Ute loans made simple
Ute be stupid not to.
Ute loans that are made for you.
With more flexible features and fewer fees, we’ve designed a ute loan that is tailored to your needs and not the other way around.
Fit for purpose
Upgrading your car, purchasing a used truck or splashing out on a new set of wheels 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 calculate your estimated personalised rate within 1 minute, with no impact on your credit score.
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.
It was a surprisingly easy process. RateSetter has helped me combine by debt into one manageable bill with one easy repayment. Definitely would recommend to anyone looking at consolidating.
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.
I was so pleased how easy it was to apply. RateSetter staff were in regular contact to assist and take the stress away. I feel a weight has been lifted off my shoulders. Very thankful.
Simply my best experience dealing with a finance company. Quick, helpful and painless and at the end, when they matched my loan I got an even lower rate than the one they had first quoted. Awesome company.
The turn around was super quick and the application process was amazingly easy! Everything was clearly laid out and straight forward which was really helpful considering I’ve been a little stressed.
Getting a ute 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 a ute loan?
Are you planning to upgrade your ute or purchase a new one? A ute loan works just like a personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify you’ll need to submit an application and provide us with information to verify your identity and financial circumstances (such as a bank statement). As part of this process we will take into account your borrowing history, employment status, credit score, and other factors.
Why consider a ute loan?
A RateSetter ute loan lets you take advantage of your hard-earned credit rating to purchase the vehicle you need (or want) now and then make affordable monthly repayments to pay it off over the term of the loan. With RateSetter, you will benefit from competitive rates on a flexible new car loan that are often lower than those form traditional lenders such as a bank or dealership finance. Save more money by paying down the loan quicker. Using finance to buy a ute couldn’t be easier.
How does a ute loan work?
A ute 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.
What are the benefits of a ute loan?
Personal loans, including ute 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 a ute loan for?
You can use a ute loan for a number of different purposes, including:
- New ute purchase
- Used ute purchase
- Ute accessories or modifications (e.g. new tray)
- Ute servicing fees
- Ute repairs
- Ute 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 a ute loan cost?
If you’re considering a ute loan, you may be unsure of how much it will cost. Fortunately, our ute loans are priced in a relatively straightforward way. The total cost of a ute 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 ute loans to find the one that best suits your needs.
For an overview of fees and charges (including interest rates) associated with RateSetter’s ute 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 a ute 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 ute 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 a ute loan, you will need to complete our identity verification process successfully, as well as considering how suitable a ute 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.
You will also be asked to verify your income and expenses, and may be asked to provide supporting documentation such as bank statement information or payslips. The documents you will need to provide will be displayed to you during the application process.
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.