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SocietyOne is an Australian P2P lender that offers a range of personal and car loans. This means that rather than lending the money itself, SocietyOne connects borrowers with investors, and then manages and services the loans.
SocietyOne offers risk-based pricing, meaning that your rate is partially determined by your credit score. This means that higher your score is, the lower the rate that you will likely be offered.
from 0% to 5% of the total loan amount
Application Fee
From 6.99% (fixed)
Interest Rate (p.a.)
6.99%
Comparison Rate (p.a.)
$50,000
Max Loan Amount
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Product Name | SocietyOne Car Loan |
---|---|
Interest Rate (p.a.) | From 6.99% (fixed) |
Comparison Rate (p.a.) | 6.99% |
Interest Rate Type | Fixed |
Min Loan Amount | $5,000 |
Max Loan Amount | $50,000 |
With a car loan from SocietyOne you can borrow between $5,000 and $50,000. SocietyOne offers risk-based pricing, meaning your rate will be tailored to your circumstances. Interest rates and fees are based on a SocietyOne tier system, which is determined by a series of personal information, including your credit score, employment status, cash flow, loan term and loan amount.
With a SocietyOne Car Loan, you can purchase either a new or a used car and there is no need to use the car you are purchasing (or any other asset) as loan security. This could be beneficial for people who would like to use funds from the loan to potentially cover other off-road expenses, such as insurance, PPSR, GST and additional features.
Interest rates start from 6.99% p.a. for first tier borrowers. Terms are either two, three or five years long.
The following features apply to a SocietyOne Car Loan:
SocietyOne works on a tiered rate system – the better your loan application, the lower your interest rate and fees. The repayment term you select also affects your rate. There are four loan grades, with the loan grade you receive based on your credit history and credit score, employment status, cash flow and the loan amount you request.
Interest rates range from 6.99% p.a. to 17.99% p.a.
SocietyOne charges a one-off establishment fee of between 0% and 5% of the total loan amount, depending on your financial circumstances and credit score. SocietyOne's tier system and pricing is defined as follows (please note the comparison rate takes into consideration the applicable establishment fee).
Interest rate | 6.99% p.a. - 10.49% p.a. | 9.99% p.a. - 12.19% p.a. | 11.99% p.a. - 14.99% p.a. | 14.99% p.a. - 20.49% p.a. |
Comparison rate | 6.99% p.a. - 12.21% p.a. | 12.87% p.a. - 13.89% p.a. | 15.08% p.a. - 16.61% p.a. | 18.48% p.a. - 22.06% p.a. |
Other fees you may be charged include:
To apply for a car loan with SocietyOne, simply click "Go to site" to visit the lender's website directly and submit an application. To apply, you must:
You will also require the following documentation in order to apply:
While this is a competitive car loan product, it's still a good idea to compare a range of car loans yourself, prior to submitting an application.