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While buying a new car is meant to be an enjoyable experience - the culmination of all of those late night Google searches and frustrated early morning drives to work - the reality is, finance can be a real drag.
From the pushy salesmen in the dealership finance office (trying to sell you on some loan you're not quite sure of) to the interest rates with the big lenders (that never seem to be as good as the ones they "estimated" on their websites), the whole process can be a little overwhelming.
While there is good reasons for a rigorous approval process as well as an imperative for customers to shop around, it can all feel like a little too much, often leading customers to just "take what they can get".
In many ways, the car sales finance model as we know it, is a little antiquated. That's why two Aussie entrepreneurs are shaking the industry up with an AI-driven, technological-solution that makes car finance a breeze.
Driva is the brainchild of former McKinsey consultant Scott Montarello and ex Goldman Sachs analyst Will Brown. It's an online platform which allows customers to get pre-approval and personalised interest rates - based on their credit profile - from more than 30 different lenders.
This is a massive consumer advantage, allowing people to find the best deal possible in just 60 seconds. Once the customer is satisfied with a pre-approved offer, they can select it and start the loan application process. Once the application is approved by the lender, the customer can receive the funds in as little as 24 hours.
What makes this platform truly unique however is the in-built AI software and their data sharing with lenders. Not only does it allow you to get accurate rates and offers - as opposed to generic ones generated by a marketing team - but it also protects your credit score.
Unlike credit checks done when you apply to some lenders directly or if applying via a dealership, which may leave a mark on your credit file each time you make an inquiry, Driva allows you to view your options freely.
The platform launched last year and has already proven highly popular. Despite the pandemic, since launching in 2020 have had more than 60,000 users retrieve their loan options.
Driva has drawn the interest of top venture capitalists - securing more than $3million in investments - and have forged a partnership with global used car marketplace CARS24, to provide the loan-matching system to their customers.
They have also created "white label versions" to help them partner with car dealerships, allowing Driva to be incorporated into their websites.
Mr Brown says the recommended scrapping of the point of sale exemption has left many in the industry feeling uncomfortable selling finance. Driva hopes to help fill the void.
He also says while Driva is a new player in the market he believes they will be rewarded for the genuine insights they can offer both customers and lenders alike.
"Driva facilitates the fastest finance pre-approvals in the market and allows customers to find the lowest rate that matches their credit profile," Mr Brown said.
"Our platform instantly provides consumers with accurate, up-front pricing, instead of the opaque or generic pricing consumers get from almost every other market participant."
For more information or to find the best possible rates on your next car loan. Visit: https://www.driva.com.au/