan though the documents checked out, they wanted all the documents incl Tax invoice reflecting the amount before even the approval is provided eventhough the "Agreement" was provided and its one after another request for red tape and paperwork. Everyone is so busy when you want to talk and clarify, poor customer service. Simply explanation given was the process is different for every lender and if we wish to apply for a loan we need to follow their proced...ures. The credit check happens as soon as you make an enquirer online, where the collect data under the pretext of providing "Customized rate", dont fall into this trap. Process takes too long even prior to you receiving approval. They think of one new document every other minute. Credit file already has a dent because of their query. Lucky i didn't proceed with them and went with someone else with better customer service experience even-though they were 2k over. It was well worth it.
Told one thing over the phone and something completely different at application
Steer away from this company. Tell you one thing over the phone before applying and then change their words once a preliminary application has been submitted, shameful and frustrating behaviour.
I was promised multiple times that funds will be transferred to Dealerships bank account as a same day transfer and was funds will show up in dealer bank account in 1 hr. This never happened, Dealer claimed he didn’t receive the funds even after 4 hours . Why would you call it a same day transfer if funds don’t transfer same day ? Why would you claim that funds will be there in 1 hr if you can’t deliver? Cannot get delivery on weekend and will now need to take time off work to pick up the car. Extremely frustrating and disappointing service !! Worried about the next few years I am locked in with this Organization. Don’t make promises you don’t intend to keep !!
The issue with this company is not that they didn’t give us the loan we requested. We have excellent credit, and had no issue from the perspective.
The issue was the length of time and effort that it took to obtain the loan. The credit check was done incompletely, necessitating many delays and multiple phone calls from loans.com.au to ask us multiple questions that should have been easily cleared up during the initial credit check. It was like they had never done a credit check before. I felt like I would have done better to walk them through t...
Follow up was a waste of time
I followed up. Although my fixed rate is almost up (about 1% higher than variabke) I will still be charged a fee. They dont care if I leave. Customer care is zero
Terrible service -- don't even bother
They were really nice on the first call and pre-approved a loan for $30,000 after gathering a ridiculously set of documents (employment contracts, bank statements, payslips). And then, when I bought the car and needed only $26,000, they refused to give final approval because they wouldn't include part of the money in my employment contract (which was fixed for five years in the future). Nothing changed and they rescinded the approval.
Terrible company. Don't deal with them. I had to call them about 10 times and everytime going though a menu and talking to some very inexperienced person.
Rate not match, bad services, and waste your time significantly
I have my previous car loans maturing soon and was applying for refinance from loans.com.au, the interest rate is quite different from what they advertise on the website (they simply put "Oh sorry your situation can only allow us to give you the lowest rate of blar blar blar, which is higher than what you see on the website, and you can only do a minimum term of 3 years". I want two years or less and I was forced into three years term. I got a feelings at that time, they are just another group of sharks we used to met in the meeting room.
Befo...re the staff was quite friendly and helpful in preparing the application, but AFTER pre-approval, all the calls I received was from an arrogant male object talking over the phone and saying I should do this this this and that. And they asked for ridiculous amount of documents, including your car's photos, deep-dive purchase details, regos, car purchasing receipt to prove the car is yours and you are not accidentally refinancing someone else's car. Comparing with other loans those offer car refinancing, loans.com.au asked for a RIDICULOUS amount of documents. I prepared all the documents in two weeks and finally got a call about my previous loan statement. They simply reject the application because I had a few delay of repayment history in the last 5 years (no default). All other documents and my personal financial situation is excellent. The statement was submitted to them two weeks ago and they were not telling me that document did not make them happy by the time I submitted it online and it was marked DONE. I applied to other loans and my application is fully-approved in two days. AND loans.com.au waste me TWO WEEKS TIME and also the credit enquire on my credit file! loans.com.au puts a lot of effort to advertising itself on the web saying how good its service can be, and it is the first loan service I applied online, but it turns out I will never consider it again, and now I am a bit worried about all my enormous amount of private documents in their hands.
Waste of time and rude staff
Wanted to refinance my car loan as they had a lower interest rate. They wanted my original receipt from the purchase, which was a private one, from three years ago to prove the car wasnt stolen. Not sure how I would have registration papers on my name for 3 years and the police havent caught me if I had stolen the car but ok. Then according to the credit team Im behind in my payments with my current finance company. Obviously they cant calculate because Im not behind and will get a letter from my current finance company stating this just to pro...ve them wrong because they're idiots. Absolute waste of time providing them personal documents and information. I really wish the government had stricter laws so companies like this didn't exist. Also out of all the people I spoke to over the phone only one of them was nice. The rest are a bunch of young idiots who are rude and aggressive.
