A car loan from Money for Jam comes with the benefit of an interest rate tailored to your personal circumstances.
Money for Jam is a broker, not a lender. It facilitates communication between lenders to get the loan that best meets your personal and financial circumstances.
The company deals with over 40 lenders Australia-wide, which means it has access to a wide variety of loans. As long as you are sure about how much you want to apply for, and are aware of your current financial situation, Money for Jam might have a lender that suits your needs.
|Product Name||MoneyForJam Car Loan|
|Interest Rate (p.a.)||From 4.95% (fixed)|
|Comparison Rate (p.a.)||5.8%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$500,000|
Main points to consider about a Money for Jam car loan
A loan from Money for Jam is secured and comes with a competitive rate. The fixed interest rate starts at 4.95% p.a. and has a 5.8% p.a. comparison rate. The rate you will actually get depends on your personal circumstances. You can borrow a minimum of $5,000 up to a maximum of $500,000.
If you are self-employed, you are still eligible to apply for this loan. The car you plan to purchase will be used as security for this loan.
Features of this loan
When you take out a loan with Money for Jam you benefit from a range of features, including the following:
- Secured loan. Loans are secured, so there’s no need for an additional asset as security; it is provided by the car you actually purchase.
- Access to a wide range of funds. With loan amounts ranging from $5,000 to $500,000, you can find a plan that will help you fund the car of your dreams.
- Long loan terms. You can apply for a maximum term of 7 year(s).
- Private purchase. You are not limited to purchasing your car from a dealer; you can buy from a private seller as well.
- Competitive interest rate. Interest rates are from 4.95% p.a. and a 5.8% p.a. comparison rate. Bear in mind that the rate you receive can vary depending on your personal and financial circumstances.
- Customer service. Your Money for Jam representative will work with you to find a loan that best meets your financial situation, and that gets you into the car you’re looking for.
- Independent service. As Money for Jam is an independent broker with access to over 40 lenders, it is in a great position to help you get the best loan for your specific needs.
Fees and charges
The fees you are charged will vary according to the lender Money for Jam negotiates with for your loan. You will receive a fee schedule once your loan has been approved.
Some of the charges you can expect include:
- Monthly fees
- Late payment fees
- Dishonour fees
- Early repayment fees
Whether or not you will need to pay these or other fees depends on the lender’s terms.
How to apply for a Money ForJam car loan
To apply for this loan, you must first ensure you meet the following requirements:
- Be an Australian citizen or permanent resident.
- If you have a 457 visa the loan duration must not be longer than your visa term.
- You are aged 18 or older.
- You are able to meet the financial responsibilities of the loan.
- If you are self-employed, there is a low doc loan option available
Next, click on “Go to Site” to begin your application. Some of the documents you will need to supply include:
- Proof of your current asset and liability situation.
- Statements of your income and expenses. If you are an employee, you can use two recent payslips to provide proof of income. If you are self employed, you can use your tax return or current business financial reports.
- Australian driver’s licence.
- Medicare card.
With access to over 40 lenders across Australia, you’re bound to find a car loan through Money for Jam that suits your needs. However, compare other car loans as well to ensure you pick one that best suits your situation.