DirectMoney car loans

DirectMoney

Need credit to finance a car and like the idea of borrowing from a peer to peer lender? Take a look at DirectMoney online, which offers one unsecured loan, where the interest rate you’re offered will depend on your financial history. Curious? Read all about it on this page!

DirectMoney offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

9.95% p.a.to 19.95% p.a.

10.82% p.a.to 20.91% p.a.based on $30,000
over 5 years

$595

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

Direct Money car loan FAQs

What is a fixed interest rate?

It’s a guaranteed rate, meaning there won’t be any interest rate hikes or dips while your loan contract is valid. Paying off a loan on a fixed interest rate may comfort you, as you’ll know repayments will not change unexpectedly.

Can I buy a preloved car?

Of course. Because DirectMoney’s car loans are unsecured, you aren’t limited to a certain car make or model. In fact, you can really buy any vehicle you like with it, plus extras like car accessories and rego.

How much can I borrow?

From $5k to $35k. In the application process, DirectMoney will generate an interest rate based on your credit history, and only approve a loan amount you can afford to repay.

When will I need to make repayments?

Every month. If you feel flush with cash while repaying your debt, making extra loan repayments are fee free. Keep in mind, you won’t have access to a redraw facility.

How long can I take to pay off my loan?

Loan terms range from 3 to 5 years.

Can I repay my loan earlier than required?

Yes. And you won’t be charged a penalty fee for it!

Anything else I should know about?

At the time of writing, DirectMoney car loans have hefty application fees, but there are zero ongoing costs to consider apart from the interest you’re charged against your debt. One more thing - avoid falling behind on repayments - or you’ll pay extra for it.

How can I apply?

Just visit their official website, or give them a call. Applications generally have a quick turnaround, and funds can be deposited in your account within 24 hours. Just remember to have the following info ready to go when you apply:

Note: To be eligible for a DirectMoney car loan, you’ll need to be at least 18 years old, an Australian permanent resident and not have credit problems.

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