# "We compare 50+ lenders": does it help you? “We compare 50+ lenders” is one of the most common lines in car finance. It sounds like more choice. In practice the number of lenders on a list says very little about what you’ll pay, and the way you pay matters far more. ## The short answer Comparing a long list of lenders rarely changes much for you. For any one person and car, only a handful of lenders will actually fit, and the rate you’re offered depends on your profile, not on how many names are on a panel. What decides your cost first is the structure: a novated lease, a consumer loan or a business loan can differ by far more than the gap between lenders. Choose the structure, then the lender. And watch what happens to your details and your credit file along the way. ## What the claim usually means A broker’s panel is the list of lenders it is accredited with. Being on the list doesn’t mean a lender is right for you: each has its own rules about income type, credit history, the vehicle, the amount and the purpose. Once those are applied, the realistic shortlist for one customer is usually small. The headline rates on these sites are usually the rates a lender offers its strongest applicants. The rate you get is set by your own profile. ## Why your details are asked for first On many comparison sites the figures sit behind a form: name, mobile, email, then a code. That turns your search into a sales lead, and you may be contacted by several parties. Navo shows the figures first, with no contact details and no credit check. You only share details when you decide to go ahead. ## Watch your credit file Each formal credit application records an enquiry on your credit file. Several in a short time can make lenders more cautious. Be wary of any process that lodges applications with more than one lender to “see who says yes”. ## What actually decides your cost This is how Navo works. The structure first, then the lender, ordered by what it costs you. - The structure: a novated lease, a consumer loan or a business loan, priced on the same car with running costs and tax included. - The total cost over the time you keep the car, not the headline rate: fees, the balloon or residual, and what happens if your job changes. - Then the lender: matched to your situation from a curated panel, ordered by your cost. ## Worked examples Open an example in the Navo engine, add your own income, and see the figures for every way to pay. [Work it out](https://navo.au/#start). - **Same car, three ways to pay.** Packaging at work, a new electric car: see the lease and the loan side by side. - **A tradie’s ute.** Sole trader, ute mostly for work: see the business loan against the personal options. ## Questions ### Is it bad to apply with several lenders? Each formal application records an enquiry on your credit file, and several close together can make lenders more cautious. Choose first, then apply. ### Does a bigger lender panel mean a better rate? Not by itself. Your rate depends on your profile and the lender’s rules. A smaller, well-matched panel ordered by your cost serves you just as well. ### Why don’t I have to give my details to see Navo’s figures? Because the figures are for you, not a way to collect leads. You share details only if you choose to go ahead. ## Related guides - [Novated lease or car loan: which way to pay?](https://navo.au/guides/novated-lease-vs-car-loan/) - [What is a consumer car loan?](https://navo.au/guides/what-is-a-consumer-car-loan/) - [What is a business car loan (chattel mortgage)?](https://navo.au/guides/what-is-a-business-car-loan/) Reviewed 2026-10-07. --- General information only. Subject to credit assessment and lender criteria. Navo's results are general information and indicative only. They are based on what you tell us and our assumptions, are not a credit assessment, quote or tax advice, and don't take all of your circumstances into account. Credit is subject to the lender's criteria. Fees and charges apply. Navo is a trading name of Blackrock Leasing Pty Ltd ABN 15 681 267 818, Australian Credit Licence 569484.