Car Loans
Car Loan Frequently Asked Questions
What vehicles do GE Money provide finance for?
Vehicles considered for a GE Money Car Loan include new and used cars, motorbikes, jet skis, boats, caravans and campervans. At least 50% of the vehicles use must be for personal purposes. If over 50% of the vehicles use if for business purposes, then please call 1300 776 254.What is the maximum age of the vehicle?
If the car is over the age of 15 years old, you will need to apply for a personal loan instead of a car loan. Click here for more information on GE Money Personal Loans. In terms of other vehicles, they cannot be over the years listed below at the end of their loan term:What is a residual value/'balloon' payment?
A balloon repayment allows you to have a lower monthly repayment through the course of your loan, with a large lump sum payment at the end of your loan.How much can I borrow?
The minimum loan amount is $5,000; however motorbike loans are available from $3,000. The maximum you can borrow is subject to lending criteria and will depend on your current financial situation.How long do I have to pay it back?
The minimum term for a loan is 1 year, with a maximum of 7 years#. Be sure to set a loan term that suits you - if you can afford to repay your loan sooner, opt for a shorter term. A longer loan term will mean your regular repayments will be lower, however the total payable interest will be more than a shorter term loan.#The maximum term for boats, jet skis and motorcycles is 5 years. Loans for other vehicles over five years are subject to loan amount and risk criteria.
What's the eligibility criteria?
At a minimum, you will need to have a regular income, be an Australian Permanent Resident and be at least 18 years of age. Other credit and approval criteria will apply depending on your situation.What documents do I need to apply?
To receive final approval on your loan application, you will need to supply us with the following original documents:
| Proof of identity |
Current Australian Driver Licence/Learner Permit OR Proof of Age Card¹ |
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Australian Passport (current or expired within 2 years) OR Current Foreign Passport (must NOT be expired) OR Centrelink/Department of Human Services pension card OR non-photo current Australian Driver Licence PLUS one secondary ID document |
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Utility bill² OR rates notice (less than 3 months old) OR Centrelink/Department of Human Services Statement OR ATO Assessment Notice (less than 12 months old) |
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| Proof of income |
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| Proof of residency |
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Depending on the details of your application, we may also require other documents in addition to those listed above.
Approved customers only. Conditions, fees and charges apply.
¹NSW Proof of Age Card is not accepted.
²Excludes mobile phone bill.
How long does it take to approve?
In most cases, if you apply before midday, you can expect to receive a decision on your loan application on the day you apply.How long until the funds will be available?
Before we can transfer your funds we require some documentation. Once we have seen all of the appropriate documents, we can generally transfer funds the next business day.What are the interest rates?
Our interest rates start from 10.85%*p.a. (comparison rate 11.94%^) and will vary depending on your application.*Rates vary depending on loan amount and credit scoring.
^Based on a secured loan of $30,000 over 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Is the interest rate on a GE Money loan variable or fixed?
GE Money Car Loans feature fixed interest rates, meaning repayment amounts stay the same throughout the life of the loan. Having this certainty makes budgeting simpler and more manageable.How is interest calculated?
Interest is calculated daily and charged to your account on a monthly basis.What are the fees?
There is a $295 once-off fee for establishing a new loan and a $10 ongoing monthly loan service fee.Will I be charged a fee for making additional repayments?
Additional repayments can be made at any time and do not attract any fees*. However if you pay off your loan early, an early termination fee may apply.The early termination fee varies depending on the amount of your loan and how far into your loan term you wish to terminate. As you can see from the example below, the later into your loan term that you terminate, the less the fee will be.
For example, if you borrow $18,000 over 5 years:
How do I make repayments?
You can opt to make weekly, fortnightly or monthly repayments by Direct Debit, at Australia Post or by BPAY®^.^Payment at Australia Post or via BPAY® will incur a payment handling fee. BPAY and the BPAY logo are registered trademarks of BPAY Pty Limited 69 079 137 518.
How is GE Money different from other lenders?
As a leading alternative to the major banks in personal finance, we strive to treat every customer individually, fairly and with the respect you deserve.We believe that personal finance should be simple. Whether you're buying a new or used vehicle, renovating your home, organising a holiday or consolidating your debts, you can count on GE Money to tailor a simple, easy to understand loan that suits your needs.
Most importantly, we work quickly - so that you get what you want fast.
Find out more about us by clicking here.
Depending on which product you choose credit is provided by GE Personal Finance Pty Ltd ABN 54 008 443 810, trading as GE Money, Australian Credit Licence Number 392163. Or by GE Automotive Financial Services ABN 80 004 187 419, trading as GE Money. Australian Credit Licence Number 392178.