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Ratesetter Car Loan

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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 a tailored fixed rate and the choice of a secured 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.

$399 (from $249 to $799)

Application Fee

From 4.89% (fixed)

Interest Rate (p.a.)

5.44%

Comparison Rate (p.a.)

$100,000

Max Loan Amount

Details

Product NameRateSetter Car Loan
Interest Rate (p.a.)From 4.89% (fixed)
Comparison Rate (p.a.)5.44%
Interest Rate TypeFixed
Min Loan Amount$10,000
Max Loan Amount$100,000

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 $10,000 and $100,000.

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 3 years or 5 years or 7 years, you will receive a fixed interest rate of 4.89% p.a.

Features of the Ratesetter Car Loan

  • Competitive rates. This loan features competitive rates.
  • Fixed rate. All rates are fixed, so your repayments will not change over the life of the loan.
  • 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.
  • Loan term. This loan has the option of a 3 years, 5 years or 7 years loan term.
  • 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.
  • Additional repayment penalty-free. You can make additional repayments on this loan free of charge.

Fees and charges

There are several fees and charges associated with the Ratesetter Car Loan including:

  • Credit assistance fee. A fee of from $249 to $799 is charged at loan setup.
  • Monthly fees. A $0 account management fee is 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.

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