When Money3 is deciding what interest rate to charge a certain customer, they will look purely at a customer’s Equifax credit score.
While most lenders consider other factors like living situation, age of vehicle and a host of other determinants, this is Money3’s only pricing mechanism.
While the pricing bands for different credit scores aren’t public, you can use Driva, to see exactly what rate Money3 will give you based on your credit score (without negatively impacting your file). Just enter some basic personal information to see what these tailored rates are from Money3.
Learn: what lenders look for when pricing your loan
Money3 charges a variety of fees for their car finance product, which scale depending on the size of the loan.
As with all car loan lenders, these fees are automatically calculated and included in the monthly repayment shown at the time of your instant quote. This is why monthly repayment is the best point of comparison when deciding which lender to choose when you're looking for a great rate.
Money3’s fees include:
Don't forget that every lender charges fees and that these charges (including any money that lenders pay to Driva) are already built into personalised quotes. The monthly repayment figure you see is exactly what will come out of your account each month and fully inclusive of all costs (bye bye hidden fees!).
Money3 pays us for sending them, high-quality customers. This payment generally includes two components:
As with all lender fees, these are not payable from you to Driva directly and are not required to be paid upfront. Rather Money3 incorporates them into your total loan amount, which is paid off over the life of the loan.
If you're seeing a lower rate somewhere else, it could well be because other brokers are showing generic comparison rates that will be increased later in the process, when it comes to signing the loan contract.
While we know Money3 rates vary by credit score, no other car loan companies in Australia have the technology to instantly calculate rates based on your unique circumstances. This means that many other providers show generic starting rates earlier in the process, and you should always check with your source to see if the interest rates you are seeing are tailored based on your credit score and all fees are accounted for.
If you still think our rates are higher than you’re seeing them elsewhere, we’d love to hear from you. Email us at firstname.lastname@example.org.