OurMoneyMarket Car Loan

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 $2,000 to $75,000. It comes with fixed interest rates starting at a low 5.50% (5.85% comparison rate*) and offers loan terms from 1 to 7 years. Plus with this car loan, you can make early repayments without incurring a penalty, meaning you might be able to free yourself of debt faster!

Key features

With fixed interest rates starting from 5.50% p.a. (5.85% p.a. comparison rate), OurMoneyMarket’s secured personal loan is definitely worth looking into. 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 $2,000 to $75,000.

You’ll also benefit from zero monthly account keeping fees, zero exit fees and zero early repayment penalties, although there is a $250 application fee to budget for. 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.

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!

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.

Any catches

It should be noted that this car loan does come with a $250 application fee, 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.