Simplify New Car Loan
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- Application Fee
- $395
- Interest Rate (p.a.)
- 6.19% (fixed)
- Comparison Rate (p.a.)
- 6.6%
- Max Loan Amount
- $300,000
Summary
A flexible new car loan option with no ongoing monthly feesWith a competitive starting rate from 6.19% and no monthly fees the Simplify New Car Loan earns a high Finder Score of 8.4. It offers flexible weekly, fortnightly or monthly repayment options to suit your budget.
While the initial application fee is $395 the main thing to watch is the maximum rate which can be as high as 18.00%. Your final rate will depend on your credit history and financial situation.
Pros
-
Borrow up to $300,000
-
Short turnaround time of 4 hours
-
Low minimum interest rate
Cons
-
High maximum interest rate
-
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 Simplify New Car Loan compare?
- Competitive interest rate. This loan offers a competitive minimum interest rate starting from 6.19% for new cars.
- No ongoing fees. You can save money throughout the life of your loan as there are no monthly account keeping fees.
- Low application fee. The application fee starts from $395 which is competitive compared to other lenders in the market.
- Flexible repayment options. You can align your repayments with your pay cycle with flexible weekly, fortnightly or monthly options.
- High Finder Score. This product has a Finder Score of 8.4 which is high for the car loans category.
- A competitive but not market-leading rate. While its interest rate is competitive starting from 6.19%, some other lenders may offer lower rates to eligible customers.
- An upfront application fee applies. You'll need to budget for an application fee that starts at $395 which can add to the overall cost of your loan.
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