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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison
interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between
$4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan
of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the
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ME Bank car loans – Apply quickly and drive sooner
Members Equity or ME says it’s a bank established and run by industry super funds. It provides a wide range of products, such as home loans, credit cards, term deposits, and personal loans. While ME Bank personal loans
can be used for debt consolidation and home renovations, car buyers can also tap into this product. If you’re due for an upgrade, this article gives you the rundown on financing a new set of wheels via a ME Bank car loan.
ME Bank car loans in a nutshell
ME car loans are unsecured loans, so you won’t have to provide collateral to guarantee the funds. The amount you borrow must be more than $5,250 – this includes a one-time establishment fee of $250.
Loan amounts go up to $50,000 with an interest rate of 10.89%. You can pay off your debt over a maximum period of 7 years.
- What’s good? – You can make extra repayments with no penalties. Additionally, there are no ongoing monthly fees.
- What’s bad? – You can’t use a ME personal loan for business purposes or to cover property purchases and tax costs. Plus, there’s no redraw facility.
- Who’s this for? – Car buyers that want to finance a new or used car without offering security.
How do ME Bank car loans work?
ME Bank car loans come with the following key features:
- ME Bank car loans are unsecured. That means you won’t need to offer collateral, so there’s no risk of losing your property.
- A fixed rate translates to fixed repayments, so you’ll always know the amount due for each instalment.
- You can make extra repayments without penalty. Before you decide to apply, you can also figure out which repayment plan is best for you by playing around with our ME Bank car loan calculator.
- It’s possible to pay off your debt early without penalty. That way, you can save on interest, which tends to pile up in the long run.
- Repayments can be made weekly, fortnightly, or monthly, depending on what suits your pay cycle. To make life easier, you can set up automatic payments via direct debit.
Rates, fees, and charges
The interest rate is 10.98%. Additionally, you pay a $250 establishment fee. However, there’s no account-keeping fee, extra repayment fee, or early repayment fee.
- Be at least 18 years old
- Be an individual – no joint applications
- Have Australian citizenship or permanent residency
- Must be using the funds for personal purposes
- Have a good credit rating
How to apply online
You can apply for a ME Bank car loan via BestFind with one click of the “Go to Site” button in the table above. Next, complete the application form – this takes about 10 minutes. Once you have approval, it takes about two business days before the money shows up in your account.
More about ME
ME has been offering financial services to Australians since 1994. However, it has no branches and keeps business with customers strictly digital. If you need to speak to someone, you can contact the ME Australian call centre.
In terms of giving back to the community, ME has helped raise funds for the National Breast Cancer Foundation. ME also gives back to the environment by never investing in fossil fuels.
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