Wisr is a neo-lender based in Australia. As a digitally focused personal loan lender, Wisr operates differently from traditional banks and lenders. Wisr uses an online platform to provide financial products to consumers.
As such, Wisr does not operate any physical branches, but does have a head office located in Sydney.
Wisr is known for being the first neo-lender to be listed on the Australian Securities Exchange.
Pros and cons
- Apply online
- No early payout fee
- Personalised interest rate
- No branches
- Establishment fee applies
- No variable rate loans
Car loan repayment calculator
Thinking about taking out a car loan with Wisr? Use our car loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Wisr car loans compare with other options.
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Features of a Wisr car loan
Wisr offers fixed rate loans to everyday borrowers that can be used to buy cars, motorbikes or other vehicles. Security may be required for these asset purchases. This lender does not provide variable rate loans.
Wisr provides personal loans of between $5,000 and $50,000 and terms of either three or five years. Repayments are made monthly.
Wisr personal loans have personalised interest rates. Personalised rates mean that the interest rate offered is dependent on the borrower’s credit history. Borrowers with good credit will receive a lower interest rate than borrowers with bad credit.
Wisr charges a one-off establishment fee and late repayment fees, but does not charge ongoing fees or early repayment fees.
Wisr car loans – customer service
Because Wisr does not operate any branches, customers must contact Wisr by phone or online enquiry. Online enquiries can be submitted at any time, or you can ring them on weekdays from 9am to 5:30pm (AEDT).
Who is eligible for a Wisr car loan?
- Must be an Australian citizen or permanent resident currently residing in Australia
- Must be aged 18 years or over
- Earn more than $30,000 a year before tax
- No unpaid defaults in the past five years
- No bankruptcies in the past seven years
- Not currently in financial hardship
How to apply for a Wisr car loan?
You can get a quote estimate from Wisr and apply for a car loan with them through their website. The application takes five to 10 minutes to complete and it may be processed in 24 hours.
- Go to Wisr’s car loans section and click ‘Get my rate’.
- Fill in the form and hit ‘Get estimate’.
- When you have reviewed the estimated rate and repayments, submit the application form.
- You may be contacted by Wisr to review the application.
- You may receive your funds on the same business day signed documents are returned to Wisr.
Wisr car loans review
As Wisr is an online-only neo-lender, it may appeal to borrowers who prefer managing their car loans digitally. Borrowers may not find Wisr suitable if they prefer face-to-face interaction, as this lender has no branches. Additionally, this lender does not offer variable rate loans, so it may not suit those looking for flexibility in their loan.
Wisr charges a one-off establishment fee and no ongoing fees. Customers generally won’t be penalised if they pay out their loan early.
Because Wisr does not have the large overheads of a traditional bank, it is able to offer moderate car loan interest rates for applicants with a strong credit record.
Note that this lender personalises its car loan rates depending on the borrower’s credit risk profile. Those with a poor credit history may only be able to borrow funds on a high interest rate.
It is generally advised that borrowers compare interest rates, fees and features from different lenders before signing up for a car loan.
Learn more about car loans
Can you get a chattel mortgage with bad credit?
Getting approval for a chattel mortgage with bad credit may be possible, given ‘chattel’ (usually a piece of equipment or car) is put up as security for the loan. That means if you fail to repay the loan, the creditor can recover the loaned amount by repossessing and selling the car or piece of equipment. This differs from unsecured car loans, where the asset is not tied to the loan and cannot be taken if you don’t meet the repayments.
Can I get a no credit check car loan?
You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.
Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.
That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.
Where can I find lenders who offer no credit check car loans?
You might be better off finding a specialist lender who will look at your credit history and income, who will decide whether or not you are able to responsibility pay back the loan. Alternatively, you could contact a car finance broker.
How to get a chattel mortgage?
Both businesses and individuals may use a chattel mortgage, provided that the car is being used predominantly for business purposes.
To apply for a chattel mortgage, you need to first consider your options and choose a suitable lender that meets your requirements. Once you have selected a lender, you can apply for the loan online by filling out a form. If the lender doesn’t offer an online application process, you can either call them or visit their nearest branch.
After you’ve applied, the lender will ask you to supply documents that confirm your identification, income, job profile, etc. If everything is in order, most lenders will arrange the loan’s settlement, so all you need to do is pick up your car!
Where can I find lenders who offer no credit check car loans?
One thing to bear in mind is that lenders who offer no credit check car loans are likely to charge higher interest rates and higher fees than on car loans that include a credit check. Also, lenders who no credit check car loans might expect you to pay a higher deposit. You might also be expected to provide security.
Lenders regard no credit check car loans as riskier than other car loans, which is why it’s a niche product that often features special conditions.
