MoneyPlace provides financing for individuals hoping to buy new or used cars. Borrowers have the option to choose between secured (use a vehicle as collateral) and unsecured (no collateral required) car loans. Interest rates are fixed, although individuals with a good credit history can potentially secure more competitive rates. 

What car loans are available at MoneyPlace?

What are Secured Car Loans?

Secured car loans enable borrowers seeking to buy their dream car to obtain lower interest rates and higher loan amounts when they use their current vehicle or the one they are purchasing with the loan as collateral. MoneyPlace requires that the vehicle used as security must be no more than 20 years old at the end of the loan. Rates are tailored to the borrower’s financial profile and the age of the asset used as collateral. 

What are Unsecured Car Loans?

Unsecured car loans offer a better option for those looking to buy older cars or fixer-uppers as they do not impose any restrictions on vehicle type, age, or condition. As it is unsecured, borrowers do not need collateral but that also means interest rates are usually higher. The borrower’s financial profile will be the primary basis of the personalised rate. 

What cars can be used as collateral?

MoneyPlace only accepts passenger cars and light commercial vehicles (under 5 tonnes) as collateral; caravans, trailers, and motorbikes are not allowed. The vehicle used as security can be a car the borrower already owns or the one they plan to purchase or refinance using the loan. 

It must be in good working order, registered to the borrower, comprehensively insured, and well maintained throughout the life of the loan. To be approved as collateral, the car must be valued at least two-thirds of the loan amount. 

Restrictions and minimum age requirements also apply to certain high-performance or luxury cars. 

What are the features of MoneyPlace car loans?

Car loans offered by MoneyPlace are available up to $80,000. Loan terms include three, five, and seven years. Borrowers who make early repayments won’t be charged with any fee. The lender also doesn’t impose any ongoing fees, although an establishment fee is added on top of the loan amount. 

Who can apply for a MoneyPlace car loan?

To be eligible, applicants must be:

• Aged 18 years or older

• An Australian citizen or permanent resident

• Employed and earns at least $20,000 per year 

• An individual person; anyone part of a couple, company, trust, or partnership is not allowed