Loans.com.au will be offering a $30 Wish voucher to their customers to encourage them to write a positive or a negative review. It is possible that reviews were written by customers who received such a reward.
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 Nothing changed and they rescinded the approval.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.
Great service, great rate
This was my first experience getting finance for a new car and it went very smoothly. Loans.com.au were very responsive and responded quickly to queries and changes to the loan. The interest rate was much lower than any rates other lenders put forward, I would recommend them if you are looking to finance a car.
Fit for purpose
When it comes to providing loans at good interest rate, I believe they are good. I like their proactive ness in reaching out to customer however it comes with a great disadvantage of being reached out by several different employees that no one seems to have your history or relationship with the customer so it gets hard every time to explain the same thing again.
They need to work as one team for a customer. For me it feels like they are working in silos. So could have given 3 stars for customer experience however they are good with nos. So giving 4 stars.
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.
- Verified customer
Nah... No longer going with this company and not recommended to anyone
Thank god, my company don't have 50 shareholders and 10 directors (Maximum allowed for Pvt companies in Australia) otherwise we have to provide 60 people guarantors. Yes, it is true. We have provided 3 directors and 3 shareholders as guarantors for a $22000 car loan. Top of this, Car also security to this company (car value is $30000). I understand some banks can ask to provide a guarantee if the shareholders hold more than 30% of the company shares but here they requested everyone to give a guarantee.
I am an existing customer and have a pers...onal car loan of $90000 with this company so I thought I could go the business car loan with them. I discussed with customer service before applying. They mentioned it is an easy process nothing to worry blah blah… I requested them to provide the commercial car loan procedures before apply, but they said they can only do after entering into the system. They also immediately checked our credit history. It is a business car loan, and there are many conditions, and the company staffs didn't know the complete process. Lots of confusions and staffs are very rude. I have requested a rude staff talk to me nicely twice. As the loan amount is not huge; hence, I was planned to withdraw the application during the process, but unfortunately, they already checked all of our credit histories. So I don't want to waste that. I have so much patience to control my anger. Pro: 1. First car loan went well on last year 2. Competitive interest rates but that is not an excuse for the poor customer service.
Excellent rate with less overheads
It took to get the loan 3 to 4 days extra. Everything done over the phone and email. I just applied and never thought that will approve and get the loan so fast. But your documents must be accurate and Genuine. No unnecessary questions ask. Loves to change my home loan to this company.
Great to get you in but then ....
Very promt and helpful service to get you to be a customer but then try getting information or changing details. Their online system allows very minimal changes so you have to call. Up to half an hour wait to be told someone will call you back. I have tried calling again 17 people in the queue currently. Just another one of those companies who doesn't care once you're in.
Cant give less than 1 star...Terrible service & zero ownership as keeps on changing rates what suits them
I applied for a car loan online at 5.44% interest rate and 5 year term after discussing with their car loan dept.After submitting all the documents needed got my application approved in full and sent a online contract to sign and found that they changed the loan term to 4 year with no balloon and wanting me to sign something that I didn't applied for, wasn't what was approved and without any notification. I contacted the sales rep and call centre multiple times question why this has been changed but got no satisfactory response.Finally was told...that since I have told that the car was going to be used for business purposes, this has been changed to suit the company.Staff are clueless, poor & pathetic service, have no idea and dont return the calls in time, promise one thing and deliver something else, dont know if they are talking to right customer as been told twice that i have a home loan with them when i dont. All of this stuff up when I told them I was looking for quick settlement and this caused delays, costed my 2 credit file enquires, hassle of going with another provider, incurred application fees and charges that were going to be waived off, Phone calls and time wasted.Loans company is aware of mistake and stuff up but doesn't seem to have common sense to provide compensation to fix their error so have to lodge an Ombudsman complaint to get this fixed. I wont them using them ever again !!
Changing goal posts and higher interests rates then advertised
I'm writing this review because i was disappointed in the service i received.
I was first told that I would get an interest rate of 5.44% if the car was a 2015 model or earlier. I purchased a car that had a compliance date of 02/2015. I found out when i wen to sign the loan application that it was now an interest rate of 6.44%, there was no communication to me about this except for when i went to sign the document. Read the contract carefully everyone.
When i enquired i was told the invoice from the dealer came through that the build date is...actually 12/2014. So even though the vehicle wasn't used till a few months later and its still under factory warranty they wouldn't budge (1 month). Most car finance places use the compliance date as this is when the car goes into service... My other annoyance wasn't as bad as the above but the whole process was not managed well. I didn't sign the loan contract on the website but it showed me that i had. I uploaded the certificate of currency as requested but then they wanted the policy as well however it wasn't clear to them that this is what they needed.. Anyway i wont be using them again complicated and poor customer service.
Easy process. Settled on time. Pretty good rates. Customer service centre are easy to deal with. Good communication though the process. No unexpected issues with the loan and no hidden fees.
The reviewer stated that an incentive was offered for this review
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