What is a bad credit car loan?
A bad credit car loan is a car loan for borrowers who have ‘bad credit’ or a bad credit history.
Some lenders refuse to offer bad credit car loans, because they believe there is an excessive risk that bad credit borrowers will not repay their loans. However, other lenders are willing to provide bad credit car loans.
Generally, these lenders charge higher interest rates for bad credit car loans than ‘prime’ car loans, reflecting the higher level of risk. Bad credit car loans may also have higher fees than prime car loans.
However, the big advantage of a bad credit car loan is that it allows borrowers with bad credit to access finance. Another advantage is that it could help bad credit borrowers improve their credit rating, assuming they make all their repayments on time.
Who provides bad credit car loans?
Lenders that provide bad credit car loans tend to be smaller challenger lenders rather than the bigger banks.
Bad credit car loans are a niche product. The bigger banks tend to focus on mainstream car loan finance for borrowers with better credit histories. That’s why smaller lenders tend to be the ones that provide bad credit car loans.
Bad credit car loans can have high interest rates and fees, so it’s important to compare options before submitting an application.
Can I get a car loan with poor credit?
Poor credit doesn’t necessarily mean you won’t be able to get finance for your car purchase, though your options aren’t likely to be the same as someone with good credit.
In fact, a number of specialist lenders exist offering car finance for customers with poor credit, able to provide access to bad credit car loans.
However having a history of poor credit will likely mark you as a potential risk to lenders, so your car financing needs could see higher fees and interest rates. Alternatively, consider a secured car loan, which is a type of loan that uses the car you purchase as collateral, reducing the risk.
Other options include getting someone close to act as a guarantor for your car loan, or to talk to a broker about a personalised rate specific to your circumstances.
Can I get a car loan with bad credit?
Yes, you can get a car loan with bad credit, although you’ll probably find the process trickier and dearer than that experienced by people who have good credit histories.
You can find a number of lenders that specialise in bad credit car loans. However, make sure you compare bad credit car loans before you sign on the dotted line, because not all car loans are alike and having bad credit may mean you are more likely to be hit with higher fees and interest rates.
If you have bad credit, it’s important not to take out a car loan unless you can afford the repayments because a default could further damage your credit rating. Conversely, if you make all the repayments and repay the loan successfully, your credit rating might improve.
Does having a guarantor on a car loan lower your interest rate?
While it’s not necessarily a guarantee, having a guarantor on your car loan will improve your chances of having your application accepted, and may mean that you are able to attain a lower interest rate loan.
Having a guarantor with excellent credit history and/or is a property owner reduces the risk to the lender because the payments are guaranteed by someone who is considered to be financially secure and reliable.
As such, even if your credit history isn’t perfect, a guarantor may be able to help you secure a lower rate from some lenders.
Do low interest no credit check car loans exist?
Some companies will advertise no credit check car loans, however under the Australian National Consumer Credit Protection act, credit checks are required by all responsible lenders, so such lenders are likely to have high interest rates. Depending on your income and credit history, you may qualify for a low interest StepUP loan from Good Shepherd Microfinance.
Do I need good credit to get a car loan?
You don’t need good credit to get a car loan, although the worse your credit history, the harder and more expensive it’s likely to be.
Some lenders will do business only with borrowers who have good credit. However, there are other lenders that are willing to offer car loans to borrowers who don’t have good credit. The catch, though, is that they may charge higher interest rates and fees, and also require more paperwork.
If you don’t have good credit and want a car loan immediately, you can search for lenders that work with bad credit borrowers. If you are able to wait, you can work to improve your credit score and then apply for a car loan once you have good credit.
What is a guarantor on a car loan?
A guarantor on a car loan is a third party, usually a relative or friend, who guarantees to meet the repayments of a loan for the purchase of a car, if the borrower/owner of the car defaults on the loan.
Guarantor car loans can be useful for people who would otherwise struggle in being accepted for credit to purchase a vehicle. These may include people with bad credit, students and young people who may have no credit history, as well as some pensioners.
Many lenders offer guarantor car loans, guarantor personal loans and guarantor home loans, because of the significantly reduced risk to the lender.
Can I get a discounted student car loan?
Being a student is tough enough, and while you might find the odd student discount on movies and technology, the same can’t be said about car loans, as you can’t really get a discounted student car loan.
Lenders make money on the interest and fees that they charge with loans, and the lowest interest and fees are given to the most reliable credit holders: people with excellent credit history.
As a student, you are unlikely to have enough on your credit report to warrant an excellent history. There are however, ways of getting a lower interest car loan if you can’t get an interest-free loan from the bank of mum and dad. One way of doing this may be through getting a guarantor car loan, which can get you a secured car loan by setting your parents up as guarantors.