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No Early Payout Fees

‘Early payout fee’. Seems like a contradiction in terms, right? Why should you be disadvantaged for paying out your loan early?

Posted on: April 22, 2020

‘Early payout fee’. Seems like a contradiction in terms, right? Why should you be disadvantaged for paying out your loan early?

“Finance One was the only lender I found who would let me make extra payments without any early payout fee.”

With a Finance One consumer loan, there’s no such thing as an early payout fee, which is why Ricky Devlischev from Melbourne chose us as his loan provider.

If you're considering a car loan and want to be able to pay it off sooner rather than later, asking your potential loan provider about early payout fees is a must. Just ask Ricky Devlischev from south-east Melbourne’s Carrum Downs, who had his sights set on a flexible loan.

“When I first started looking around for a car at dealerships, and they were talking about five, six and seven-year car loans I wasn’t interested,” says the 49-year-old support worker.

“I wanted a three or four-year loan that I could pay off quickly without any early payout fees.”

Determined to find a loan that didn’t disadvantage him for being a good payer, Ricky spoke to a broker, who recommended Finance One.

“Finance One was the only lender I found who would let me make extra payments without any early payout fees,” Ricky says.

“I could pay the car off quicker without any hassle. If I wanted to get rid of the loan in two-and-a-half or three years, I could.”

So, in 2018, Ricky went ahead and borrowed $10,000 from Finance One for his first car — a 2009 model Subaru Impreza. And, naturally, when he decided to buy a second car, Finance One was again his first choice.

“I put the application in with Luke on the Friday and he called me on the Monday to say Finance One had approved a second loan,” Ricky says.

When Ricky arrived at the dealership to pick up his top-of-the-range Kia Cerato, with only 80,000 kilometres on the odometer, the lady at the car dealership was surprised he already had the pre-approval.

“I looked at the Kia on the Wednesday and it was paid for by noon on the Friday,” Ricky says.

“When I picked it up that afternoon, the lady at the dealership was still shaking her head in disbelief, saying it usually takes a week to turn-around finance.”

But, sure enough, there was a direct debit in the dealer’s bank account for the car as promised and she handed over the keys.

“I pay more than I need to on both cars and am looking to have the Subaru paid off next April,” says Ricky.

“And the Kia, which I bought in December 2019, I’d like to pay off within three years.”

In the event of an emergency, Ricky also has the peace of mind that Finance One will be there.

In April, I had an issue with the exhaust sensors on the Subaru playing up,” Ricky recalls.

“It was going to cost $1,800 to fix so I called Luke to see if he could help. Within a day of further assessment I had the approval and, within four days, the car was fixed.

“I’d recommend Finance One to anyone because of their flexibility and personal service.”


Author: Kylie Davis
Photographer: Wayne Taylor



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