SocietyOne Car Loan review

Apply for up to $50,000 towards a new or used car, without the need to use the car you buy as loan security.

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.

3 things you should know about this loan

  • Car loans are available from $5,000 to $50,000
  • Your interest rate will be determined by how good your credit score is
  • You do not have to use your car to secure your loan
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from $0 to $595

Application Fee

From 5.95% (fixed)

Interest Rate (p.a.)

5.95%

Comparison Rate (p.a.)

$50,000

Max Loan Amount

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Details

Product NameSocietyOne Car Loan
Interest Rate (p.a.)From 5.95% (fixed)
Comparison Rate (p.a.)5.95%
Interest Rate TypeFixed
Min Loan Amount$5,000
Max Loan Amount$50,000
Go to SocietyOne's website

Main points to consider with a SocietyOne Car Loan

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 5.95% p.a. for first tier borrowers. Terms are either two, three or five years long.

Features of SocietyOne Car Loan

The following features apply to a SocietyOne Car Loan:

  • Loan amount. You can apply for a loan from $5,000 to $50,000.
  • Loan terms. Available terms include two, three or five years.
  • Unsecured. You do not have to use asset security as collateral on this car loan.
  • Personalised rate. Rates are based on factors such as your credit score, income, loan amount, loan term, etc.
  • New or used. You are able to purchase both new and used cars with this loan.
  • Fixed rate. SocietyOne 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 repay your loan early, you can do so penalty-free.
  • Flexible repayments. Repay your loan fortnightly or monthly, depending on your preferences.
  • Direct debit payments. Payments will be automatically taken from your nominated bank account on the agreed-upon dates.
  • Get a rate estimate. You can get an estimated rate from SocietyOne, without affecting your credit score.

What interest rate will I qualify for?

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 5.95% p.a. to 17.99% p.a.

Fees and charges

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

5.95% 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. - 17.49% p.a.

Comparison rate

5.95% 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. - 21.7% p.a.

Other fees you may be charged include:

  • Late fee. If you are late on a payment, you will be charged a fee of $35. This fee is payable 5, 14 and 30 days after the payment date.
  • Dishonour fee. If SocietyOne is unable to process a direct debit payment from your account, you will be charged a fee of $35.

How to apply for a SocietyOne Car Loan

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:

  • Be at least 21 years old
  • Earn more than $30,000 p.a.
  • Be able to afford the loan
  • Have at least two years of good credit history
  • Not be in hardship with another financial provider
  • Not have a pending, current or previous bankruptcy
  • Be using the loan for personal use

You will also require the following documentation in order to apply:

  • Copy of your driver's licence
  • Copy of your passport
  • Payslips
  • Three months of your bank statements
  • Credit card or loan statements

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.

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