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Karmo car subscription

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Karmo

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Summary

Pay a weekly fee and get a new car every few months with this flexible car subscription service.

Karmo offers a flexible and convenient subscription service where you can get a replacement car every few months rather than buy or lease a car. The cost of the car subscription includes:

  • Registration
  • Roadside assistance
  • Insurance
  • Depreciation

Pros

  • Drive a new car without taking out a loan
  • Fee includes registration, insurance, roadside help and depreciation
  • No long-term commitment

Cons

  • $300 plus 2 payments needed upfront
  • The payments don’t go towards owning a car
  • You may need to drop off and pick up the cars yourself

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Main points to consider:

  • Weekly fee. You'll pay weekly and the cost will cover registration, roadside assistance, insurance and depreciation.
  • Fuel. Your fee will also cover 385 kilometres of travel, but you'll pay $0.15 per kilometres beyond that.
  • Car rotation. You'll agree upon a rotation period and when your term is almost finished, Karmo will get in touch to see what you want next.
  • Credit checks. Karmo will look into your credit history to assess whether or not you are a good applicant.
  • Damage. You are responsible for any damage on the vehicle. There is a damage waiver of at least $1,000, but you can pay extra each week to decrease the amount you would need to pay.
  • Minimum hire. For most cars, there is a minimum car hire time of 120 days. For a Tesla, the minimum hire time is 24 hours.
  • Maximum hire. You can hire a car for as long as 9 months.
  • Drivers. You can have up to 2 additional drivers per subscription for $15 per week per driver.
  • Insurance. Basic insurance is included in the fee, but it does not cover anyone under the age of 21, learner or provisional drivers, peer-to-peer vehicles and rideshare/Uber, courier or cash rental use.
  • Additional charges. You may be charged extra if the car is returned unclean or without the same fuel level as when you received it. You may also be charged for additional kilometres travelled.

What it costs:

  • From $199 per week depending on state, car and availability
  • A refundable $300 security deposit
  • 385 kilometres per week allowance; excess kilometres charged at $0.15 per kilometre
  • At least $1,000 in damage waiver (subject to agreement/whether you pay for additional coverage)

How to apply:

Press the green button to be taken to the Karmo website where you can select your location and browse the cars available. Fill in the form with your details and what you're looking for and someone from Karmo will be in touch.

Eligibility and requirements:

  • Must be between 25 and 65 years old
  • Australian or international driver's licence
  • Medicare card or passport
  • Bank statement
  • Payslip
  • Driver declaration

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You'll receive a fixed rate of 6.24% p.a.
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Simplify New Car Loan
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Comp. Rate (p.a.)
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You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with.
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RACV New Car Loans
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Fixed1 - 7 Years $5,000 - $150,000
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7.29%
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loans.com.au - New/Demo - Variable Rate
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6.24%
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7.19%
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Application Fee
$250
min.
Monthly Fee
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Monthly Repayment
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Simplify Used Car Loan
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Fixed1 - 7 Years $10,000 - $300,000
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6.19%
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Stratton Finance Used Car Loan
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Fixed1 - 7 Years $10,000 - $300,000
Interest Rate (p.a.)
6.52%
to 18%
Comp. Rate (p.a.)
6.95%
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Application Fee
$395
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Monthly Repayment
$625.27
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You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a.
A used car loan of up to $300,000 with quick approval times and balloon payment options.
RACV Used Car Loans
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Fixed1 - 7 Years $5,000 - $150,000
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8.49%
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9.21%
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Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$647.01
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You'll receive a fixed rate from 8.49% p.a.
Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
Latitude Variable Rate Personal Loan
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Variable2 - 7 Years $5,000 -
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Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
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Showing 11 of 11 results
Sources
  1. IMB New Car Loan
  2. Simplify New Car Loan
  3. loans.com.au - New - Variable Rate Special
  4. Stratton Finance New Car Loan
  5. OurMoneyMarket New Car Loan
  6. RACV New Car Loans
  7. OurMoneyMarket Used Car Loan - No Vehicle Age Limit
  8. Simplify Used Car Loan
  9. Stratton Finance Used Car Loan
  10. RACV Used Car Loans
  11. Latitude Variable Rate Personal Loan
  12. Karmo car subscription

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Rebecca Pike

Senior writer

Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products. See full profile

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