OurMoneyMarket Used Car Loan – No vehicle age limit
- 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
A competitive low-rate used car loan with no ongoing monthly fees.The OurMoneyMarket Used Car Loan is a highly-rated option, scoring 9.4 and ranking in the top 9% of products on Finder. It offers a very competitive minimum interest rate from 5.95%, which is in the top 10% of lower rates, and has no ongoing monthly fees.
Be mindful that the maximum rate of 18.99% is on the more expensive side, falling into the top 20% of higher rates on the market.
Pros
-
Flexible repayments
-
No application fee or monthly service fee
-
No early repayment or exit fees
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No vehicle age limit
Cons
-
Late payment fee of $35
Details
OurMoneyMarket Used Car Loan - No Vehicle Age Limit
| Product Name | OurMoneyMarket Used 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 Used Car Loan ($5,000-$100,000)
With a car loan from OurMoneyMarket, you can borrow from $5,000 up to $100,000 for any used 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.
Used 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?
- A top-rated loan. This product's combination of low costs and high features earns it a Finder Score that places it in the top 9% of car loans we've reviewed.
- A highly competitive interest rate. With a minimum interest rate from 5.95%, this loan sits in the top 10% for lowest rates in the market.
- Save on fees. This loan stands out by not charging any ongoing monthly fees which helps lower the overall cost of your loan.
- EV and hybrid friendly. You can use this loan to finance the purchase of a used electric or hybrid vehicle.
- Upfront fee. You will be charged an establishment fee of between $250 and $595 which adds to the overall cost of the loan.
- Vehicle restrictions. The car you are financing must be no older than 12 years at the end of the loan term which may limit your options.
- Good credit required for the lowest rate. You will need a good to excellent credit history to be eligible for the advertised interest rate of 5.95% p.a.
Features of an OurMoneyMarket Used Car Loan ($5,000-$100,000)
The following features apply to an OurMoneyMarket Used 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.
- Vehicles of any age. There is no maximum age for the vehicle you're looking to finance.
- 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. Rates are based on factors such as 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 charges.
- Won't affect your score. Receiving 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 Used 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.
Sources
Your reviews
Alanna Finder
Money Expert
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