Simplify New Car Loan
- Application Fee
- $395
- Interest Rate (p.a.)
- 6.19% (fixed)
- Comparison Rate (p.a.)
- 6.6%
- Max Loan Amount
- $300,000
Summary
If you’re in a dealership in front of the perfect new car, you’ll want finance quickly to get straight on the road. Thankfully, Simplify offers fast finance in a matter of hours.
Apply for finance online and receive lender options and repayment details in minutes. Simplify will then negotiate with the dealer on your behalf and complete all the necessary paperwork.
Through Simplify you can buy cars, motorcycles, vans, trucks, caravans and boats. Depending on your eligibility and circumstances its partner lenders could offer you interest rates from as low as 6.19% p.a. You can borrow from $10,000 up to $300,000.
Pros
-
Borrow up to $300,000
-
Short turnaround time of 4 hours
-
Low minimum interest rate
Cons
-
High maximum interest rate
-
Application fee of $395
Details
Simplify New Car Loan
| Product Name | Simplify New Car Loan |
| Interest Rate (p.a.) | 6.19% to 18% |
| Comp. Rate (p.a.) | 6.6% to 23% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $10,000 |
| Max Loan Amount | $300,000 |
Main points to consider with Simplify's car loan
- Low rates available. Simplify offers fixed rates which start from 6.19% p.a. The comparison rates start from 6.60%.
- Maximum rates. Depending on your circumstances you could instead be offered interest rates up to 18% p.a. (comparison rate of 23%).
- Fixed interest rates. Fixed rates mean your monthly repayments are locked in at the same amount, so you know what you're committing to.
- Loan amount. You can borrow between $10,000 and $300,000.
- Loan terms. You can choose to repay your loan over 1 to 7 years.
- Secured loan. Simplify's car loans are secured against the vehicle. This means if you're unable to pay, they may be able to take the car to earn back the funds.
- Online application. Apply online and get a quote in minutes.
- Fast funding. You can normally get finance within 4 hours.
- Residency. You must be an Australian citizen or permanent resident, or be on an eligible working visa.
- Minimum income. You must be earning at least $40,000 a year to be eligible.
- Car options. Simplify offers loans for new and used cars.
- Deposit. You can take out a car loan with a deposit to bring down the loan costs.
Fees and charges
- Application fee: $395
- Service fee: No monthly fees.
How to apply for Simplify's car loan
Head onto the website at simplify.com.au to start your online application. You can also check your eligibility and calculate payments before you get started.
You'll need to provide your driver's licence and proof of income such as payslips or bank statements.
Simplify will also check your credit score, which will not be affected until an application is made.
Eligibility
To be eligible for this loan you must
- Be over the age of 18
- Earn over $40,000 a year
- Have a good credit score
- Be an Australian citizen or permanent resident, or on an eligible working visa
What else you'll need
As the loan is secured against the car you buy, you will likely need to provide details of the car, such as:
- Car make and model
- Year of manufacture
- Condition of the vehicle
Your reviews
Rebecca Finder
Senior writer
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Richard Whitten Finder
November 06, 2024
Hey Simon,
Simplify will match you to a lender. So the specific early repayment fees will depend on the loan you get. I suggest paying close attention to this when applying. Ask what kind of early repayment or fixed rate break fees (if any) apply. You will be able to repay the loan faster. But you may have to pay a fee of a few hundred dollars.
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Simon
November 05, 2024
I am likely to set a 7 year term to lower my monthly repayments.
But if my circumstances change and I am able to afford to pay the loan more quickly, am I able to make bigger repayments? or perhaps a lump sum? what are the penalties for doing so?
Regards,
Simon