ME car loans

ME
ME's overall rating for car loans

(as rated by the Mozo community)

10.0 / 10

based on 1 reviews

ME Bank is a unique loan provider that has been in the market since 1994 - it’s owned by a bulk of industry super funds and operates online only. If you need credit to buy a new or preloved ride, it can offer you a fixed rate, unsecured loan solution. Interested in giving an alternative to the major banks a shot? Get a feel for ME’s car loan in more detail below.

ME offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

12.49% p.a.

12.86% p.a.based on $30,000
over 5 years

$250

* 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.

ME car loan FAQs

What is a fixed interest rate?

Like the name suggests, it’s a rate that won’t change for the length of your loan contract, as opposed to a variable rate which can be adjusted any time. So if you want to know what your bills will look like from the start, ME’s fixed rate offering could be a good match!

ME car loans are unsecured. Does that mean I can buy a preloved car?

Yes, it does. Opting for an unsecured loan can be especially helpful for those who don’t want to fork out for a fully fledged shiny new vehicle. With ME, you can buy any set of wheels you like.

How much can I borrow?

There’s no point in splashing out on a Maserati if you can’t afford one! So consider an affordable loan amount you feel comfortable with before taking the plunge. ME will consider your financial situation too, by assessing your credit history. Its car loans can range from $5k up to $50k. Not enough? Return to our car loan comparison hub and find a better fit.

How frequently will I need to make repayments?

ME will give you the flex to choose from a weekly, fortnightly or monthly schedule.  

How long can I take to pay off my loan?

From 1 - 7 years.

What if I want to dip into extra loan repayments?

While it’s fine to make extra loan repayments, you can’t access those funds through a redraw facility.

Can I clear my debt earlier than required?

Sure can, and the best part about it is, you won’t be charged an extra fee!

What’s the application process like?

Seamless. All you need to do is head to its site and fill out an online form. ME can also process car loans over the phone, but there are no physical branches around Australia. Be prepared to include plenty of personal info when you apply, so ME can work out if you’re eligible. Things you may be asked to include:

Once that’s all done, you’ll hear back on how it all went in a couple of business days. Then you can look forward to being the proud new owner of your dream car!

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