CarMoney Used Car Loan
- Application Fee
- $399
- Interest Rate (p.a.)
- 6.2% (fixed)
- Comparison Rate (p.a.)
- 6.71%
- Max Loan Amount
- $150,000
Summary
CarMoney Oceania can help you find a used car loan with a fixed interest rate and secured or unsecured options.
Get some car loan help from the brokers at CarMoney Oceania. They can help you find a secured or unsecured car loan with a competitive fixed interest rate that won't change over the life of the loan.
Pros
-
CarMoney is a broker and can match you to suitable loans
-
Options for secured and unsecured loans
-
Borrow up to $150,000
Cons
-
There is a $399 application fee
-
Other fees may apply
Details
Product details
| Product Name | CarMoney Used Car Loan |
| Interest Rate (p.a.) | 6.2% to 15.75% |
| Comp. Rate (p.a.) | 6.71% to 16.18% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max Loan Amount | $150,000 |
How does the CarMoney Oceania Used Car Loan work?
CarMoney Oceania is a broker, which means once you give them your details it will match you with suitable car loans from various lenders. Borrowers looking for a fixed rate loan to purchase a used car can pick from both secured and unsecured options.
Interest rates range from 6.2% p.a. (comparison rate 6.71% p.a.) to 15.75% p.a. (comparison rate 16.18% p.a.). The rate you can get depends on your credit score and personal financial circumstances.
Features of this loan
Here are the main points to consider when looking at CarMoney Oceania's fixed rate used car loans:
- Fixed interest rates. Your rate is fixed, meaning it won't change throughout the life of the loan.
- Personalised rates. The rate you qualify for depends on the car you're buying, your financial situation and your credit score. Borrowers with excellent credit can access the lowest rates.
- Loan terms. Loan terms range from 18 months to 7 years.
- Loan amount. With CarMoney you can borrow as little as $5,000 or as much as $150,000.
- Secured and unsecured options. If you're buying an older used car you'll likely need an unsecured loan, which has a higher rate. If your car is newer and meets certain criteria you can use it as security for the loan and get a better rate.
- An enquiry won't affect your credit score. While applying for a loan causes a slight, temporary dip in your credit score, getting a free quote does not.
- Flexible repayment terms. You can make weekly, fortnightly or monthly loan repayments.
- Car type. You need to be purchasing a used vehicle.
- Other features, fees and conditions vary. Other details vary depending on the loan and lender you select via CarMoney Oceania.
How much does the CarMoney Oceania Used Car Loan cost?
Here are the main fees and charges you should know about:
- Interest rate: 6.2% p.a. to 15.75% p.a.
- Comparison rate: 6.71% p.a. to 16.18% p.a.
- Application fee: $399.
- Monthly service fee: This fee depends on the lender.
Note: The loan you get may have other fees, such as arrears fees and late payment fees. This depends on your lender.
How to apply
To apply for this loan you will need:
- To be 21 or over
- To be an Australian citizen
- To hold an Australian drivers license
- To earn at least $1,800 a month
CarMoney does not accept Centrelink payments as a form of income.
Ready for the next step?
You can submit an enquiry online by clicking the green button below, which will take you to CarMoney Oceania's website.
Once you provide information about yourself and the vehicle you're buying CarMoney will match you with suitable loan options from its partner lenders.
Compare car loan providers
Your reviews
Richard Finder
Editor
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.
Sarah Megginson Finder
February 14, 2024
Hi Bryan,
If you have a car loan secured to the asset (car), the company that lent the money has a legal ‘interest’ in the car. You are legally the owner. However the car does not have ‘clear title’, because you do not fully own it, so if you default on your car repayments, the company that lent money may repossess your car to recover their costs.
Hope this helps clarify things for you.
Show more Show less
Bryan
January 17, 2024
If a take a secured refinancing loan on my used car (2020 RAV 4) what is the legal position regarding ownership?