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Car Layby

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Find out how much your repayments and
interest rate could be with our calculator


Monthly repayment from


Example interest rate

9.20 %

Comparison rate*

10.58 %

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. The interest rate for this product is variable and subject to change. Any calculations made by you using this calculator is intended as a guide only.

Car layby

From car layby to car loans or personal loans, there are several financing options available in Australia if you are looking to buy a car. Whether you are buying a quality second hand car or a brand new vehicle, buying a car can be expensive so you may not have the money to pay the full amount upfront. Then there’s all the other costs to consider too, such as rego, insurance, accessories, maintenance and repairs, and running costs. Everyone’s financial situation is different, so you’ll need to weigh up the pros and cons of the different alternatives to find a finance option that is affordable for you.

Is layby really convenient?

How car layby generally works is that you pay a deposit upfront, and then pay the remainder of the money back in instalments over a period of time. Typically with layby cars, you don’t get to take your vehicle home until it has been fully paid for. By shopping with layby, if you see a bargain, you can secure the purchase of your vehicle straight away without having to pay the full amount upfront. Although you won’t need to pay interest, it’s important to read the terms and conditions of your car layby agreement before you go ahead so that you are aware of any associated service fees, cancellation fees or other charges. The downside is if you buy a car with weekly payments using layby, you usually won’t be able to take your car home until it is fully paid off. If you are wanting to get your new car sooner rather than later, this may not be the most convenient option. There are several other financing alternatives where you’ll be able to drive your car away, even if you still owe money on your loan. 

Are there any alternatives to layby?

With so many money lenders in Australia there are many different options for financing a car. Firstly, there are car loans that are designed specifically for buying a car. Although you can get unsecured car loans, a car loan will often be a secured loan, where the car is used as collateral. Although this may be convenient and make the approval process easier, there is also the risk that your vehicle can be repossessed if you default on your loan, so you’ll need to make sure you don’t skip any repayments. 

Rather than taking out a specific car loan, you can also take out personal loans where you won’t be restricted to just buying a car. From secured or unsecured loans with variable or variable interest rates, there are many different personal loans on offer. You can also get short term loans or long term cash loans with varying payment structures. One advantage of a personal loan is that if you don’t spend all the money on buying a car, you can also use your loan for other purposes.

What is the best way to finance a car in Australia?

The best way to finance a car in Australia will depend on many factors including how much money you want to borrow, how long you want to borrow if for and your own specific financial situation. With so many different loans available online, it makes it easier to compare the different alternatives when deciding what option is best for you. Once you’ve decided how much money you want to borrow, many websites, such as MoneyMe, also have online loan calculators that can help you work out what is an affordable loan term. 

Whether you are doing online car shopping or going from one car dealer to another, when you are buying a car, if you find a special deal you may need to act quickly so you don’t miss out. If you need a loan as soon as possible, MoneyMe offers quick loans up to $50,000. Our unsecured personal loans come with variable interest rates so you’ll know exactly what your repayments will be each payment period before you agree to the loan. We are also upfront about our fees and charges. With flexible repayments and no early exit fees, a MoneyMe’s easy loans could be just what you are looking for. No longer do you have to wait several days, or even weeks, to get your loan approved. Being a tech-savvy lender, MoneyMe loans can be approved online in a matter of minutes, sometimes even seconds. We use a proprietary loan management platform that means we can assess financial and social touchpoints in real time. 

As MoneyMe is a responsible lender, we will consider your credit history when assessing your loan application as we don’t want to lend you more money than we think you can comfortably afford to repay. 

Once your loan has been approved and you’ve agreed to the loan terms, we can transfer the money to your bank account straight away. In some cases, depending on who you bank with, the money can be in your account on the same day you apply. Once the money hits your account, you can start spending it straight away. And, unlike buying a car on layby, if you use a MoneyMe personal loan you can buy your new car now and pay the money back later. You don’t have to wait until you have paid off the loan to take your car home. Get in touch today and you could be driving away in your new car before you know it!

Our customers

Car Layby

Fast, fair and easy. Very happy customer. Happy to get another loan in the future from MONEYME.

Simple process, easy to follow application, quick response time and good support.

I was impressed with how easy and quick the application was. Very happy with their customer service, and the app is very convenient.


Review Stars Out of 2,701 reviews

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Transparent and
simple pricing

Interest rate

9.20 %
to 25.20 %

Comparison rate*

10.58 %
to 26.58 %

Establishment fee
(Direct applications)

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

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

Monthly fee


Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees


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