OurMoneyMarket New Car Loan

Main points to consider with an OurMoneyMarket New Car Loan ($5,000-$100,000)

With a car loan from OurMoneyMarket, you can borrow from $5,000 up to $100,000 for any motorised vehicle, such as boats, motorbikes and caravans. Rates start at 5.95% p.a. (comparison rate 5.95% p.a.) for secured loans and there are no monthly account-keeping fees, no prepayment payment fees and no early exit penalty charges. All rates are fixed, so your repayments won't change over the life of the loan. Available terms vary from 1 to 7 years.

New car loans from OurMoneyMarket are secured loans, meaning the car is used as collateral. Applications only take 5 minutes to complete, and you could get a conditional loan offer in as little as 1 minute.

How does OurMoneyMarket New Car Loan ($5,000-$100,000) compare?

• Top ranking product. This loan has a Finder Score of 9.3 which places it in the top 11% of car loans in our database.
• Competitive interest rate. With a minimum interest rate from 5.95%, this loan ranks in the top 10% of the lowest rates we've reviewed.
• No ongoing fees. You can save money over the life of your loan as there are no ongoing monthly account keeping fees.
• Low upfront cost. You could avoid upfront costs with an application fee starting from $0.
• Flexible repayment options. You can manage your budget by choosing between flexible weekly, fortnightly or monthly repayment schedules.

• Falls just outside the top tier. While its Finder Score of 9.3 is excellent this product sits just outside the top 10% of car loans we've reviewed.
• The lowest rate isn't for everyone. The advertised rate of 5.95% is reserved for borrowers with excellent credit so your final rate may be higher.
• An application fee may apply. While the application fee can be $0 depending on your profile it can be higher unlike some competitor loans that charge no application fee at all.

Features of an OurMoneyMarket New Car Loan ($5,000-$100,000)

The following features apply to an OurMoneyMarket New Car Loan:

• Loan amount. You can apply for a loan from $5,000 to $100,000.
• Loan terms. Loan terms vary from 1 to 7 years.
• Quick application. Applications are 100% online and take only 5 minutes to complete.
• Quick approval. If you're approved, you could receive a conditional loan offer in less than 1 minute.
• Flexible repayments. Make your repayments weekly, monthly or fortnightly.
• Personalised rate. The rate you will receive is based on factors including your credit score, income, loan amount, loan term, etc.
• Fixed rate. OurMoneyMarket offers fixed rate loans. This means that your repayments will not change over the life of the loan.
• No early repayment penalties. If you wish to make additional repayments or pay off your loan early, you can do so without fees.
• Won't affect your score. Obtaining a free quote won't affect your credit score.
• Direct debit repayments. Repayments will be taken from your nominated bank account on the agreed upon dates.

Fees and charges

• Interest rate: 5.95% p.a. to 18.99% p.a.
• Comparison rate: 5.95% p.a. to 21.78% p.a.
• Application fee: $0
• Monthly service fee: $0

Additional fees and charges, such as late payment or dishonour fees, may also apply.

How to apply for an OurMoneyMarket New Car Loan ($5,000-$100,000)

To apply for a car loan with OurMoneyMarket, simply click "Go to site" to visit the lender's website directly and submit an application. To apply, you must:

• Be an Australian citizen or permanent resident
• Be aged 18 years or older
• Have a gross income greater than or equal to $25,000 per annum
• Have an acceptable credit history
• Not be in hardship with another financial provider
• Have no undischarged bankruptcy listings on your credit file

You will also require the following documentation to apply:

• Three months of your bank statements (this can be done manually or online through the Illion gateway)

For other similar loan products, compare a range of car loans.

Compare other products from OurMoneyMarket

• OurMoneyMarket personal loans