Read about the ins and outs of Money3’s car finance deals and see whether they’re right for you by comparing your options with Savvy.
Fact checked
As a specialist non-bank lender, Money3 offers a streamlined service providing finance solutions to Australians of all economic and credit backgrounds in the form of their car and personal loan deals.
Of course, it’s crucial to consider the different features and factors of each car loan you compare before you take the plunge and submit your application, which is why it’s so important to think through your options and access a range of lenders with Savvy.
Find out all you need to know about Money3 and their car loan offers all in one place to see whether they’re right the right lender and loan for your situation.
*Money3 is among Savvy’s panel of car loan financiers. All information in this article is correct as of 29 July 2024.
Money3 offers financing to those who have struggled in the past with their credit score and may not be eligible to take out a car loan with other lenders as a result.
Whether you’re looking to purchase a car, motorcycle, van, caravan, trailer, truck or even a boar or jet ski, you can get approved for secured financing with Money3.
They also consider income earned through Centrelink on car loan applications, which may mean that you’re approved for car financing when you otherwise might not be.
Because they’re a smaller, more specialised lender, you’re likely to find that your application is subject to a more personalised process and considered on its merits more so than bigger lenders.
Whether you apply directly to Money3 or submit your application through Savvy, you can experience a fast and simple online process to help you obtain your vehicle sooner.
Once you've settled on the car you want and submit your formal application, Money3 says that you can drive away in your new or used car as soon as 24 to 48 hours later.
You can choose whether to make a deposit towards your car loan when you apply with Money3, meaning you have the choice to either reduce your loan amount or borrow 100% of the purchase price.
With loan amounts as small as $2,000 available, you can buy very cheap cars and have the freedom to supplement the purchase with your own savings if you’re in a position to do so.
If you find yourself able to contribute above the minimum amount each month, you can save meaningful funds on interest without incurring any penalty for doing so.
Because Money3 rates start from 10.95% (18.65% p.a. comparison) and bad credit car loan interest rates may be higher, you're likely to pay more in interest overall.
They also come with a lower cap on the amount you’re able to borrow, which is set at $75,000 for all applicants regardless of the value of the vehicle or your borrowing capacity.
On top of a higher Money3 car loan interest rate, these loans come with costly fees, signalled by the minimum comparison rate of 18.65% p.a.
The best way to apply for your car loan is right here with Savvy. With a panel of over 40 reputable lenders (including Money3), we can help you narrow down which is the most suitable for your profile. If you’ve had troubles with credit in the past, Money3 could be a good option for you, but it’s always better to consider a more comprehensive selection of loans and get the assistance you need to do so. The Savvy application process is as follows:
Submit a quick quote
You can commence the process by telling us some details about yourself, your income, your credit score and the car you want to buy (if you’ve picked it out already). This can either be to find out more or to formally start your application. If the latter, you can continue onto the next step.
Fill out your application
You have the option to fill out our application form after your quote, which tells us that you’re ready to commit to the process of buying a car with finance. After you send this through, your consultant will take your details and compare offers to find the best one available for your situation (which may be Money3).
Choose your loan
Your consultant will return to you with the best offer for your profile and let you know about all of the key details. If you’re happy with this offer, you can let your consultant know and they’ll proceed with your formal application.
Have formal approval arranged
From here, you don’t have to worry too much about being involved in the process, as your consultant will handle the submission of your formal application. They’ll tailor it to meet your specific lender’s requirements, which maximises your chances of approval. You’ll typically receive an outcome within one business day.
Sign your loan contract
Money3 will send through a contract for you to sign electronically in order to lock in your agreement, after which the money can be advanced to either you or your seller and you can take your car into your possession.
Because Money3 car loans are designed to be available to borrowers with bad credit histories, the qualification criteria they implement are broader than what you might see on a larger lender’s car loan conditions. These include:
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
