Car loans

Great value finance for new or used cars

Don't get ripped off by dealer financing. Use your MoneyPlace car loan to negotiate the best deal with your seller, and avoid balloon payments, hidden charges or early exit fees.

Secured car loans

Provided your new set of wheels is in good working condition no more than 20 years old at the end of your loan, you can apply for a secured car loan. With a secured car loan you may be offered both a lower interest rate and be able to borrow a higher amount than an unsecured the loan (restrictions apply to certain high performance or luxury cars).

Rates for secured car loans start at 5.21% p.a. (6.12% comparison rate^) for new cars, and are from 6.82% p.a. (6.82% comparison rate^) for used cars. The interest rate you are offered will be determined by your individual situation, which includes the age of the asset you use to secure the loan.

Unsecured car loans

In the market for something older, a fixer upper, or a vehicle you don't plan on comprehensively insuring? Unsecured car loans offer borrowers the greatest flexibility when choosing a car, with no restrictions on vehicle type, age or condition.

Rates for unsecured car loans start at 6.95% p.a. (6.95% comparison rate*), with no monthly fees or penalties for paying your loan off early.

Apply now

Check your rate in 2 minutes, and apply online:

Rates from 6.95% p.a. (6.95% p.a. comparison rate*), unsecured, for an excellent credit history
Add a vehicle you own as security to access a lower rate, a higher lending limit, or both
Car loans of up to $80,000 to buy your dream car
No hidden costs like monthly fees or early repayment fees
One upfront fee that we add to your loan, so you’re not out of pocket

Apply now

10 minutes to apply

100% online, no paperwork

Rates tailored for you

No fees for early exits

How it works

Get your rate estimate

Grab a seat and get your personalised rate estimate online in just two minutes. We'll need to know some basic information about the car you want to use to secure your loan.

Who can apply?

To apply for a MoneyPlace loan, you must:

Be 18 years of age or older;
Be an Australian citizen or permanent resident;
Have a regular source of income; and
Be an individual person and not a couple, company, trust or partnership etc.

What types of cars can be used as collateral?

Passenger cars or light commercial vehicles
Either owned outright, or financed with your loan
Must be comprehensively insured and in good working condition
no more than 20 years old at the end of the loan
Must be valued to at least 2/3 of the loan amount

Verify your vehicle (secured loans only)

After you have submitted your full application, we'll need to verify some details of the vehicle you are using as collateral. This is done entirely remotely, so there's no need for a physical inspection.

Purchasing from a dealer

If you are purchasing a new or used vehicle from a dealership, you will be asked to provide:

A dealer's invoice for your car purchase
A copy of the dealer's bank deposit slip, for us to disburse the funds to

Purchasing in a private sale

If you are purchasing in a private sale, you will need to tell us who you are buying from. The seller will then be required to use a service called Verimoto to submit details of themselves, and the car they are selling to you:

Vehicle specifics, such as brand, age, exact model and odometer reading
Photos of the vehicle from multiple angles
Proof of vehicle registration
A recent roadworthy certificate
A copy of their driver's licence
The seller's bank statements, or a payout letter when requested, for confirmation of where to send the loan funds to

Using your existing vehicle

If you are refinancing or using your exisiting vehicle as collateral, you will be required to use a service called Verimoto to submit details of your vehicle:

Vehicle specifics, such as brand, age, exact model and odometer reading
Photos of the vehicle from multiple angles
Proof of vehicle registration

In addition to the information above, if applying for a secured loan, you will be required to submit:

A copy of your driver's licence
A Certificate of Currency, from your insurance provider, which lists "Secure Funding Pty Ltd" as the interested party on your policy

Get your funds

Once your loan is approved, whether your funds are going to your seller, your finance company or your bank account, they will typically be disbursed in one business day.

FAQ

Are there restrictions on the type of car I can buy?

For a secured loan, yes. A vehicle to be used as security must be no more than 20 years old at the end of your loan. In addition to that, certain high performance models are restricted, and restrictions and minimum age requirements apply to some luxury brands.

If you choose an unsecured loan, there are no restrictions at all on the type of car you may purchase with your loan.

Should I put an offer for a car then apply for a loan?

We think it's best if you apply for a loan first, so your finances are in order before you make an offer. If you purchase doesn't go ahead, your funds won't be disbursed and, in nearly all cases, your credit score will not be affected.

Why is getting an unsecured loan better?

Unsecured loans allow you to buy any car, no matter the age or condition, and they also come with less obligations and restrictions on what you could do with your vehicle. They can be a good option for someone who plans on modifying their vehicle, or only taking out third party insurance.

Why is getting a secured loan better?

Secured loans tend to represent less risk to lenders, and so typically have more favourable terms to borrowers. At MoneyPlace, if you take out a secured loan, you may be able to access a higher borrowing limit, a lower interest rate, or both.

What happens if I cannot provide the collateral to secure my loan?

This is a routine situation and nothing to be worried about. If you submit an application for a secured loan but are unable to provide the collateral to secure your loan — for example because the value of your vehicle is insufficient, or you changed your mind and chose a different car — we are able to remove the security, and proceed with your application for an unsecured loan.

* This comparison rate is based on a $30,000 unsecured loan for a five year term.
^ This comparison rate is based on a $30,000 secured loan for a five year term.

WARNING: 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.

Car loans

Great value finance for new or used cars

Secured car loans

Unsecured car loans

Apply now

How it works

Get your rate estimate

Verify your vehicle (secured loans only)

Get your funds

FAQ

Get a great deal on your next set of wheels