Fair Go Finance

Personal Loan

Advertised Rate

17.90%

Variable

Comparison Rate*

18.78%

Upfront Fee

$360

Loan amount

$5.3k to $10k

Real Time Rating™

0.00

/ 5
Repayment

based on $30,000 loan amount for 5 years at 18.78%

Advertised Rate

17.90%

Variable

Comparison Rate*

18.78%

Upfront Fee

$360

Loan amount

$5.3k to $10k

Real Time Rating™

0.00

/ 5
Repayment

based on $30,000 loan amount for 5 years at 18.78%

Pros and Cons

Pros and Cons

  • No early exit penalty
  • Flexible repayment options
  • No security required
  • Can apply online
  • Use the loan for any worthwhile purpose
  • Suitable for both new or used car
  • Service fee charged
  • Cannot apply in branch

Features and Fees

Fair Go Finance Features and Fees

Details

Total repayments

Interest rate type

Variable

Borrowing range

$5.3k - $10k

Security type

Unsecured

Loan term

5 Years

Secured by

Loan type

Is Fully Drawn Advance

Repayment frequency

Weekly, Fortnightly, Monthly

Age of car

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

Fees

Upfront Fee

$360

Ongoing Fee

$5 Monthly

Missed Payment Penalty

$35

Early Exit Penalty Fee

$0

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Application method

Online

Phone

Broker

In branch

Other Restrictions

Centrelink cannot be only source of income

Pros and Cons

  • No early exit penalty
  • Flexible repayment options
  • No security required
  • Can apply online
  • Use the loan for any worthwhile purpose
  • Suitable for both new or used car
  • Service fee charged
  • Cannot apply in branch

Fair Go Finance Features and Fees

Details

Total repayments

Interest rate type

Variable

Borrowing range

$5.3k - $10k

Security type

Unsecured

Loan term

5 Years

Secured by

Loan type

Is Fully Drawn Advance

Repayment frequency

Weekly, Fortnightly, Monthly

Age of car

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

Fees

Upfront Fee

$360

Ongoing Fee

$5 Monthly

Missed Payment Penalty

$35

Early Exit Penalty Fee

$0

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Application method

Online

Phone

Broker

In branch

Other Restrictions

Centrelink cannot be only source of income

FAQs

What is dealer finance?

Dealer finance is a car loan organised through a car dealer – as opposed to car loans organised by a finance broker or directly by the lender.

What is a dealership?

A dealership is a car yard or a place where cars are sold.

What is CTP insurance?

CTP insurance, also known as compulsory third-party insurance or a green slip, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your CTP insurance will be used to pay any compensation due to anyone who might be injured or killed. However, CTP insurance doesn’t cover you for vehicle damage or theft.

What is proof of income?

Before giving you a car loan, lenders will ask for proof of income – documentary evidence that you earn as much as you claim you earn. Lenders will typically want some combination of tax returns, pay slips and bank statements. The reason lenders want proof of income is because they want to be sure you have the means to repay the car loan.

What is a finance broker?

Finance brokers help borrowers organise car loans with lenders – that is, they act as middlemen between borrowers and lenders. While lenders will only recommend their own products, finance brokers recommend products from a range of lenders. Finance brokers need to be accredited with a lender to do business with that lender; a typical broker will be accredited with between 10 and 30 lenders. Finance brokers generally don’t charge consumers; instead, they receive commission payments from lenders.

What is a finance lease?

A finance lease, also known as an asset lease or car lease, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. At the end of the lease, you can either buy the car or hand it back. 

What is vehicle finance?

Vehicle finance, also known as a car loan, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Vehicle finance can be used for both new and used vehicles.

Who can go guarantor for me on a car loan?

Anyone who knows your circumstances and trusts you to meet your repayments is someone who could potentially go guarantor for you on a car loan, providing that they have an excellent credit history and/or are a home owner.

Parents are the most likely to be accepted by lenders as guarantors, but immediate family such as grandparents, adult children, siblings and de facto partners are also accepted. If you want a friend of colleague to go guarantor for you it is possible but may require a specialist lender and may incur a premium fee.

How do you get a car loan?

There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.

Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.

What is a car lease?

A car lease, also known as an asset lease or finance lease, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. At the end of the lease, you can either buy the car or hand it back. 

What is an asset lease?

An asset lease, also known as a finance lease or car lease, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. At the end of the lease, you can either buy the car or hand it back.

Can I get car finance on a pension?

 

Yes, as long as you meet basic criteria set out by lenders you are eligible for car finance. Your interest rate will be determined based on your financial history which can be found in your credit report, your income and any property you may own.

Comparing car loans for pensioners before you settle on one is important though, if you want to secure the best possible loan for your circumstances.

Where can I find car loans for single mothers?

Single mothers can sometimes find that due to their circumstances the bigger banks can be less inclined to lend to them, but there are smaller companies and specialist lenders who can be willing to provide loans to people in a range of circumstances.

Single mothers could benefit from getting in touch with a car finance broker, as a broker is likely to have knowledge and access to options that are suited to their needs.

Advantages to using a broker:

  • Finance brokers often don’t charge for their services as they work on a commission basis from lenders.
  • Brokers will have industry knowledge and contacts within lending companies and is therefore more likely to be able to find the best deal for your circumstances.
  • Brokers are qualified professionals who are licensed under the National Consumer Credit Protection Act so have an obligation to follow responsible lending practices and to work in your best interests.

Find car finance through a broker.

I’ve been denied a car loan before; can I still get car finance?

Even if you’ve been denied a car loan before, you might still be able to get car finance. The key is to make the right application to the right lender.

The ‘right’ application is one that makes you look like an acceptable risk, which might include things like improving your credit score, increasing your savings rate and accumulating a bigger deposit.

The ‘right’ lender is one that deals with borrowers like you. For example, while some car loan lenders only deal with good credit borrowers, there are others that specialise in bad credit or poor credit borrowers.

What is salary packaging?

Salary packaging is an arrangement you can make with your employer that can allow you to buy a car from your pre-tax salary. The advantage of salary packaging is that it will redue your taxable income.

What is an establishment fee?

Some lenders will charge you an establishment fee, or one-off upfront fee, to cover the cost of setting up your car loan.

What is residual value?

The residual value of a car is how much it will be worth at the end of a lease period. Finance companies need to calculate a car’s residual value before they can know how much to charge during the lease period. For example, if a financier calculates that a $30,000 car will have a residual value of $16,000 at the end of a five-year lease, the financier will know that it must charge $14,000 to break even on the lease – and more to make a profit.

What is a commercial hire purchase?

A commercial hire purchase, or CHP, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. Once the final payment is made, you take ownership of the car. 

What is collateral?

Collateral, or security, is an asset you agree to surrender to a lender if you fail to repay a loan. Generally, the collateral for a car loan is the car itself. So if you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.

What is an upfront fee?

An upfront fee is a one-off fee that many lenders charge when you take out a car loan.