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Loan to Buy a Car

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9.20% p.a.

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10.58% p.a.

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Loan to Buy a Car

With most Australians opting for a loan to buy a car, most online lenders and banks are now offering car finance offers with attractive interest rates to help these borrowers secure a loan to buy a car in the easiest and fastest way possible. From a personal car loan to the cheapest car finance loans such as a pre-approved car loan, a car loan’s purpose is to simply lend borrowers a huge amount of money to buy a car. In return for the loan, you pay interest to the financial institution that lent you the money. 

Whether you used a bank loan for car or a credit card, you will be obliged to pay monthly repayments that usually range from three to five years. In addition to repaying the amount you borrowed, an interest, together with fees and other charges during the loan process will also be added to your repayments. 

At MONEYME, unparalleled convenience is within reach with our easy and straightforward online loans. We offer quick online approvals and quick cash transfers for balances up to $50,000, payable in one to five years. This makes us the go-to money lender for Australian customers and businesses.

What is the maximum amount I can borrow through a car loan?

While every loan is different, most banks offer a loan to buy a car for between $10,000 and a maximum of $100,000. It’s an option many Australians take advantage of, but keep in mind that the amount you can borrow will depend on your personal and financial circumstances, such as your credit score, earnings, and expenses. 

Additionally, as you resort to a loan to buy a car, the type of loan you’re after will also influence the maximum loan amount. Remember, car loans can either be secured or unsecured. In most cases, a secured loan will allow you to borrow finance for a car loan as the security or collateral on the loan gives the lender greater recourse to recover the money lent once you fail to pay repayments on time. For this reason, unsecured car loans that provide lenders with no collateral can only let you borrow a loan amount less than $100,000. 

In choosing MONEYME as your online lender for car finance, we can give the money at your fingertips within minutes after being approved through our online application. We offer different types of loans that can be suitable for your ideal loan to buy a car such as personal loans, quick cash loans, online cash loans, short-term loans, express loans, and credit cards. 

What are the benefits of buying a car through a loan?

With obtaining a loan to buy a car as the clear preferred option for Aussies, here are some of the benefits that will help in your decision-making process before you buy a car on finance

You can borrow the full amount of the car’s purchase price 

If you need a loan to buy a car quickly, vehicle loans will provide you with a lump sum of money so you don’t have to wait for ages just to purchase a car. However, you need to be careful with the repayment conditions given by your chosen car financing loan company. If the monthly repayment is manageable, then pursue having one. Another option is to negotiate with your lender to reduce your monthly repayments by extending your loan terms to fit your financial circumstances and budget. 

Expanded choice of vehicles

When you pay for a vehicle upfront, your choices are typically limited by how much you have saved. By opting to acquire a loan to buy a car, you may be able to choose from a wider array of vehicles – including your dream vehicle – since you can opt for more manageable repayments.

Car finance can be tax deductible

A loan to buy a car, whether a used car loan or a new car loan, accounts for roughly 40% of all work-related tax deductions, so if you purchase a new car with finance, this usually comes with additional perks. One best example is when you have auto loans like chattel mortgage, you may be able to claim the interest payments as a tax deduction.

It helps you establish a positive credit rating

Having a loan to buy a car and responsibly paying back the money borrowed within the loan term speaks volumes about your capacity to pay, resulting in a foundation for a positive credit rating. 

How to get a loan to buy a car?

To acquire a loan to buy a car, you will need to complete a loan application that provides information about your financial situation, whether by physically visiting a bank or through online. Generally, it starts with the checking of your credit scores as part of the prequalification process. Then, if you wish to proceed with a full application, that’s when the lender will delve deeper into your credit to see if you are eligible for a car loan. 

If you decide to take out a loan, there is no better option than MONEYME. We offer a variety of loans that come with more favourable repayment terms and lower interest rates than any traditional lenders and banks in Australia. 

You simply need to fill out our online loan application form, and once your loan is approved, the money will be deposited directly into your bank account within minutes.

To find out more about our quick and hassle-free loan application and the eligibility requirements, check out MONEYME now. 

Our customers

Loan to Buy a Car

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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