RateSetter car loans

RateSetter's overall rating for car loans

(as rated by the Mozo community)

9.0 / 10

based on 1 reviews

RateSetter is an Aussie peer to peer provider with one unsecured loan to offer those in need of a new or preloved car. If you’re looking to borrow from an alternative to the major banks, start your RateSetter research using the comparison table, FAQs and answers below. Need to compare more loans? Return to Mozo’s car loan hub where you’ll have plenty of competitive financing options to browse through.

RateSetter offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee  

4.69% p.a.

6.03% p.a.based on $30,000
over 5 years


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6.79% 14.99% p.a.

8.83% 17.15% p.a.based on $10,000
over 3 years


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*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. WARNING: 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.

RateSetter car loan FAQs

What is a fixed rate?

It’s simply a rate you can count on staying as it is while you repay your loan, meaning you’ll know what loan repayments will look like when you first borrow the money.

What does “unsecured” mean?

It means you don’t need to include your car into the loan contract as collateral. Sometimes, lenders will require security in return for a lower rate, so they can repossess it if the customer cannot commit to the loan financially.

Can I use a RateSetter loan to buy a preloved car?

Yes. In fact, you can buy any set of wheels you like with RateSetter, as there’s no security requirement.

How much can I borrow?

Up to $35k, a half decent sum to buy your ride to work. If you want to purchase a pricey set of wheels, visit our car loans hub where some loans listed can exceed $100k.

Can I choose my billing cycle?

No, RateSetter only issues monthly loan bills to customers.

How long can my loan contract go for?

From 6 months to 5 years.

Can I pay off my loan faster?

Sure can, and additional loan repayments are fee-free too! Just keep in mind there is no redraw facility.

What will happen if I clear my debt early?

Unlike some fixed rate loans in the market where penalties kick in for early loan payouts, RateSetter doesn’t have break costs attached to its loans at all.

What’s the car loan application process like?

It involves filling out an online form in under 10 minutes. You’ll need to be credit-worthy though, plus not have faced bankruptcy in the past 7 years. Details to provide when you apply include...

Once you’ve sent your details through, the turnaround is quick. RateSetter may even tell you the outcome in a matter of minutes. Before you know it, you’ll be ready to buy that shiny new or used car!

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