based on 35 Liberty banking product reviews as rated by Mozo community

Liberty car loans

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

Rates and fees verified as correct at 24 October, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Drive Car Loan (Fixed, Secured)

5.99% p.a.

8.89% p.a.based on $30,000
over 5 years

$1,545

Drive Car Loan (Variable, Secured)

5.99% p.a.

8.89% p.a.based on $30,000
over 5 years

$1,545

Personal Loan (Fixed, Unsecured)

6.45% p.a.to 26.99% p.a.

6.45% p.a.to 26.99% p.a.based on $30,000
over 5 years

$0

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:

  • Drivers licence or passport number
  • Employment details and salary
  • Full residential address

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!

How are Liberty car loans rated?

Mozo users have rated Liberty car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of car-loans
Liberty car loans
Overall
Price
Features
Customer service
Convenience
Trust

5 Reviews

Recent Liberty car loan reviews

Liberty Car Loan
Overall 1/10
Scum bags

Liberty are vampires who prey on vulnerable situations. Time and again they have screwed me over in the past three years of me paying a loan back (at 19% interest!) I was desperate yes, and I'll never make that mistake again. Liberty did nothing to help me when Covid saw me redundant (they LET me allow my loan to catch up to the date I had already paid in advance of). They then told another finance company I was unreliable because of this when I tried to re-finance out of the loan - causing them to reject by finance and impact to my credit rating (which I have been working on furiously to improve for years). To top it off, now that I have the funds to escape this loan (which by the way after paying around $10k off, is still nearly at the initial loan amount), they keep changing the payout fee (in fact it has gone UP in the space of a week, and within that week I actually had a loan repayment direct debited!). VAMPIRES that should be disgusted in themselves honestly, I hope that if you are in a bad financial situation you read my review and are wary of Liberty and spread the word - they will do everything they can to sabotage your chances of escape.

Read full review

Liberty are vampires who prey on vulnerable situations. Time and again they have screwed me over in the past three years of me paying a loan back (at 19% interest!) I was desperate yes, and I'll never make that mistake again. Liberty did nothing to help me when Covid saw me redundant (they LET me allow my loan to catch up to the date I had already paid in advance of). They then told another finance company I was unreliable because of this when I tried to re-finance out of the loan - causing them to reject by finance and impact to my credit rating (which I have been working on furiously to improve for years). To top it off, now that I have the funds to escape this loan (which by the way after paying around $10k off, is still nearly at the initial loan amount), they keep changing the payout fee (in fact it has gone UP in the space of a week, and within that week I actually had a loan repayment direct debited!). VAMPIRES that should be disgusted in themselves honestly, I hope that if you are in a bad financial situation you read my review and are wary of Liberty and spread the word - they will do everything they can to sabotage your chances of escape.

Features
1/10
Customer service
1/10
Convenience
2/10
Trust
1/10
Less
J, New South Wales, reviewed 4 months ago
Liberty Drive Car Loan
Overall 1/10
Unhelpful

This company is unethical and unprofessional. We had a car written off in a hail storm and they charged $3000 to get out of contract.

Read full review

This company is unethical and unprofessional. We had a car written off in a hail storm and they charged $3000 to get out of contract.

Price
1/10
Features
1/10
Convenience
1/10
Less
Pole, New South Wales, reviewed 9 months ago
Liberty Drive Car Loan
Overall 1/10
Disappointed

After beening with Liberty for over 2 years, I was just scammed out of $900 for break costs because I paid off my loan early which cost them interest. I have never missed a repayment and made extra repayments every week to get this from them at the end. I have never had this from any financial institutions before. Never again am I going with Liberty. A good case of buyer beware.

Read full review

After beening with Liberty for over 2 years, I was just scammed out of $900 for break costs because I paid off my loan early which cost them interest. I have never missed a repayment and made extra repayments every week to get this from them at the end. I have never had this from any financial institutions before. Never again am I going with Liberty. A good case of buyer beware.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Peter, Victoria, reviewed 12 months ago
Liberty Car Loan
Overall 1/10
Never again.

Following up on my previous comments. The most arrogant company and employees I have ever come across, they have no understanding of what customer service is and they talk to you like they are your boss. Before you even consider this company for any loan just think twice. Unfortunately I do have a loan with them which I have to see out as I will always pay my debit but never again. Just try any other company except Liberty.

Read full review

Following up on my previous comments. The most arrogant company and employees I have ever come across, they have no understanding of what customer service is and they talk to you like they are your boss. Before you even consider this company for any loan just think twice. Unfortunately I do have a loan with them which I have to see out as I will always pay my debit but never again. Just try any other company except Liberty.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Mohamed, Victoria, reviewed about 1 year ago

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