SocietyOne Car Loan - Excellent Credit (Fixed)

Mozo snapshot:

The SocietyOne Car loan is an unsecured personal loan with an interest rate tailored around your credit score, starting from as low as 7.50% (9.51% comparison rate*). Some of its key features include the option to make extra repayments, a flexible repayment schedule and its lack of monthly fees. However, there is an establish fee that is 3.00% - 5.00% of your loan amount.

Key features:

SocietyOne offers an unsecured personal loan you can use to get yourself some hot new wheels. When it comes to interest rate, SocietyOne uses their VedaScore rating system to determine your credit score and in turn, how much interest you’ll be paying. The rate starts from as low as 7.50% (9.51% comparison rate*), but jumps to as high as 20.49% (22.38% comparison rate*). This also applies to the establishment fee, with the fee varying from 3.00% - 5.00% of your loan amount.

The loan terms are little different with this loan, you’ll have the choice of a loan that offers 2-3 years terms, or a similar, but slightly different offer, that has 5 year terms. The main difference is that the 2-3 year loan rates are slightly lower.

If you’re looking for a way to pay less interest, then extra repayments could be the avenue for you. SocietyOne provides the option to make fee free extra repayments so you can pay off your loan quicker and with less interest.

There’s also the ability to choose between fortnightly and monthly repayments, letting you personalise your repayment schedule to fit your budget.

Something else to keep in mind if you apply for this loan is that you’ll need to be employed and earning at least $30,000 a year to be eligible.

Who it's good for:

Individuals with excellent credit are going to have the chance to secure a strong interest rate they can be happy with, so if your credit history is squeaky clean, this might be worth a look.