3.0 / 10

based on 31 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 January, 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)

6.49% p.a.

8.58% p.a.based on $30,000
over 5 years

$995

Drive Car Loan (Variable, Secured)

6.49% p.a.

8.58% p.a.based on $30,000
over 5 years

$995

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

WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost 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:

  • 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
1.0/10
Price
Features
Customer service
Convenience
Trust

4 Reviews

Recent Liberty car loan reviews

Liberty Drive Car Loan review
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 1 day ago
Liberty Drive Car Loan review
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 3 months ago
Liberty Car Loan review
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 6 months ago
Liberty Car Loan review
Overall 1/10
Don't trust Liberty and avoid them.

Before you apply with Liberty or even talk to them please try another provider. They are arrogant and can't be trusted. I am a current customer and I pay my loan but the way they treat their customers is so bad you won't believe. This is a warning for anyone who is trying to get a loan from them.

Read full review

Before you apply with Liberty or even talk to them please try another provider. They are arrogant and can't be trusted. I am a current customer and I pay my loan but the way they treat their customers is so bad you won't believe. This is a warning for anyone who is trying to get a loan from them.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Mohamed, Victoria, reviewed 6 months ago

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