Get a low rate personal loan today
Before you opt for vehicle finance take a moment to do a quick car loan comparison. MoneyMe offer unsecured car loans from $2,100 to $50,000. Applications take you less than 5 minutes online and we don’t need you to upload lots of supporting documents. You need two forms of identification and that is it.
Approvals are fast and you could receive your car loan funds in your bank account the same day that you apply with us. Apply online now to discover how much you could be approved for.
A car loan is a type of personal finance. A borrower seeking to buy a new or used vehicle, but does not have the cash to cover the purchase price of their new vehicle, applies for a personal loan from a lender for the amount they need. They then repay the loan amount to their lender over whatever loan term they have nominated (typically 1 to 5 years). Getting a car loan is a great option when you need a new set of wheels, but you don’t want to wipe out your savings balance.
All loans available from MoneyMe are unsecured personal loans which means they are not secured to the value of an asset that you own. It’s common for car loans to be secured loans, secured to the value of the new vehicle you have purchased. Secured loans mean that your lender has the ability to claim ownership of the security you have used (in this case, your car) should you default on your loan repayments. Choosing an unsecured loan therefore means you have greater flexibility over your assets, including the ability to sell your car while your loan is still active.
A car loan isn’t for everyone so it’s worth considering the advantages and disadvantages of car finance before you apply.
The good news here is that with MoneyMe, you aren’t charged early exit fees for any of our loans. You are free to pay out your loan balance ahead of schedule.
Car loans are very popular lending products, and you’ll find available offers absolutely everywhere. But how do you know which is the right lender for you? How do you choose the right car loan for your financial circumstances?
How much you want to borrow
When you buy anything, you usually set yourself a rough budget. When it comes to buying a new vehicle, try to stick with the budget that you have set yourself. Overextending yourself financially is a stressful and uncomfortable position to be in. You can use our online loan repayment calculator to help you work out what a comfortable cash loan amount to borrow will be and how to budget in your repayments while you’re paying off your loan.
Remember also that your new vehicle – whether purchased brand new or as a second-hand vehicle – is rapidly depreciating as soon as you take ownership. Spending too much on a vehicle may not only overextend you but may also turn out to be a failed investment, causing you to lose more money than you otherwise would have in the event that you sell your vehicle on.
Once you know what your borrowing budget is, then it’s time to work out the most affordable loan term. Shorter loan terms will mean you pay less interest over the life of the loan, but the repayments will be higher than for long term loans. Use our online calculator to play with various loan terms until you land on a repayment amount that you can comfortably budget into your current living expenses, including your rent or mortgage repayments, other bills and debts that you owe as well as your everyday living and entertainment expenses.
Choosing between lenders can be the most difficult decision. Most car finance products are similarly priced between lenders so what you’re really looking at when you are doing a car loan comparison is things like accessibility, online ratings and customer testimonials as well as perks, flexibility and ease of application and approval.
MoneyMe is the Gen Now lender. We specialise in making it as quick and easy as possible to get approved for the finance you need. We offer a range of options including medical loans and debt consolidation loans as well as unsecured car loans. Personal loan amounts are available for between $2,100 and $50,000.
As a wholly online lender, we offer a wholly online application process that takes you less than 5 minutes to complete and submit. Customers who apply for our cash loans during business hours will typically receive a response in minutes. When you are approved, you’ll be sent a formal loan offer detailing your total approved loan balance, the interest rate you have been approved for as well as your repayment amount, frequency and any other fees and charges that apply. This loan offer is sent to you online and if you’re happy with the terms and conditions of your new finance then you simply digitally sign it online. Once you have signed your online loan offer, we transfer your funds immediately. For some customers, depending on who you bank with, this could mean that the cash you are looking for arrives in your bank account the same day that you applied for it.
We don’t charge our customers an early exit fee should they wish to pay out the balance of their loan with us before the loan term ends. This is just one way we like to reward our credit customers. It also means that you have the flexibility to refinance at a later stage, borrowing enough to pay out the rest of your car loan balance with us plus whatever new funds you were looking for, without additional fees. Or, alternatively, you could simply pay out your loan balance early with us and enjoy saving yourself some interest payments along the way.
We are the low doc online lender offering fast and easy finance to everyone. Once you know how much you would like to apply for, simply start a new online application. It takes you less than 5 minutes to complete and submit.
Our application form is quick and intuitive, asking for details like your income, your rent or mortgage repayments, your living expenses and details of any other debts that you have like credit cards and store cards. At the end of the application form you will be directed to a secure online platform where you will be asked to sign into your internet banking. We do not receive your login credentials and nor do we obtain access to your account through this platform. This platform has been designed to send our loan assessment team a recent 90 day transaction statement directly from your account. We use this statement to verify your application details and it’s one of the reasons why we’re able to offer such fast and effortless finance online.
It is also standard practice that your credit score and file are reviewed during your application process. Don’t worry if you have a low credit score or if your credit history isn’t quite as good as you would like it to be. We understand that a person’s credit file is only one part of the whole financial picture and all applications that we receive are thoroughly and fairly assessed.
To be eligible to apply for any of our finance products, including our Freestyle virtual Mastercard® up to $20,000, you must be at least 18 years of age, currently employed and a resident in Australia.
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