based on 8 SocietyOne banking product reviews as rated by Mozo community

SocietyOne car loans

Want to borrow from a lender who rewards you for your good credit history? Well have we got the provider for you. Peer to peer lender SocietyOne tailors its car loan interest rates to your credit history, so the better your credit score the better your rate. Whether you need finance to buy a new or used set of wheels, this online lender could make it happen via its fixed rate loan. Read on for more information...

SocietyOne offers the following car loans

Rates and fees verified as correct at 29 June 2022. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Car Loan - Excellent Credit (Fixed, Unsecured)

6.45% 10.99% p.a.

6.45% 11.71% p.a.based on $10,000
over 3 years


Secured Personal Loan (Tier 1 Credit, Fixed)

5.95% 13.99% p.a.

6.79% p.a.based on $30,000
over 5 years


Secured Personal Loan (Tier 2 Credit, Fixed)

12.69% 15.69% p.a.

13.58% p.a.based on $30,000
over 5 years


Secured Personal Loan (Tier 3 Credit, Fixed)

14.99% 19.49% p.a.

15.90% p.a.based on $30,000
over 5 years


Secured Personal Loan (Tier 4 Credit, Fixed)

18.99% 23.49% p.a.

19.94% p.a.based on $30,000
over 5 years


Unsecured Personal Loan (Tier 1 Credit, Fixed)

6.95% 12.99% p.a.

6.95% 13.72% p.a.based on $10,000
over 3 years


Unsecured Personal Loan (Tier 2 Credit, Fixed)

13.69% 14.69% p.a.

16.06% 15.58% p.a.based on $10,000
over 3 years


Unsecured Personal Loan (Tier 3 Credit, Fixed)

15.99% 18.49% p.a.

18.11% 19.42% p.a.based on $10,000
over 3 years


Unsecured Personal Loan (Tier 4 Credit, Fixed)

19.99% 22.49% p.a.

21.18% 23.45% p.a.based on $10,000
over 3 years


SocietyOne car loan FAQs

How do peer to peer lenders differ from regular banks?

When you take out a loan with a peer to peer lender like SocietyOne, rather than borrowing from a bank, you're actually borrowing from an investor/s. By removing the banks from the borrowing situation and matching investors directly with borrowers (or a portfolio of borrowers), the P2P platform is able to offer lower rates compared to the banks. For more information on how peer to peer lending works read our in-depth guide.

What is a fixed rate?

It's a rate that will remain unchanged over the life of the loan, so you'll know exactly what your repayments will be from the start. Some car loan providers offer variable rates where the interest charged is subject to change, but in return you get more flexibility with the features that come with the loan. With SocietyOne, you can have your cake and eat it too, in the form of a fixed rate loan with no early loan repayment penalties.

Can my good credit score give me a lower rate?

Sure can. SocietyOne uses a tier based pricing system, with 5 different fixed rates on offer. The rate you receive will ultimately depend on your credit score. For instance, if you have a “Grade AA” rating you’ll score a competitive rate but if your credit score isn’t in such good shape and is currently sitting at “Grade D” you’ll receive the steepest rate available from SocietyOne.

What if I want to buy a used car?

Unlike some car loans in the market where you’re dealing with limitations on the age of your car, SocietyOne will let you choose any vehicle you like. This is simply because you aren’t required to offer the vehicle up as an asset against your debt.

How much can I borrow?

From $5k to $35k, enough to purchase a ride that does the job. Looking for a designer set of wheels with a premium price tag to match? Consider other loans in the market listed on our comparison hub.

Can I choose my billing cycle?

Yes, you’ll have the flexibility to choose between a fortnightly or monthly loan repayment frequency. Select one that compliments your budget to make each due date easy.

What do SocietyOne car loan terms look like?

They comprise of 2, 3 and 5 year contracts.

Can I pay off my loan faster?

Absolutely, all extra loan repayments are fee-free, and there is no break cost when you clear your debt before required. Keep in mind, you won’t be able to access additional repayments sitting in your account through a redraw facility.

What’s the car loan application process like?

You can do it all online after generating a unique quote based on your credit score in under 3 minutes. When filling out all your details for the loan, SocietyOne will ask for…

  • Your passport or driver’s licence number
  • Employment details including annual salary
  • Your home address in Australia

After you’ve submitted the application, SocietyOne will get back to you on your car loan outcome and if accepted, you’ll have those keys in no time.

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