Jump Payments was founded in 2019 with a simple vision in mind - to bring trust, transparency and simplicity to car finance.
My car finance experience
I tried to buy a car in 2017. It was an extremely painful process and when the conversation turned to financing, things only got worse.
After being led in to a separate office in the dealership and introduced to a separate Finance salesperson (the third salesperson I was passed on to), I wasn't told anything about my interest rate, monthly repayments or even who the lenders they used were. An unsuspecting consumer, I went through the lengthy process of compiling all my supporting documentation nonetheless and the car dealer lodged my loan application on my behalf. Three days later, I heard from the dealer that despite my good employment history and credit score, my application had been declined. It was a frustrating several days, and the dealer ultimately lost my business as a result.
I wasn't told anything about my interest rate, monthly repayments or which lender they used
What I didn't realise at the time was that process also resulted in two separate inquiries on my credit file for lenders I wasn't eligible for, which lowered my credit score and made my ability to secure financing in the future worse.
I couldn't believe there wasn't a better way to get car finance.
I wasn't alone.
Over the next year, we realised that I wasn't the only one that had such a poor experience in seeking car finance. We heard frequent stories of other friends and read many google reviews of various dealers and brokers from customers that had faced similar challenges. There were common pain points across all of these Australians stories: providing all of their personal information to a broker and having no visibility of what they would do with it; not being told what their interest rate would be despite asking many times; only being given one loan option from a mysterious lender; shopping around online to 10's of different lender websites leading to multiple hits against their credit file; being pushed into a certain lender and not knowing why they were the best choice; or not finding out about hidden fees and charges until it was too late.
All we were all looking for in the whole process was a simple way to pay for that car we wanted, at a price we knew was good. Yet the car finance industry thrives in the ambiguity and shadows created by traditional brokers, car dealers and lenders - unwilling to disclose their rates, fees, charges or even process to customers.
Where Jump fits in
We have never worked in car dealerships or lenders or traditional brokers - we simply wanted to see a better experience for the next customer. Jump helps consumers fight back and finally lifts the lid on the black-box that is the car finance process - providing options and transparency to customers in a way that we believe is sorely needed in the industry.
we were simply customers that wanted to see a better experience for the next customer
In a simple and easy to use online application, we provide you with a range of tailored quotes from our large lender panel. We work closely with lenders so you don’t have to - making sure you know everything you need to know about not just one lender, but as many lenders as we have on our growing lender panel that you are likely to be eligible for - from APRs (annual percentage interest rates), comparison rates, upfront fees, on-going fees, ways to decrease your rate, we tell you it all. While commission structures vary by lender, we don’t play favourites - we simply give you your options so you can make the choice of which lender quote suits you best.
The Jump platform also pre-qualifies customers before any information is shared with lenders, so we only send your application to a lender if we're confident you'll be approved.
we simply give you your options so you can make the choice of which lender quote suits you best
So what does this all mean to you?
Put simply, if you’re looking to buy a new (or used!) car and don’t know where to start to get a car loan, Jump Payments is here for you. In a few simple steps, we’ll provide you with a range of tailored quotes from our panel of lenders, depending on which lenders you're eligible for. The quotes come with full disclosure of all fees, charges and rates charged by the lender - then you make the choice of which loan is best for you.
Whether you want to handle the entire process online in our online, easy-to-use application, or speak to one of our knowledgeable loan consultants over the phone, we’ve got you covered.
To hear more about our journey and how we’re different, reach out to us anytime.