Recent Personal Loan & Finance Reviews
Vehicle Finance Calculator Guide
Determining how much you can comfortably afford in vehicle financing begins with understanding your disposable income—what remains after all your weekly or monthly expenditures are met. Knowing your available weekly, fortnightly, or monthly disposable income helps you sense check the loan amount you can manage. Adjusting the slider on our calculator tool lets you explore different borrowing amounts based on what you can afford.
Being a responsible borrower involves ensuring that your loan repayments do not overextend your budget. At Money3, we take our responsibility as a lender seriously by thoroughly assessing your income and expenses to determine a sustainable borrowing amount for you. Once we have established how much you can responsibly borrow, we can provide you with a pre-approval for your vehicle finance.
With your pre-approval secured, you can confidently shop for a vehicle that fits within your approved financing range. At Money3, smaller vehicle loans may start with terms as brief as 2 years. Depending on the amount you borrow, loan terms can extend to up to 7 years to ensure that repayments remain manageable for you, particularly for more substantial amounts, often exceeding $20,000.
The Benefits of Fixed Rate Vehicle Finance
Fixed-rate vehicle finance offers numerous advantages for borrowers seeking predictability and stability in their financial planning. By opting for a fixed-rate loan, you secure an interest rate that remains constant throughout the term of your loan, regardless of market fluctuations. This consistency is essential for budgeting effectively, as it guarantees your repayment amounts will remain unchanged.
One of the primary benefits of fixed-rate financing is the ability to forecast your financial future without worrying about rising interest rates. Knowing exactly how much you need to allocate for your vehicle repayments each month simplifies financial management and helps prevent unexpected financial strain.
Additionally, fixed-rate vehicle finance often comes with the possibility of early repayment without penalties. This can be particularly advantageous if your financial situation improves, allowing you to pay off your loan sooner and potentially save on interest costs over time.
For those planning to keep their vehicles for the full term of the loan or longer, fixed-rate finance provides the comfort of knowing exactly how much the vehicle will cost them in total. It also offers a level of security that can be appealing during uncertain economic times, making it a popular choice among borrowers looking for both simplicity and reliability in their vehicle financing options.
Choosing fixed-rate vehicle finance with Money3 means you can enjoy these benefits while receiving support from a lender known for responsible lending practices and excellent customer service, ensuring a smooth and transparent borrowing experience.
Example Vehicle Finance Costs Chart
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $1,909 | $6,909 |
| 24 months at 13.95% APR & 34.16% Comparison Rate | ||
| $10,000 | $6,925 | $16,925 |
| 48 months at 13.95% APR & 29.11% Comparison Rate | ||
| $25,000 | $14,850 | $39,850 |
| 60 months at 13.95% APR & 20.38% Comparison Rate | ||
| $50,000 | $30,285 | $80,285 |
| 72 months at 13.95% APR & 17.23% Comparison Rate | ||
| $75,000 | $42,219 | $117,219 |
| 72 months at 13.95% APR & 16.15% Comparison Rate | ||
EXAMPLE: A platinum secured personal loan of $5,000 for 24 months has fees and charges totalling $1,909.35 and a total repayment of $6,909.35. The Minimum loan term is 24 months and the Maximum term 24 months. The loan term will be 24 months, 52 fortnights or 104 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 34.16%.
EXAMPLE: A platinum secured personal loan of $25,000 for 60 months has fees and charges totalling $14,850.43 and a total repayment of $39,850.43. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 20.38%.
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.
Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. Australian Credit Licence 389067.
Vehicle Finance FAQs
Vehicle finance refers to loans that enable individuals to buy a vehicle without paying the entire cost upfront. At Money3, we specialise in offering car loans for a broad range of vehicles, including cars, motorbikes, caravans, campervans, RVs, trailers, boats, jetskis, vans, trucks, and tractors, with loan terms ranging from 2 to 7 years. You could borrow up to $75,000, with fixed repayments that make budgeting straightforward1.
Our vehicle finance solutions are designed to be as accommodating as possible, taking into account various financial backgrounds and needs. This includes considering applicants who receive income from Centrelink or those with bad credit histories.
To estimate your loan repayments using our calculator, simply enter the loan amount you're considering in the appropriate field. You can then select your preferred repayment frequency of weekly, fortnightly, or monthly. The calculator will display an example of what your weekly repayments could be based on the input amount and the selected repayment frequency. This tool is designed to give you a preliminary estimate of what your repayments would be, for the amount you wish to borrow.
If the estimated payments shown by the finance calculator do not fit your budget, try lowering the loan amount until the repayments look affordable for you.
The calculator automatically adjusts the loan term, based on the loan amount selected. This works in most situations, where the loan term is extended for larger loan amounts and shortened for smaller loan amounts. However, when you apply, we may be able to adjust the loan terms, to suit your needs, based on your affordability1.
With Money3, you can finance a wide range of vehicles including cars, motorbikes, caravans, campervans, RVs, trailers, boats, jetskis, vans, trucks, and tractors.
The maximum amount you could borrow1 for a vehicle loan with Money3 is up to $75,000. This amount is subject to our assessment of your financial situation and the vehicle you choose to finance.
Yes, at Money3, you can repay your vehicle loan early without any penalties. This allows you to save on interest and settle your debt sooner than planned.
To qualify for a vehicle loan with Money3, you need a minimum weekly income of $480. This income can include benefits, and we consider applications from individuals who also may have had a bad credit history in the past.
Yes, you could finance a vehicle with Money3 even if you receive Centrelink payments1*. Most Centrelink benefits are acceptable as part of your income; however, Newstart Allowance, Youth Allowance, Abstudy, or Austudy cannot be used as the sole source of income.
See how we could help with car loans on Centrelink*.
Yes, at Money3, we consider applications from individuals for vehicle finance on bad credit1. We understand that everyone's financial history is unique, and we strive to provide options that can accommodate a wide range of circumstances. We'll give you a fair go!
1. Subject to verification, suitability and affordability
* Money3 is not affiliated with, or endorsed by, Services Australia, but does provide personal loan and vehicle finance options which are available to recipients of benefit payments
