|Product||Interest rate from||Comparison rate from*||Upfront fee|
Drive Car Loan (Variable)
8.59% p.a.based on $30,000
8.26% p.a.based on $30,000
10.99% p.a.to 24.99% p.a.
11.27% p.a.to 25.32% p.a.based on $30,000
† 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.
It depends on your personal preference. For instance, if you want a guaranteed interest rate, a Liberty unsecured personal loan could be for you. However, to receive the most competitive rate offered by Liberty, you’ll need to go for its variable, secured loan dubbed the Liberty Drive Car Loan. Just remember, variable rates are subject to increase or decrease during your loan term.
Again, it really comes down to what an ideal loan will mean for you, plus the make and model of your dream car. New car buys will keep your options open, as you can secure them for the lowest interest rate loan Liberty can offer you. Alternatively, sign less paperwork and opt for an unsecured loan, which just means you’ll pay a little more in interest.
You sure can, but it may not qualify as security. But don’t worry, you can always opt for a “Personal Best” or “Personal Choice” unsecured loan instead, which works like a line of credit. More on this below.
Unlike most car loans in the market where you borrow a certain amount of funds and have access to the whole amount right away, Liberty’s unsecured loans only charge you interest on what you withdraw from your account. It will be an approved amount of course, but you’ll have a little more flexibility to use money as you need it, rather than being charged interest on a lump sum amount. These loans make it easy to pay for extras, such as car accessories and the rego. Of course, they do have higher rates compared to the standard secured car loan.
Everyone’s financial situation and credit history differs, so this will be factored in your application. If you want to buy a shiny new set of wheels, with Liberty you’ll need to borrow at least $5k, up to a $100k limit (or $35k if you’re under 23 years old). Unsecured loan contracts can be written up for a maximum of $50k.
Each week, fortnight or month - the choice is all yours!
From 2 - 7 years if you have secured your car, and 1 - 7 with an unsecured loan.
Sure can. Extra points go to Liberty for not charging break costs!
You can’t touch any additional loan repayments you’ve made if you are paying off a car loan that’s secured. The same goes for Liberty’s unsecured loans which also don’t have redraw facilities, as they are structured similarly to a revolving line of credit.
Whether you apply online, over the phone, or at a branch, you’ll be required to supply Liberty with the following info:
It won’t take long to apply for a car loan with Liberty. In fact, its official website states you can be approved in 10 minutes, and - if successful - those funds can be transferred into your account right away. But before you get too excited, remember you’ll need to meet the lending criteria. Good luck!