Simplify New Car Loan
We currently don't have this product on Finder
- Application Fee
- $395
- Interest Rate (p.a.)
- 6.19% (fixed)
- Comparison Rate (p.a.)
- 6.6%
- Max Loan Amount
- $300,000
Summary
Secure a personal loan with a market-leading low rate from 5.76%.With a Finder Score of 8.5, Harmoney's Unsecured Personal Loan offers a highly competitive minimum interest rate starting from 5.76%. This rate is in the top 5% of the lowest rates in our database. The loan also has no ongoing monthly fees helping you save money over the loan term.
Borrowers should be mindful of the costs. The maximum interest rate of 24.03% is on the higher end and the $575 application fee is in the top 10% for expense when compared to other loans.
Pros
-
Borrow up to $300,000
-
Short turnaround time of 4 hours
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Low minimum interest rate
Cons
-
High maximum interest rate
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Application fee of $395
Details
Simplify New Car Loan
| Product Name | Simplify New Car Loan |
| Interest Rate (p.a.) | 6.19% to 18% |
| Comp. Rate (p.a.) | 6.6% to 23% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $10,000 |
| Max Loan Amount | $300,000 |
Main points to consider with Simplify's car loan
- Low rates available. Simplify offers fixed rates which start from 6.19% p.a. The comparison rates start from 6.60%.
- Maximum rates. Depending on your circumstances you could instead be offered interest rates up to 18% p.a. (comparison rate of 23%).
- Fixed interest rates. Fixed rates mean your monthly repayments are locked in at the same amount, so you know what you're committing to.
- Loan amount. You can borrow between $10,000 and $300,000.
- Loan terms. You can choose to repay your loan over 1 to 7 years.
- Secured loan. Simplify's car loans are secured against the vehicle. This means if you're unable to pay, they may be able to take the car to earn back the funds.
- Online application. Apply online and get a quote in minutes.
- Fast funding. You can normally get finance within 4 hours.
- Residency. You must be an Australian citizen or permanent resident, or be on an eligible working visa.
- Minimum income. You must be earning at least $40,000 a year to be eligible.
- Car options. Simplify offers loans for new and used cars.
- Deposit. You can take out a car loan with a deposit to bring down the loan costs.
How does compare?
- Competitive interest rates. With a minimum interest rate of 5.76% p.a. this loan's rates are in the top 5% of the most competitive personal loans we've reviewed.
- No ongoing fees. You won't be charged any ongoing monthly or early repayment fees which can help keep your costs down compared to other loans.
- High Finder Score. The Harmoney Unsecured Personal Loan scores 8.5 out of 10 in our proprietary ranking system placing it among the top personal loans in our database.
- The maximum interest rate is high. While the loan has a competitive starting rate its maximum rate is at the higher end of the market which could make it expensive for some borrowers.
- An establishment fee applies. You may be charged an upfront fee of up to $595 which is a significant cost compared to some other lenders who charge no upfront fees.
- It is not suitable for bad credit borrowers. Harmoney only lends to borrowers with good credit scores meaning you may need to look elsewhere if your credit history is not clean.
- Funding can be slower than other lenders. As a peer-to-peer platform your loan needs to be funded by investors which can take longer than applying with a traditional bank or online lender.
Fees and charges
- Application fee: $395
- Service fee: No monthly fees.
How to apply for Simplify's car loan
Head onto the website at simplify.com.au to start your online application. You can also check your eligibility and calculate payments before you get started.
You'll need to provide your driver's licence and proof of income such as payslips or bank statements.
Simplify will also check your credit score, which will not be affected until an application is made.
Eligibility
To be eligible for this loan you must
- Be over the age of 18
- Earn over $40,000 a year
- Have a good credit score
- Be an Australian citizen or permanent resident, or on an eligible working visa
What else you'll need
As the loan is secured against the car you buy, you will likely need to provide details of the car, such as:
- Car make and model
- Year of manufacture
- Condition of the vehicle
Sources
Your reviews
Rebecca Finder
Editor, Money
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Richard Whitten Finder
November 06, 2024
Hey Simon,
Simplify will match you to a lender. So the specific early repayment fees will depend on the loan you get. I suggest paying close attention to this when applying. Ask what kind of early repayment or fixed rate break fees (if any) apply. You will be able to repay the loan faster. But you may have to pay a fee of a few hundred dollars.
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Simon
November 05, 2024
I am likely to set a 7 year term to lower my monthly repayments.
But if my circumstances change and I am able to afford to pay the loan more quickly, am I able to make bigger repayments? or perhaps a lump sum? what are the penalties for doing so?
Regards,
Simon