ING Direct has launched a car product that combines finance with a vehicle-buying service.
The new product is a partnership between ING and Macquarie Leasing – it will carry the ING brand, but the finance and buying service will be provided by Macquarie.
ING Direct said the two-in-one product would make life simpler for consumers.
“Stay in the comfort of your lounge-room while your car expert does all the leg-work for you. You simply tell them what you’re looking for,” ING Direct said.
“They’ll then find your new car, do all the negotiating with a network of over 500 dealerships and help you apply for an ING Direct car loan too.”
Insurance can be added onto loan
Consumers who are unsure what car they want can get a loan pre-approved before the search for a vehicle begins.
When the loan is being finalised, consumers can sign up for Allianz Value Protect Insurance, which combines gap cover and purchase price insurance.
This insurance cover can then be added to the loan, so it is gradually paid off over the course of the loan.
Consumers can borrow between $10,000 and $250,000 over one to seven years, and repay the loan in fortnightly or monthly instalments.
The loan includes a $505 establishment fee and $8.10 monthly service fee.