Car Finance Rate

Car Finance Rate

At SocietyOne, we like to pride ourselves in being the home of faster and fairer deals. Our easy-to-use platform and quick approval process make it easy to see why we’re one of the top online lenders in Australia.

When you have a good credit standing, SocietyOne can offer you a suitable car finance rate to get you a great deal and your dream car! Read on to learn more about getting a car finance rate as well as applying for the different kinds of loans we offer.

How is a car finance rate calculated?

How your car finance rate is calculated varies widely, depending on the loan companies you’re applying to. With SocietyOne, the factors that affect your car finance rate are your credit history, employment status, cash flow, and loan amount. For most auto loan providers, one of the biggest factors is your credit score.

Since SocietyOne follows a risk-based interest system, the higher your credit score, the lower your interest rate. If you find that your credit score is less than ideal, we can offer you ideas on how to improve your score. We also suggest signing up for our Credit Score Club, where we can give you in-depth tips and tricks on improving your credit and managing it well. Improving your credit score will do wonders in getting better loan offers, no matter your preferred loan type.

At SocietyOne, we have two types of loan offers: secured and unsecured loans. With unsecured loans, the loan amounts range from $5,000 to $50,000, with repayment periods of either two, three, or five years. If you have an eligible asset, you can avail of a secured loan, where you can borrow from $5,000 to $70,000, with repayment periods of either two, three, five, or seven years. If you are purchasing a vehicle, you may apply for a secured car loan, wherein the purchased vehicle serves as the security for the loan.

To apply for a personal loan with us, all you have to do is fill out our personal loan repayment calculator to get a car finance rate quote. If you feel that the quote is right for you, you can fill out the online application form, which takes around five minutes. Once your loan is approved, we can have the funds in your Australian bank account in as little as one business day.

These are the information and requirements that you have to present when applying:

• Personal documents showing your name, address, and date of birth
• Driver’s licence or passport
• Proof of address, such as a utility bill
• Proof of income, such as payslips or bank statements
• Details about your day-to-day expenses and existing debts

Is it better to pay off a car finance loan early?

You might have opted for a longer loan term when you applied for a loan, thinking you’d need more time to pay it back. However, you may be in a position where you can pay off your loan sooner than expected.

One of the benefits of paying off a car finance loan early is that you won’t have to worry about monthly repayments and interest any longer. However, many loan companies charge early exit fees that penalise you for settling your loan before the term ends.

We’re glad to inform you that SocietyOne doesn’t charge our clients with personal loan early repayment fees. You can repay your loan as soon as you’re ready, giving you more financial freedom.

SocietyOne values transparency in our transactions. We don’t have hidden charges or surprises, such as balloon payments or monthly fees. Our vehicle financing rates are fixed and upfront. When you loan with SocietyOne, you only pay for the principal amount, fixed interest rate, and establishment fee or application fee.

What are the benefits of paying extra on car loan principal?

When you’re paying for car credit, you’re paying for two things: your car loan principal, which is the initial amount that you borrowed, and the interest rate.

Paying extra on a car loan principal may help you settle your car financing loan faster. Though it won’t lower your subsequent monthly loan repayments, you will be shortening the time needed to pay the loan and saving money on interest in the long run. Make sure your lender doesn’t charge early repayment fees if you decide to pay extra on your car loan principal. With SocietyOne, you can pay extra and settle your personal loan as soon as possible without worrying about early exit fees.

Get faster and fairer car finance rates with SocietyOne now!

We help thousands of Aussies daily get funds for their various needs through our online lending process. Yes, you read that right! Our online process is 100% online, meaning you can get a car finance rate quote and apply for a loan with us from the comfort of your own home. It doesn’t matter where you are in Australia – you could be in Sydney, Melbourne, or Hobart, and we’d be able to help you out!

Whether you’re taking out a student loan, a debt consolidation loan, or a loan for renovations, you can count on SocietyOne to give you fair deals. So what’s stopping you? Apply with us online now!