Wisr Car Loans
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.
Wisr car loan repayment calculator
Total interest paid
Total amount to pay
- Apply online
- No early payout fee
- Personalised interest rate
- No branches
- Establishment fee applies
- No variable rate loans
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.
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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.
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.
Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.
A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.
Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.
To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.
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.
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.
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.
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.
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.