MyState car loans

MyState
MyState's overall rating for car loans

(as rated by the Mozo community)

9.5 / 10

based on 2 reviews

MyState Limited is a financial services provider based in Tasmania with a steady customer base of around 120k. Boasting over 50 years experience in lending money, MyState continues to offer everyday Aussies a range of financing options for those who need a new or used vehicle. Read on if you’re one of them, for all your FAQs answered.

MyState offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

12.99% p.a.

16.49% p.a.based on $10,000
over 3 years

$200

9.49% p.a.

10.46% p.a.based on $30,000
over 5 years

$200

7.99% p.a.

8.97% p.a.based on $30,000
over 5 years

$200

* 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.

MyState car loan FAQs

What is a variable interest rate?

It’s simply a rate that could increase or decrease while you’re paying the loan out. If your rate changes during your loan term, what you are billed in repayments will be recalculated either in your favour or not.

All MyState car loans have variable rates and come with plenty of convenient features, which could suit you more than fixed rate loans, that are known to come with less flexibility.

What is a secured car loan?

Good question, as you’ll need to decide whether or not to tie your car to the loan as collateral. Ask yourself if you want to access the lowest interest rate. Answered yes? Then sign all necessary papers giving MyState the power to repossess your vehicle if you default on your loan, and in return it will charge you far less interest. Alternatively, you can opt for a “General Purpose Loan”, which is unsecured and has a narrower borrowing range, but most features like the redraw facility (more on this later) still remain.

How much can I borrow?

The price of your car can range from $3k to $30k if you opt for a General Purpose Loan, or between $10k and $75k with any MyState secured car loan. Make sure you have a strong credit history and financial situation to support your application, as it will help prove your ability to repay the loan.

Can I buy a used car?

Absolutely, but your interest rate will be slightly higher than if you buy a new car that has been on the road for 2 years or less. MyState will allow you to secure vehicles aged between 2 and 7 years old.

Have your heart set on an old Aston Martin instead? Go for MyState’s General Purpose Loan, or simply compare your options and choose another at our car loan hub.

How frequently will I need to make repayments?

Each week, fortnight or month. You’ll elect one billing cycle out of the three when you first take out your loan.

Can I make additional loan repayments and use a redraw facility?

Yes, and here’s the thing...All MyState car loans - whether secured or not - allow you to dip into any extra loan repayments you make while paying off your loan. Convenient, right?

How long can I take to pay off my loan?

It depends on the type of loan you have. Secured loans can range from 1 to 10 years, while unsecured loan contracts can be written up for 1 year up to 7.

What will happen if I repay my loan early?

You’ll be out of debt sooner, and MyState will not charge you a penalty fee for paying off your loan before the final due date.

What’s the car loan application process like?

Straightforward. Like many car loans these days, you’re not expected to visit a branch and can simply apply from your phone or home computer. You’ll be required to provide some personal details in the process too, including:

Once you’ve given MyState everything they need, the turnaround should be quick. You’ll hear back from them in a couple of business days, and with a little luck those new car keys will be in your hands in no time!

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