OurMoneyMarket Used Car Loan – No vehicle age limit

Main points to consider with an OurMoneyMarket Used Car Loan

With a car loan from OurMoneyMarket, you can borrow from $2,001 up to $75,000 for any used motorised vehicle, such as boats, motorbikes and caravans. Rates start at 6.57% p.a. (comparison rate 7.19% 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.

Features of an OurMoneyMarket Used Car Loan

The following features apply to an OurMoneyMarket Used Car Loan:

• Loan amount. You can apply for a loan from $2,001 to $75,000.
• 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: 6.57% p.a. to 18.99% p.a.
• Comparison rate: 7.19% p.a. to 21.78% p.a.
• Application fee: 1.50% - 6% of loan amount. Minimum fee $250.
• 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

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.