Unsecured car loans made simple
Unsecured car loans that are made for you.
With more flexible features and fewer fees, we’ve designed an unsecured car loan that is tailored to your needs and not the other way around.
Upgrading your car, buying a new ute or splashing out on a jetski is simple and affordable with our low-rate auto loan.
No monthly fees
No one likes paying fees (especially ongoing ones). It’s why we removed monthly fees on all our personal loans.
No early repayment fees
We don’t punish you for paying off your loan faster. Our loans have no early repayment fees, so you can save more.
Flexible loan terms
We offer flexible loan terms from 6 months to 5 years so you can tailor your repayments to suit your needs.
Borrow between $2,001 and $45,000 for to finance your new set of wheels.
Fixed & variable rates
Our loans can match your long or short term goals with fixed (3 years and over) or variable rates (2 years and under).
We reward your good credit score with an even better interest rate so you save more each and every month.
Fast online approvals
Get your personalised estimate back in 1 minute, complete an application in 5 minutes, your loan approved in 24 hours.
Australia’s most loved personal loan.
Over 1,898 borrowers have rated us 4.8/5 on ProductReview. Here’s what those happy customers have to say about a RateSetter loan.
I was stressing over my debt on my credit cards. I am so happy I found your website. Within hours, I am not kidding, within 3 hours, I was approved of my Personal Loan. Will highly recommend RasteSetter.
I can’t fault this service. Application process was smooth. I received a courtesy call within hours. Approved the same day with funds received shortly after. Service has been nothing short of exceptional.
Applying for this car loan was so easy, very simple uploading the documents if you have everything ready when starting. I did it in no time at all. Thank you so much for your help and emails updating me.
I could not believe how easy it was to apply for and receive the loan, all done without leaving my house, no running around gather documentation etc. Definitely would recommend RateSetter to anyone.
I am very satisfied with my experience. I found all persons I spoke with to be very professional and knowledgeable. The whole application process is efficient to a level that far surpasses any bank.
Great interest rate! It has made me feel a lot better about paying off my loans, knowing how much I will have to pay each month and knowing when it will all be finished. Customers service was excellent.
Getting an unsecured car loan is as easy as 1, 2, 3.
Get your rate
Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.
Apply in minutes
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
Enjoy your funds
After your loan has been approved and funded, you will receive your funds on the next business day. It really is as simple as that.
You’ve got questions we’ve got answers.
What is an unsecured car loan?
Are you planning to purchase a new or used car? An unsecured car loan offers you the flexibility to do that in a way that takes into account your goals and financial circumstances. As the name suggests, an unsecured loan doesn’t require you to provide an asset as a guarantee. This can result in slightly higher interest rates, but also gives you more flexibility in terms of how you use your loan.
Why consider an unsecured car loan
With an unsecured car loan, the lender finances the purchase of your vehicle and you, in return, commit to repaying the debt, with interest, at regular intervals over the lifetime of the loan. Because an unsecured car loan doesn’t have a fixed purpose, you can use it to purchase the vehicle and also pay for associated costs such as insurance and registration. Using affordable finance to buy a car couldn’t be easier.
How does an unsecured car loan work?
An unsecured car loan works just like a standard personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify for a personal loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors.
Note that, if you apply successfully for an unsecured car loan, you’ll need to take certain additional steps, such as:
- Informing the loan provider of your new vehicle’s chassis number, vehicle identification number (VIN), registration number, make, model, year, and colour
- Providing the lender with a copy of the vehicle registration papers
- Adding the lender to your vehicle insurance policy as an interested party
What are the benefits of an unsecured car loan?
Personal loans, including used unsecured car loans, allow you to enjoy a lower interest rate than you would receive with a credit card. They also offer a consistent repayment schedule, which makes it easier to budget in advance and avoid fees or penalties for late payments.
What can I use an unsecured car loan for?
You can use an unsecured car loan for a number of different purposes, including:
- New or used car purchase
- New or used motorbike purchase
- New or used scooter purchase
- New or used ute purchase
- New or used caravan purchase
- New or used boat purchase
- New or used jet ski purchase
- Auto parts and modifications
- Smash repairs / panel beating fees
- Servicing fees
- Insurance fees
We’ll pay funds into your nominated bank account on the next business day following your loan acceptance. This gives you the flexibility to manage and pay for your car costs any way you like.
How much does an unsecured ute loan cost?
If you’re considering an unsecured car loan, you may be unsure of how much it will cost. Fortunately, our unsecured car loans are priced in a relatively straightforward way. The total cost of an unsecured car loan comprises three main factors:
- the interest rate (this may be fixed or variable)
- a one-time establishment fee
- ongoing fees (such as account maintenance fees, late payment fees, and other charges)
These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different unsecured car loans to find the one that best suits your needs.
For an overview of fees and charges (including interest rates) associated with RateSetter’s unsecured car loans, see the table below:
|Term||1 yr||2 yr||3 yr||4 yr||5 yr|
|Credit Assistance Fee||from|
|Monthly fees||$0|| $0||$0||$0||$0|
|Early Repayment Fees||$0||$0||$0||$0||$0|
Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 4am, 25 June 2019. 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.
Am I eligible for an unsecured car loan?
RateSetter provides secured and unsecured loans to Australian-resident individuals and businesses. If you are an individual, you can borrow for any worthwhile purpose, including a new car, home improvements, consolidating debt, a major event or holiday.
Save time before applying by making sure:
- You are aged 21 or over
- You are an Australian citizen or permanent resident
- You have a regular source of income that you can demonstrate
- You have a good credit history
To see if you may qualify for a RateSetter unsecured car loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.
In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.
What do I need to apply?
To apply for an unsecured car loan, you will need to complete our identity verification process successfully, as well as considering how suitable an unsecured car loan is to your current circumstances.
To complete identity verification you will need to provide one or more of the following documents:
- Australian State or Territory-issued drivers licence
- Australian or foreign passport
- Address verification document such as a utility bill or tenancy agreement
These details can either be entered on our website during the application process and automatically verified online or you can upload or email them to us at email@example.com.
When assessing your application, we are looking for evidence of how suitable the loan is to your current circumstances and the purpose for which you require funds. Among other things, we’ll assess your:
- Employment stability;
- Repayment history;
- Credit bureau information; and
- Other details you communicate to us.
Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 7.70% p.a. the estimated total amount payable including all applicable fees is $11,567. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.92% p.a. (comparison rate 7.53% p.a.) to 19.46% p.a. (comparison rate 20.38% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 4am, 25 June 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.