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Cheap Car Loans

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Won’t impact your credit score!
Won't impact your credit score!

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Example interest rate

9.20% p.a.

Comparison rate*

10.58% p.a.

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Cheap Car Loans

Car owner hopefuls will always have one goal: save money by choosing cheap car loans. The motivation in getting that brand new car makes them go after the best car finance deals available. Borrowing money with low-interest rates is cheaper than paying for a car in full. But before you give in to a cheap car loan offer, it is important to understand the terms and conditions that apply. MONEYME provides you with a safe and secure way for getting cheap car finance. 

You can trust our fast, flexible and competitive online car financing deals for your dream car. You may think that waiting for a cheap car loan approval may take weeks or months in the process. But with MONEYME, you can be sure that our advanced tech-driven platform can provide you with a seamless online car loan process done only in minutes via your mobile phone.

So if you are thinking about finding reliable and flexible personal car loan deals that will help you purchase your dream car, then you are in the right place.

Does a car loan affect your credit score?

Before you think about cheap auto loans, you need to check your credit score first. One mistake that soon-to-be car owners commit is not thoroughly checking their credit history before taking another cheap car loan. First-time borrowers might miss this part because they are too excited to get their brand new car. However, when you apply for vehicle loans and buy a car in finance, it is best to double-check your credit score even before you start.

As financial advisors say, your credit report is like your assignment, and your credit score is usually your grade. Car finance officers will always check your credit score based on your credit history. Credit scores determine your creditworthiness, and financial institutions often use them to evaluate your level of probability in repaying loans on time.

A good credit score would determine a better interest rate, payment terms and repayment conditions. A vehicle loan can positively or negatively affect your credit score. Paying your car loan on time or paying it in full will most likely make a difference in your credit score. Some other factors that you need to consider before deciding to go for a cheap car loan deal can include the following:

  • New or existing loans
  • Types of loans
  • Payment history
  • Duration of credit history

When you apply for a car loan, lending institutions like MONEYME will often check your credit history and credit score before approving your car loan. Credit scores will help us assess your credit standing, whether you're eligible for cheap car loans and whether you're capable of paying your loan consistently.

Even before you sign up for cheap car loans, you may need to check your credit score to ensure that you have accurate and up-to-date records. Doing so will also help you better improve your credit score and take intentional and necessary steps to have a good credit standing. You can take action to rebuild your credit score, such as:

  • Paying your existing loans on time;
  • Setting up automatic payments; and
  • Pay your existing balance and overdue charges.

What are the fees associated with a car loan?

When it comes to fees associated with a car loan, remember that not all lenders are the same. Your credit score is one variable that will greatly affect interest rates and repayments in getting a cheap car loan. So before giving it a go, it is best to compare lenders and their rates to get the cheapest car loan rates you can afford.

Fees and monthly repayments are all part of getting a car loan. Once you receive your money for cheap car loans, you can start paying it back with the interest fee. Some factors that will affect your monthly payment fees include the following:

  • Loan amount
  • Loan duration
  • Interest rates
  • Annual percentage rates

The loan amount depends on the car's value, whether you've purchased a second or a brand new one. Paying a small or a big down payment for your vehicle finance can also lessen the amount that you pay for every month.

As mentioned earlier, the interest rates will vary depending on your credit score. The lower the interest, the higher the benefits it can give the borrower. However, another factor you shouldn't miss out on is the loan term, which can typically be from one to five years.

If you choose a longer-term, say a five-year term, to pay for your car loan; this means you'll be paying more interest charges in the long run. A lower monthly payment may not always mean that it’s better than paying a short-term car loan monthly.

So when deciding to give cheap car loans a go, it’s always best to first understand how car loans work for you to make the right decision in the process. Some people benefit from longer payment terms, while others choose a short-term duration to reduce monthly interest rates. 

How long does it take to get a car loan?

To understand what kind of credit history you have, cheap car loan lenders at MONEYME will ask for details about your income, mortgage payments, bills, and other current debts. Such factors may affect your assessment and approval time in getting a car loan. Always remember that all credit applications go through a speedy yet rigorous assessment using proprietary technology. 

Pay low-rate car finance with flexible repayments and no early exit fees with MONEYME. We are your trusted digital financial service company that offers online personal loans and approval outcomes within minutes, not days. MONEYME requires no asset security for up to $50,000 with competitive comparison rates and low-interest rate offers.

Enjoy a premium service with some of the cheapest car loan rates around, ranging from fixed to flexible repayments with MONEYME. We are your responsible money lender with a current Australian Credit Licence. Learn more about our service offerings today by sending us a message.

Our customers

Cheap Car Loans

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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Won’t impact your credit score!
Won't impact your credit score!

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