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Mini meca 2022

OurMoneyMarket Car Loan

Advertiser disclosure
Interest rate from
5.35% p.a.
Comparison rate from
5.65% p.a.based on $30,000
over 5 years
Upfront fee
$250
Go to site

Mozo editorial review OurMoneyMarket Car Loan - last updated: 21 January 2022

4 / 5
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What's hot
  • 2022 Mozo Experts Choice Award
  • Interest rates from 5.35% p.a. (5.65% p.a. comparison rate*)
  • No penalties for early repayment
  • No service fees or exit fees
What's not
  • Variable establishment fee starting at $250, paid over the term of the loan
  • No redraw facility
Mozo snapshot

Whether you’re looking for a more affordable used car to get you from A to B or you’re after a brand spanking new set of wheels, OurMoneyMarket’s car loan can help cover your costs from $2,001 to $75,000. It comes with fixed interest rates starting at a low 5.35% (5.65% comparison rate*) and offers loan terms from 1 to 7 years, plus you can make early repayments without incurring a penalty, meaning you might be able to free yourself of debt faster!

It's also an award winner! The Car Loan was named a 2022 Mozo Experts Choice Personal Loan Award winner in the Used Car Loan category by our expert judges. 

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Key features

With fixed interest rates starting from 5.35% p.a. (5.65% comparison rate*), OurMoneyMarket’s secured personal loan is definitely worth looking into. In the first year of the loan you'll be able to access that low rate no matter your credit score. After that time, your rate may change to reflect your credit rating via a tiered system.

It’s also a pretty flexible loan; you can use it to purchase either a cheaper, used car or a brand new vehicle, plus loan terms range from 1 short year to 7 years and you can use it to cover costs from $2,001 to $75,000.

You’ll also benefit from zero monthly account keeping fees, zero exit fees and zero early repayment penalties. Interest rates on the loan are fixed, so you shouldn’t have any surprises when you make your repayments, but you do get some handy flexibility with this loan, as you can choose to pay it off either weekly, fortnightly or monthly.

An establishment fee starting at $250 is added to the principal amount and paid over the loan term. Just remember: this fee could increase based on your OurMoneyMarket loan grade and the total loan amount

On the topic of interest rates, be aware that they may vary from the headline rate depending on how your application is assessed. You will also have to use your vehicle as security, this is just in case, for any reason whatsoever you can’t make good on the loan.

Convenience is another perk, as you can easily apply for OurMoneyMarket’s car loan online, eliminating the need for printers or clunky paper forms. Not to mention the fact that the application should only take a few short minutes to complete and you’ll receive a decision even faster than that!

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Who is it good for

This car loan could be great for someone who has a car in mind, perhaps a used car with a limited time offer, and wants to be able to complete, submit and get an approval on a loan application quick smart.

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Any catches

It should be noted that this car loan does come with a minimum application fee of $250 (which could be more depending on your credit rating and the loan amount), but this will only be charged once you receive your funds. There is also no redraw facility with this loan, so you won’t be able to take extra repayment funds out once you put them in.

Picture of Ava Crawford
Ava Crawford
Money writer

Ava Crawford is an experienced journalist, specialising in credit cards, personal loans and buy now pay later platforms here at Mozo. Ava has also produced digital content for Foxtel's LifeStyle and FOXArena, and has contributed to notable outlets such as The New York Times and ITV. She attended New York University and completed a degree in English and American Literature. She is also ASIC RG146 (Tier 2) certified for general advice.

Details

Rates and fees information correct as at 16 May 2022. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Fixed

5.35% p.a. fixed

5.65% p.a.based on $30,000
over 5 years

Fees

$250.00

$0.00

$35.00

$0.00

0

Other financial bits

$2,001.00

$75,000.00

1 Year

7 Years

Vehicle

Features

Weekly, Fortnightly, Monthly

yes

no

Interest rates may vary depending on assessment of application. Establishment fee varies from $250 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.

none

WARNING: 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. 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.

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