Money3 Car Loan

Read about the ins and outs of Money3’s car finance deals and see whether they’re right for you by comparing your options with Savvy.

Written by 
Thomas Perrotta
Thomas Perrotta is the managing editor of Savvy. Throughout his time at the company, Thomas has specialised in personal finance, namely car, personal and small loans, although he has also written on topics ranging from mortgages to business loans to banking and more. Thomas graduated from the University of Adelaide with a Bachelor of Media, majoring in journalism, and has previously had his work published in The Advertiser.
Our authors
, updated on April 10th, 2024       

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As a specialist non-bank lender, Money3 offers a streamlined service providing finance solutions to Australians of all economic and credit backgrounds in the form of their car and personal loan deals.

Of course, it’s crucial to consider the different features and factors of each car loan you compare before you take the plunge and submit your application, which is why it’s so important to think through your options and access a range of lenders with Savvy.

Find out all you need to know about Money3 and their car loan offers all in one place to see whether they’re right the right lender and loan for your situation.

*Money3 is among Savvy’s panel of car loan financiers. All information in this article is correct as of 10 April 2024.

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The features and benefits of Money3 car loans

Available to bad credit borrowers

Money3 offers financing to those who have struggled in the past with their credit score and may not be eligible to take out a car loan with other lenders as a result.

All vehicle types considered

Whether you’re looking to purchase a car, motorcycle, van, caravan, trailer, truck or even a boar or jet ski, you can get approved for secured financing with Money3.

Centrelink income accepted

They also consider income earned through Centrelink on car loan applications, which may mean that you’re approved for car financing when you otherwise might not be.

Customers assessed on a case-by-case basis

Because they’re a smaller, more specialised lender, you’re likely to find that your application is subject to a more personalised process and considered on its merits more so than bigger lenders.

Easy online applications

Whether you apply directly to Money3 or submit your application through Savvy, you can experience a fast and simple online process to help you obtain your vehicle sooner.

Fast approvals

Once you've settled on the car you want and submit your formal application, Money3 says that you can drive away in your new or used car as soon as 24 to 48 hours later.

The pros and cons of Money3 car loans


Optional deposits

You can choose whether to make a deposit towards your car loan when you apply with Money3, meaning you have the choice to either reduce your loan amount or borrow 100% of the purchase price.

Take out a loan as small as $2,000

With loan amounts as small as $2,000 available, you can buy very cheap cars and have the freedom to supplement the purchase with your own savings if you’re in a position to do so.

No early repayment penalties

If you find yourself able to contribute above the minimum amount each month, you can save meaningful funds on interest without incurring any penalty for doing so.


High interest rates

Because Money3 rates start from 10.95% (18.65% p.a. comparison) and bad credit car loan interest rates may be higher, you're likely to pay more in interest overall.

$75,000 maximum loan amount

They also come with a lower cap on the amount you’re able to borrow, which is set at $75,000 for all applicants regardless of the value of the vehicle or your borrowing capacity.

High fees

On top of a higher Money3 car loan interest rate, these loans come with costly fees, signalled by the minimum comparison rate of 18.65% p.a.

Money3 car finance explained

How do I apply for a Money3 car loan?

The best way to apply for your car loan is right here with Savvy. With a panel of over 40 reputable lenders (including Money3), we can help you narrow down which is the most suitable for your profile. If you’ve had troubles with credit in the past, Money3 could be a good option for you, but it’s always better to consider a more comprehensive selection of loans and get the assistance you need to do so. The Savvy application process is as follows:

Submit a quick quote

You can commence the process by telling us some details about yourself, your income, your credit score and the car you want to buy (if you’ve picked it out already). This can either be to find out more or to formally start your application. If the latter, you can continue onto the next step.

Fill out your application

You have the option to fill out our application form after your quote, which tells us that you’re ready to commit to the process of buying a car with finance. After you send this through, your consultant will take your details and compare offers to find the best one available for your situation (which may be Money3).

Choose your loan

Your consultant will return to you with the best offer for your profile and let you know about all of the key details. If you’re happy with this offer, you can let your consultant know and they’ll proceed with your formal application.

Have formal approval arranged

From here, you don’t have to worry too much about being involved in the process, as your consultant will handle the submission of your formal application. They’ll tailor it to meet your specific lender’s requirements, which maximises your chances of approval. You’ll typically receive an outcome within one business day.

Sign your loan contract

Money3 will send through a contract for you to sign electronically in order to lock in your agreement, after which the money can be advanced to either you or your seller and you can take your car into your possession.

What are the eligibility requirements for Money3 car finance?

Because Money3 car loans are designed to be available to borrowers with bad credit histories, the qualification criteria they implement are broader than what you might see on a larger lender’s car loan conditions. These include:

  • You must be over the age of 18 to take out a loan
  • You must be an Australian citizen or permanent resident
  • You must be employed or receiving Centrelink payments
  • You must be earning a regular income of more than $480 per week
  • Your income must be paid into your bank account

Common Money3 car loan queries

How do I work out how much my loan will cost me?

When determining the cost of your car loan with Money3, use Savvy’s car loan calculator. This helps you crunch the important numbers and find out exactly what your loan will cost you each month and overall. Using the car loan calculator for Money3 is particularly important, as you should always calculate the cost based on the comparison rate, which is a more accurate indication of your loan’s overall cost.

How can I maximise my chances of approval for my first car loan with Money3?

There are several steps you should take before applying for your Money3 car loan to maximise your chances of being approved for the first time. These include:

  • Paying off as many debts as you can before you apply
  • Look for a car and loan amount you can afford to manage
  • Only submit one application at a time, rather than several at once
  • Double-check that you’re eligible before your application (which your Savvy consultant will also do for you)
Can I get a car loan with defaults with Money3?

Yes – you can still apply for a car loan with Money3 with defaults on your credit file. You may also be able to take out a car loan with unpaid defaults if there’s a very small number of them (one or two). More than that and you’re unlikely to be given the green light to purchase your car with finance.

Am I better off getting a personal loan instead of a car loan?

Whether you should take out a personal loan or car loan depends on the type of vehicle that you’re purchasing. Even with Money3’s relaxed criteria when it comes to eligible vehicles, not all cars are accepted as security (such as a 25-year-old vehicle). In this instance, you’d be required to take out a personal loan if you needed finance to purchase the car. These loans come with fewer restrictions on how the funds can be used (rather than solely for the purchase of the vehicle) but generally higher interest rates and fees.

Will I be able to refinance my car loan if I have bad credit?

Maybe – if you took out a bad credit car loan and you’re looking to refinance it while your score is still low, you should be able to do so with either your current or new lender. You can benefit from refinancing a bad credit car loan if your score has improved in the time since you were approved for the loan.

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