Frequently asked Questions

All you need to know about applying for finance.

Need help translating? Have a look in the Oodle glossary. Glossary

Oodle finance has a range of classifications of credit profiles, each with a different rate. We put our customers into the best rate possible based on their individual credit profile. We embrace technology to create acost efficient operational business platform We have also added a team of finance gurus to ensure we have the most efficient funding sources available to Oodle Finance. This enables us to provide the best rates possible to our members.

Yes, we have a competitive rate for all our customers credit profiles. By lending to all, we know we can provide all our members with market leading rates, support them over life’s journey – earning rewards and continually improving their lending rates and making the car of their dreams more affordable

APR is the abbreviation for ‘annual percentage rate’, which describes the amount of interest a bank or a lender charges on money that it lends, calculated for a period of a year. The purpose is to provide an easy comparable figure which takes into account interest and fees.

For the majority of our potential members our automated underwriting will give an answer in seconds. There will always be circumstances where our Oodle Finance underwriters may need to review the application. They will be as quick as possible and will normally propose a solution within the hour.

Because we will be automating as much as humanly possible and using technology to ensure we get that data quickly and accurately. Our automated decision is just a manual decision that we have been able to logically program into an ever-learning system.

There is no golden source of data when making credit decisions on individuals, but here at Oodle Finance, our motivation is to use a diverse source of data to allow us to ensure we get you the best APR (annual percentage rate) suitable to your credit profile. We will be constantly evolving our underwriting rules and learning what data is good and what is not so good. We will continually be building, measuring and learning from our systems.

We believe our lending criteria is the broadest in the market, capturing the largest slice of all potential customers in the used car market. We lend to customers with established credit records through to customers with developing credit histories We want to be recognised as a lender to all providing our customers with affordable finance. There may be occasions Oodle Finance can’t offer a finance solution….we think these will be rare occasions.

A team of finance experts with all key management having nearly 20 years experience in the Industry each. Along with the team we have one of the oldest and largest global investors who believes in our vision of rewarding the customer for their business and understanding the finance journey is a long term partnership with the customer and dealer.

Hire purchase (HP) and Personal Contract Purchase (PCP) are the two predominant forms of car finance. A HP is the traditional and simplest form of finance. The cost of the vehicle you are buying is spread over an agreed length of time, between 2 to 5 years and an agreed fixed interest rate is attached to the loan with the loan paid back over equal monthly instalments. A PCP is essentially a HP agreement, however part of the loan is not paid off during the loan term but as a single payment at the end of the loan period. This payment has several names – a residual, balloon or guaranteed future value, but is essentially a lump sum that is owed on the car. None of this residual amount is paid off with your monthly payments and a PCP contract will typically provide lower monthly instalments. PCP contracts are well established in the new car market. Oodle Finance does not offer PCP car finance.

Good question – ….. it’s a mystery to us as well – afraid we have all been doing other jobs – but now is the right time, right place, right people, right backers – with all the same vision. It’s the perfect storm!!