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Wisr car loans

Need credit to finance a car and like the idea of borrowing from a peer to peer lender? Take a look at Wisr, formerly known as DirectMoney online, which offers one unsecured loan, where the interest rate you’re offered will depend on your financial history. Curious? Read all about it on this page!

Wisr offers the following car loans

Rates and fees verified as correct at 23 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee  
Secured Car Loan (Fixed)

4.74% p.a.to 16.01% p.a.

5.01% p.a.to 16.31% p.a.based on $30,000
over 5 years

$195

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Unsecured Personal Loan (Fixed)

6.49% p.a.to 19.95% p.a.

6.76% p.a.to 20.26% p.a.based on $30,000
over 5 years

$195

Go to site

Wisr car loan FAQs

What is a fixed interest rate?

It’s a guaranteed rate, meaning there won’t be any interest rate hikes or dips while your loan contract is valid. Paying off a loan on a fixed interest rate may comfort you, as you’ll know repayments will not change unexpectedly.

Can I buy a preloved car?

Of course. Because Wisr's car loans are unsecured, you aren’t limited to a certain car make or model. In fact, you can really buy any vehicle you like with it, plus extras like car accessories and rego.

How much can I borrow?

From $5k to $50k. In the application process, Wisr will generate an interest rate based on your credit history, and only approve a loan amount you can afford to repay.

When will I need to make repayments?

Every month. If you feel flush with cash while repaying your debt, making extra loan repayments are fee free. Keep in mind, you won’t have access to a redraw facility.

How long can I take to pay off my loan?

Loan terms range from 3 to 5 years.

Can I repay my loan earlier than required?

Yes. And you won’t be charged a penalty fee for it!

Anything else I should know about?

At the time of writing, Wisr car loans have hefty application fees, but there are zero ongoing costs to consider apart from the interest you’re charged against your debt. One more thing - avoid falling behind on repayments - or you’ll pay extra for it.

How can I apply?

Just visit their official website, or give them a call. Applications generally have a quick turnaround, and funds can be deposited in your account within 24 hours. Just remember to have the following info ready to go when you apply:

  • Your ID such as a driver’s licence or passport
  • Your bank details
  • Employment info

Note: To be eligible for a Wisr car loan, you’ll need to be at least 18 years old, an Australian permanent resident and not have credit problems.

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