Got your eyes on a new set of wheels? Or are you perhaps thinking it’s time to buy your dream car? Or maybe you’re looking for more flexibility to finance a used vehicle? Harmoney may be able to help you.

What car loans are available at Harmoney?

Harmoney offers unsecured and secured car loans with fixed interest rates tailored to the borrower’s credit history and financial behaviour and circumstances. Customers can borrow money to fund the purchase of a wide range of vehicles. 

Borrowers can loan $2,000 to $70,000 with personalised rates and fixed repayment terms, payable up to seven years. 

The type of vehicle borrowers can purchase depends on the loan type they’ve applied and approved for. 

An unsecured loan can be used to buy any type of vehicle – a car, motorcycle, motorhome, off-road vehicle, or electric bike – as long as the purchase is legal. 

On the other hand, a secured loan – the car purchased using the loan is used as security – can be taken only for the purchase of a car or a motorcycle. 

How to secure a lower interest on your car loan?

Borrowers with excellent credit can score Harmoney’s lowest interest rate, as loan assessments are largely based on creditworthiness and overall financial situation. 

Applicants can receive an initial estimate via a soft credit pull that does not affect their credit score in the way a full credit enquiry does. While there’s no obligation to accept the quoted rate, especially if it’s higher than expected or preferred, those satisfied with their rates can move forward with the loan application. 

What are the features of Harmoney car loans?

Harmoney car loans are designed to offer flexibility, accommodating borrowers' needs and preferences.

✔️Unsecured loans – Borrowers don’t need to provide an asset as security

✔️Secured loans – Those who use a car as security can potentially get lower rates

✔️Flexible vehicle options – The loans can be used to purchase new or used cars as well as vehicles of any type (for unsecured) with no maximum vehicle age limit

✔️Personalised rates – Interest rates are tailored to each applicant’s credit history and risk profile; low-risk borrowers get low rates, high risks are dealt with higher rates 

✔️Fixed interest – Interest payments will remain the same throughout the life of the loan 

✔️Flexible repayments – Borrowers can make repayments weekly, fortnightly, or monthly, plus an option to pay early without incurring any penalties 

✔️Quick application process – The entire process is done online and each applicant is assessed using data and technology to ensure a quick turnaround time

✔️No monthly fees – No ongoing fee is charged throughout the loan’s lifetime

What are the fees charged to customers?

Fees charged are the same, whether a customer takes out a secured or unsecured car loan. 

These are correct at the time of writing and are subject to change

How to apply for a car loan at Harmoney?

Harmoney car loans are only available to Australian or New Zealand residents aged 18 and over. Applicants must have a good credit history and a stable income – from full-time or permanent part-time employment – to increase their chances of getting approved and securing low interest rates. 

Applicants are required to provide the following information and documents to support their loan application:

• Proof of identity (a valid driver’s licence or passport)

• Proof of residence (recent rate bills or lease agreements showing address)

• Proof of income (recent payslips for employed; personal and business accounts in the last three months and tax returns for self-employed)

• List of assets (savings, property, shares)

• List of liabilities (existing debts)

• List of daily expenses (food, housing, medical care, etc.)

When all details and documents are ready, customers can complete the application online and submit the required documents for verification. Once approved, the loan amount will be deposited to the borrower’s nominated bank account. 

Those approved for a secured car loan must verify their security by sending a completed vehicle details form and a copy of their insurance certificate upon purchasing the car. The borrower must accomplish this 60 days after the date of the loan advance, lest their loan will be unsecured and the interest rate will be adjusted to reflect the changes in the loan terms.