Money3 Car Loan Review

Money3 is a vehicle and personal loan lender that specialises in lending to customers that have impaired credit. While they have flexible repayment terms, their rates are on the higher end for secured lenders starting at 19.95% (26.64% comparison rate*).

Best for

  • Consumers with impaired credit, such as past defaults, late payments on other credit facilities or bankruptcy agreements
  • Old vehicles, with Money3 able to accept vehicles with up to 250,000kms on the odometer (or even more for Diesel vehicles!)

Draw backs

  • High interest rates, with rates starting from 19% and going as high as 28%
  • Non-digital processes - meaning paper documents required and no online portals

Money3 overview

Money3 is a non-bank lender offering car loans and other vehicle finance for up to $50,000 and you can borrow for anything from a motorcycle to a ride-on lawnmower. They also provide personal loans up to $12,000, which can be used for a broad range of purposes (e.g. vehicle repairs, medical expenses etc.).

Money3 claims to “specialise in giving people a fair go”, which means they are a great solution for customers with an impaired credit history and also have options for customers on Centrelink.

This does however come at a price, with fixed interest rates ranging from 19.95% to 28%.

How to apply for a Money3 loan

Money3 has the most relaxed credit policies of any of the ~20 lenders on Driva’s panel and often will assess customers on a case-by-case basis as opposed to having specific strict policies.

That said, at bare minimum Money3 applicants should at least meet the following requirements:
  • Full-time employment (or 3 months of casual employment)
  • Minimum pre-tax income of $20,000 per annum
  • Minimum credit score of 200
Driva tip: We won’t lodge a customer’s application with a particular lender until we know it’s very likely to be approved. This means for most Money3 applicants who are assessed on a case-by-case basis, Driva will anonymously discuss your profile with a Money3 representative before sharing your profile to protect your credit score.

See if you qualify for a Money3 loan in 60 seconds

Find my rates
Fixed rates from:
19.95% per annum (26.64% comparison rate*)
Loan amounts:
$2,000 - $50,000
Loan terms:
2 - 5 years
Loan types:
Secured and unsecured personal loans
Min. credit score:
200 (based on Equifax score)
Min. income:
$20,000 per annum (before tax)
Co-applicants?
Yes
Fees:
  • Establishment fee: $330 - $995 (depending on loan size)
  • Risk fee: 5% of loan value (capped at $995)
  • Monthly: $0
  • Early termination charges: No
  • Brokerage: $230 - $990 (depending on loan size)

Big no-no's (automatic declines)

  • Too many dishonours in a 3 month period
  • If you’re a big gambler (more than 20% of your net income)
  • More than 2 active payday loans
  • More than 2 unpaid defaults
Driva tip: Using the Driva platform you can find out whether you meet Money3's lending criteria quickly and easily. We vet your application against all credit policies to ensure you're very likely to be approved before sharing your information.

Other hot tips

  • You can pay off your loan early with Money3 at no extra cost so this can be a great short term solution

Money 3 - Frequently Asked Questions

01

How does Money3 decide what rate to charge me?

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

02

Does Money3 charge fees?

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:

  • Establishment fees: Between $330 and $995 (depending on the loan size)
  • Risk fee: 5% of loan value (capped at $995)

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!).

03

How does Driva get paid by Money3?

Money3 pays us for sending them, high-quality customers. This payment generally includes two components:

  • Brokerage: between $220 and $990 (depending on the loan amount)
  • Commission: Varies depending on risk tier. For most customers that choose Money3, we don’t receive any commission. In some cases, we might get between 2-4% of the loan (but this for less than ~10% of Driva customers)

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.

04

Driva’s rate quotes for Money3 are higher than what I’ve seen elsewhere!?

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 hello@driva.com.au.

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