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Keep Your Car on the Road
Owning a car comes with costs that can land without warning. Our car loans help you cover urgent repairs, servicing, insurance renewals, road tax or the excess on an accident claim, with quick approvals and repayment terms tailored to your budget. Every charge is capped by law: interest of up to 4% a month, an approval fee of up to 10%, late fees of up to $60 a month, and total charges that can never exceed the amount you borrow.
Frequently Asked Questions
What is a car loan?
Our car loan is a personal loan for vehicle-related costs, such as repairs, servicing, insurance, road tax or the excess on an accident claim. You repay it in fixed monthly instalments over an agreed period.
If you are buying a car, a bank or finance-company car loan is usually the cheapest way to finance the purchase itself.
What car costs can I use this loan for?
You can use our car loan for:
• Urgent repairs and servicing
• Insurance renewals
• Road tax
• The excess on an accident claim
• Getting a private-hire or delivery vehicle back on the road quickly
How much can I borrow for a car loan?
Your limit is set by law and based on your income: up to $3,000 if you earn under $20,000 a year, or up to 6 times your monthly income if you earn $20,000 or more, across all licensed moneylenders combined.
If you are buying a car, MAS caps bank and finance-company car loans at 70% of the purchase price (OMV of $20,000 or less) or 60% (OMV above $20,000).
What is the loan tenure for a car loan?
Repayment periods are agreed based on the amount you borrow and your monthly budget. Car-expense loans are usually kept short so you can clear them quickly. Longer terms lower your monthly payment but add to the total interest.
Do I need to make a down payment?
Our car loan covers vehicle-related expenses, not the purchase of the car itself, so no down payment is involved.
If you are buying a car, MAS rules mean you will need a down payment of at least 30% to 40% of the price. It should come from your own savings, not another loan.