Get on the road sooner with the competitive interest rates and flexible features of the RateSetter Car Loan.
The RateSetter Car Loan offers a competitive price and flexible features, with tailored rates and the choice of a secured or unsecured loan. With competitive interest rates and a quick approval process, RateSetter’s product is one to keep in mind while shopping around for a car loan. Find out what you need to know about this loan in the below review.
|Product Name||RateSetter Car Loan|
|Interest Rate (p.a.)||From 3.7% (variable)|
|Comparison Rate (p.a.)||10.01%|
|Interest Rate Type||Variable|
|Min Loan Amount||$2,001|
|Max. Loan Amount||$45,000|
Factors to consider about the RateSetter Car Loan
This car loan from RateSetter is a flexible loan that can help you purchase a new or used car. When you apply, you'll have the option to secure your loan with the vehicle which can reduce your repayments. You can apply for between $2,001 and $45,000 for terms up to 5 year(s).
Rates for this loan are tailored to you depending on the application details you provide and the loan you apply for. If you apply for a loan with a term of between six months and two years, you will receive a variable interest rate of between 3.7% p.a. and 10.01% p.a. If you opt for a loan term of three to five years, you will receive a fixed rate loan.
Features of the RateSetter Car Loan
- Competitive rates. Whether you choose a variable or a fixed rate loan term, the interest rates are competitive.
- Monthly repayment structure. With a monthly repayment structure, you can easily figure out how much you need to set aside to pay off your loan.
- Transparent fee structure. Once you apply for your desired loan amount and loan term, a calculator will show you what fees and charges will be applied to your loan in a pie chart.
- Pre-approval. If you’ve decided you need a car loan but you haven’t found a car, RateSetter will approve you a month in advance so that you can find the car you want.
- Personalised rate estimates. The RateSetter RateEstimate allows you to put in your details so that you can see how much your repayments will be before you commit to the loan. This process will also show you all the fees and charges you will need to pay so that you’re aware of everything before committing to the loan. It will not affect your credit score.
- Quick approval process. Once you’ve filled out your loan application, you will know whether or not you’ve been approved within the next 48 hours. Once your loan has been approved, the funds will be in your account the next business day.
Fees and charges
There are several fees and charges associated with the RateSetter Car Loan including:
- Risk assurance charge. This charge is based on your credit history and how much of a risk you are when you take out the loan.
- Commencement fee. This is an admin fee that is charged for setting up the car loan.
- Monthly fees. These are account management fees that are charged monthly.
- Late repayment fee. This is charged if you’re unable to make a payment on time.
The actual cost of these fees is dependant on how much you borrow from RateSetter. It will be calculated and charged accordingly.
How to apply for the RateSetter Car Loan
Applying for the RateSetter Car Loan is easy. Simply click the “Go to Site” button on this page to get started. However, before you do so, ensure that you meet the following eligibility requirements:
- You must be aged 21 or older
- You must be an Australian citizen or a permanent Australian resident
- You must have a regular source of income
- You must have a good credit history
- You must have your personal details as well as your bank account details ready to go
Once you have all of these details ready, it’s important to figure out your loan term, how much you want to borrow and how much you can afford to repay each month. After you’ve received your personalised rate repayment plan from RateSetter, all that’s left to do is enter some additional personal details, such as your employer’s name and contact number and how much you earn, and then wait for approval.