OurMoneyMarket New Car Loan
- Application Fee
- 0% establishment fee for customers with an exceptional credit score. A higher fee may apply depending on your credit score.
- Interest Rate (p.a.)
- From 5.95% (fixed)
- Comparison Rate (p.a.)
- 5.95%
- Max Loan Amount
- $100,000
Summary
This fee-free personal loan offers a highly competitive starting rateWith a high Finder Score of 9.4, this loan is a standout option. Its minimum interest rate of 5.70% ranks in the top 5% of lower rates on the market and you won't pay any ongoing monthly fees.
However, applicants should be aware the maximum rate is in the top 5% of higher rates. The loan also lacks flexible weekly or fortnightly repayment options which may be a drawback for some borrowers.
Pros
-
Flexible repayments
-
No application fee or monthly service fee
-
No early repayment or exit fees
-
No vehicle age limit
Cons
-
Late payment fee of $35
Details
OurMoneyMarket New Car Loan
| Product Name | OurMoneyMarket New Car Loan ($5,000-$100,000) |
| Interest Rate (p.a.) | 5.95% to 18.99% |
| Comp. Rate (p.a.) | 5.95% to 21.78% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max Loan Amount | $100,000 |
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 compare?
- High-ranking personal loan. This product's combination of features and affordability earns it a Finder Score of 9.4 placing it in the top 9% of personal loans.
- Competitive interest rate. With a minimum interest rate of 5.70% this loan is in the top 5% for low rates on the market.
- No ongoing fees. You can save money as there are no ongoing monthly account keeping fees which many other lenders charge.
- Borrow with a partner. You have the option to apply with a partner as NOW Finance accepts joint applications a feature not offered by all lenders.
- A top-rated loan. A standout combination of affordability and features puts this product in the top 9% of personal loans by Finder Score.
- Competitive interest rate. With a minimum interest rate from 5.70% this loan is in the top 5% for lower rates making it one of the more competitive options on the market.
- No ongoing fees. You will not be charged any ongoing monthly fees with this loan which helps to keep the cost of your borrowing down.
- Joint applications accepted. You can apply with a partner or family member which is a useful feature for couples wanting to borrow together.
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
Sources
Your reviews
Bria Finder
Writer
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Sarah Megginson Finder
May 02, 2025
Hi Pal,
This guide runs through personal loan options for those on a pension, it’s worth looking at some options here. You may also be eligible for a $3,000 no interest loan through Good Shep, which could be helpful? Lastly, the National Debt Helpline might be helpful as they have free financial counsellors. Hope this helps!
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Pal
May 02, 2025
Is there anyone you can recommend that do car loans if you are on a centrelink cares pension earning around just over 30000 a year any help towards the right lenders would be appreciated