Personal loans

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Car Finance

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interest rate could be with our calculator


Monthly repayment from


Example interest rate

6.25 %

Comparison rate3

7.64 %

Total charges


Total repayments


Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. Any calculations made by you using this calculator is intended as a guide only.

What is the best way to finance a new car?

If you’re looking for a way to finance a new car, you might be confused with the different financing options such as personal loansunsecured car loan, dealer financing, line of credit, etc. Additionally, you have to keep in mind the interest rates, fees, repayments, and application process involved in borrowing money. 

At MoneyMe, we offer a line of credit called Freestyle Virtual Credit Card that is particularly ideal for car finance. Think of it as a credit card, but only better because of its fast application process (approval can be as quick as a few minutes),  credit limit of up to $20,000, competitive interest rates, auto-reminder to prevent missed payments, and up to 55 days interest free credit card on purchases. 

Making a purchase on Freestyle Virtual Credit Card also offers convenience; you can even shop online, and in-store without a physical card since this line of credit lives on your mobile phone. This means you can visit a brick-and-mortar store–or a car dealer if you’re going to purchase a new auto–without bringing along your bulky wallet. 

You can also send money (or advance loans) from your Freestyle Virtual Credit Card to your bank account. This is extremely helpful if you need car finance or pay for a tow truck or a repair shop, and they don't accept credit cards. In addition, you can transfer funds to your family, friend, or anyone’s account using your Freestyle line of credit. 

One of the most notable benefits of using MoneyMe’s Freestyle Virtual Credit Card is the quick and easy application process. We completely remove the paperwork (no need to send us your payslip, bank statement, and proof of employment on paper), lengthy phone and personal interviews, and other time-consuming tasks. Simply fill out our online application form wherein you need to enter your personal details, expenses, employment information, income, and bank info. 

If you apply during business hours, you only need to wait a few minutes for the decision. Once approved, you can instantly access your line of credit. 

How does the repayment process work?

If you want to determine your loan rating and repayment process, simply click the ‘Apply now’ button on the Quickstart and fill out the form. Within seconds, we can assess your repayment terms and cost of loans. Take note that we can send you this information even though you haven’t submitted your actual loan application. Because honesty and transparency are at the heart of our business ethics, we ensure that we equip all our borrowers with accurate and complete information, allowing them to make educated financial decisions. 

Giving people the most accurate and complete information about the cost of their loan and the repayments process can also guide them to become responsible borrowers. At MoneyMe, we believe in responsible lending and borrowing, which is the only way to help individuals improve their financial position long term. 

In a nutshell, the cost of your loan depends on multiple factors, although your credit history is one of the most influential ones. In general, borrowers with a good credit score enjoy lower and more favourable rates. 

If you ask yourself how much can I borrow, the answer is simple: Look at your credit limit, which is the maximum amount of money you can borrow for a line of credit. At MoneyMe, we tailor this to your individual circumstances and application. As of this writing, our credit limit ranges between $1,000 and $20,000.

Again, your credit limit is affected by your credit history. Other factors we take into account include your income, living expenses, and debt obligations. 

If you want to increase your credit limit, you can log in to your MoneyMe account and adjust the set credit limit according to your desired threshold. We will then evaluate your request and decide based on your financial situation and payment history with us. 

As a line of credit, you don’t need to pay any interest unless you have tapped your money. Additionally, we base your annual fees on your credit limit and even waive your monthly fees if your balance is less than a specific amount. 

Another thing to keep in mind is your annual percentage rate or APR, which is the total amount of cost paid every year when you borrow money. APR is always higher than the interest rate because it includes all the costs and fees associated with borrowing funds. In addition, it varies from person to person because it is based on creditworthiness. Thus, you can enjoy a lower rate if you have a good credit history. 

Suppose you have overdue payments or insufficient funds in your direct debit account, or you’re experiencing hardships. In that case, it is important to communicate with us to discuss alternative payment and install arrangements.

What are the documents required to finance a new car?

To apply for car finance, you need to present documents that are categorised into three basic types: identification like driver’s license and evidence of residential address and status; financial information such as assets and liabilities, evidence of income, bank statements; and the car’s information like purchase price, registration number and VIN, and comprehensive car insurance policy.

If you need quick and easy access to a line of credit for car finance, Freestyle Virtual Credit Card offers an array of benefits that include flexibility, competitive rates, and reusable quick loans.

Our customers

Car Finance

Unbelievably easy finance when I needed it the most. A huge thank you from me and as a returning customer I know that I am getting a fair deal.

After 5 to 10 minutes of filling up my application, my loan has been approved and the money was in my bank account. I had a great experience that is why I'm giving them a 5-star rating. Excellent service. Thank you very much, MoneyMe.

Amazing through and through. MoneyMe helped me out when no one else would and they have been a delight to deal with. I 100% recommend their service. They're an absolute joy to deal with!


Review Stars Out of 2,701 reviews

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Transparent and
simple pricing

Interest rate

6.25 %
to 19.95 %

Comparison rate*

7.64 %
to 21.32 %

Establishment fee

$295 for loans between $2,100 and $5,000

$395 for loans between $5,001 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 1 year

Maximum 5 years

Early exit fees


*This comparison rate is based on an unsecured personal loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. A $495 establishment fee and $10 monthly fee applies.

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