Horrific customer service
My customer service from Loans.com.au differed throughout the length of the loan. Signing up I received nothing short of fantastic customer service for my car loan. It was easy and the people where incredibly friendly. I was however in a accident that I was deemed not at fault for where my car was written off. The customer service at this point was the polar opposite to what I experienced upon joining. The process was not clear, no one seemed to know what needed to be done. I needed to replace the car that was destroyed and I was interested in ...staying with them. The time frame for this was short and absolutely no one helped. I spoke to numerous people who all said they would get back to me and didn't. I was then hit up for a $600 exit fee, which they then charged me interest on. It was only 1 month down the track when someone finally contacted me and offered to waive the fee and refinance but at this point I had gone elsewhere. They clearly had no interest in keeping me as a customer and I informed them I wanted to make a formal complaint. They sent me a template email regarding the process, to which no one ever got in touch with me to discuss until they told me that they had come to the decision that the complaint was closed. ZERO reasons as to why. I had informed them that I was incredibly disappointed and would leave multiple bad reviews to warn other and of course that's when they contacted me. I then had to go through a half an hour conversation detailing the different issues; the rep then apologized profusely for the lack of service I had received and said they would look into it further. The customer service rep said they would call me the following week to update me. They didn't. I followed up two weeks later. No response. I sent another email a week later only to get a decline in request, another nonsense apology and the line, we pride ourselves on our customer service. The accident was on the 2nd of October with the last correspondence on the 27th of November. I contacted them via phone, email and messenger over 30 times on the matter and they contacted me twice by phone and responded to some of the emails. If you want to pay a company to do absolutely nothing then this is the company for you! Cheap interest rates apparently means they can rip you off.
Waste of time
Another waste of time lender - apparently won't lend based off my partners work contract, despite us not only having a healthy upfront deposit on the vehicle, over 35% at this stage - they even refused to move forward with a different offer for a loan for just myself stating that they would have to assume that I'm paying all the bills, etc.. if I took my partner off the loan - full of crap! While I understand there is a risk assessment based off financial circumstances, working circumstances and other variables, they've just given us the run ar...ound as well. You can't seriously expect every condition to be perfectly met, and then they pull the "This is a requirement under our responsible lending guidelines" - Shove it! You were quick and fast to get us to jump onboard, you were quick and fast to look into our perfect credit reports, but then as soon as that was over, it took days to get to where we are now. This process should not be so difficult, and it definitely shouldn't be so disheartening either. While I understand how dodgy and greedy lenders can be, who would've thought that it was this bad! Even after attempting to re-review everything, for just myself on a lesser loan amount, they still give us the run around and say it's not possible given the circumstances. Full of crap! Offered no other alternative, and no compromise. Just palmed us off like we're not worth their time. Look at the other online-reviews, you can clearly see that this company is a shocker and they clearly mess everyone around. If I could rate 0-Stars, I would.
So many hoops to jump through to get a loan finalised
the rates they offer are great but they have a deceiving web site that makes you think you are applying for a quote, and they have aggressive callbacks trying to get you to commit. then once you apply their ontrack system makes you jump through so many hoops and waiting in between, expect over a week to settle with the way they keep asking you for one or two documents at a time and then following up with some more requests every day. They also won't send you the terms in writing without asking for it like they are doing you a personal favour or something to review their terms in writing before proceeding. I have applied for home loans with less fuss than this.
Declined car loan for ridiculous reasons
I applied for a car loan (Not even an expensive one) and was declined because my partner just started a new job. I earn in excess of a grand a week with solid work history, have barely any debt at all, a good credit history, low rent, low expenses and they think I cannot afford to pay $60 a week. They declined me due to my partner just starting a new job (he wasn't even on the loan) and put me down as paying all of the rent for my house, in which is actually split 3 ways for payment. After pre-approval I put a 1000 deposit on the car, which I now lose. Pre-approval should actually be pre-approval. Honestly, what a joke! Rude customer service also.
Quick to sign you up, slow to help after that, with very little communication
Being as objective as possible, the communication between the lender and applicant is slow and infrequent.
To start with, I was impressed to see how quick they were to respond and get the ball rolling on a car loan application. In fact, I had two representatives contact me within hours of submitting an inquiry. However, once things needed to progress, it didn't seem as though they were interested in my business. I had tried to contact my Car Loan Specialist "Garth" for two days, through phone and email, with no success. I requested two call ...backs, which didn't happen, despite stressing the urgency of the situation. On the third day I got through by calling up first thing in the morning to find my loan application had been changed from a car loan to a home loan. During this phone call, I was informed that further information was required, however prior to this self-initiated phone call, this was not communicated to me, despite checking their online Ontrack system over the last week. I eventually gave up on this lender. I have actually never received any notification from this lender as to whether my application was approved, declined, or even if the application is still open. Not communicating the outcome of an application is not common practice. Whether I was approved or not is not the point of contention, it's the lack of communication. Sure, they offer some of the lowest interest rates in the industry, but it hardly seems worth it when communication is haphazard. Applying for finance can be stressful enough without having to deal with a non responsive lender.
Questions & Answers
Hi, I currently have a home loan with a credit union in Sth Australia. I have approx $190,000 still owing (with $70,000 in a re-draw account). Without the re-draw, the amount owing would be $260,000. My current interest rate is 2.99%. I saw your advertised rate of 1.99% and wondered if I could re-finance my Home Loan with your company instead? There are no exit fees with my current loan. What would the set up fees be to do this please? Thanks, Anna
Go on web site no set up fees UBank is offering a better rate of fixed 1.75%
When will we find out about rate cuts? I must add I’ll be very disappointed if it isn’t passed on and passed on in full.
Has anybody gotten a fixed interest rate car loan with loans.com.au and their interest rate got suddenly changed during the fixed term loan period ? Are there any hidden fees or suprises on the way because I am on the stage of signing with them but the loan contract seems vague and subject to "changes". Anybody has an experience they want to share?
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