Liberty car loans

Liberty
Liberty's overall rating for car loans

(as rated by the Mozo community)

5.0 / 10

based on 9 reviews

Liberty is known for specialising in home loans, but did you know it has a range of car financing options too? If you want the freedom to buy a new or preloved car sooner rather than later, check out the following 3 credit options this provider can offer you, detailed on this page...

Liberty offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

6.69% p.a.

8.59% p.a.based on $30,000
over 5 years

$995

7.99% p.a.

8.26% p.a.based on $30,000
over 5 years

$195

10.99% p.a.to 24.99% p.a.

11.27% p.a.to 25.32% p.a.based on $30,000
over 5 years

$195

* 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.

Liberty car loan FAQs

Should I opt for a fixed or variable interest rate?

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.

Should I secure my car?

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.

Can I buy a preloved car?

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.

How are Liberty’s unsecured loans different from the norm?

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.

How much can I borrow?

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.

How frequently will I need to make repayments?

Each week, fortnight or month - the choice is all yours!

How long can I take to pay off my loan?

From 2 - 7 years if you have secured your car, and 1 - 7 with an unsecured loan.

Can I repay my loan earlier than required?

Sure can. Extra points go to Liberty for not charging break costs!

What if I want to dip into extra loan repayments?

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.

What’s the car application process like?

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!

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