Simplify Used 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 used car loan with rates from 6.19% and no monthly fees.Scoring 8.4 in our Finder Score the Simplify Used Car Loan is a competitive option. It features a low minimum rate from 6.19% and no ongoing monthly fees helping to keep costs predictable. Borrowers also benefit from flexible weekly, fortnightly or monthly repayments.
Be aware the maximum rate is high at 18.00% and there's a $395 application fee. This means the loan is best suited for applicants with strong credit who can qualify for the lowest rates.
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 Used Car Loan
| Product Name | Simplify Used 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 Used Car Loan compare?
- Competitive starting rate. Secure a low fixed interest rate starting from 6.19% p.a. which is competitive for applicants with a good credit profile.
- No monthly fees. You'll save money on ongoing costs as this loan charges no monthly account keeping fees.
- Low upfront fee. The application fee starts from a low $395 helping to keep your initial loan costs down.
- Flexible repayments. You can align your repayments with your pay day with flexible weekly, fortnightly or monthly options.
- Not the lowest rate on the market. While competitive its minimum interest rate of 6.19% is higher than some other car loans available.
- An upfront application fee applies. You will be charged an application fee starting from $395 which is higher than many other lenders who may charge less or waive this fee entirely.
- A good but not market-leading Finder Score. This loan's Finder Score of 8.4 is strong but indicates there are higher-rated car loan options available for comparison.
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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Angus Kidman Finder
September 18, 2024
Hi Rony, You should be able to apply via Simplify for a private purchase – it’s possible the process will be a little slower when vehicle details need to be verified.
Rony
September 17, 2024
Hi, I would like to know that if I want to buy car from private not the dealer, will it be same condition apply?