Fair Go Finance Car Loans

Fair Go Finance provides car loans as well as personal loans, debt consolidation loans, and bad credit loans.

What car loans does Fair Go Finance offer?

At the time of writing, Fair Go Finance offers one car loan product for cars, other vehicles and “anything car or vehicle related”. This loan offers the following features:

  • Customers can apply for loan pre-approval  if they haven’t yet found a car to purchase
  • Access to Fair Go Finance support via their team of Customer Solution Consultants
  • Option of a secured or unsecured loan depending on your credit rating and desired loan size
  • Standard maximum loan amount of $10,000
  • Bad credit car loans available to approved customers for up to $5,000

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Is your car eligible for a secured loan with Fair Go Finance?

To be eligible for a secured car loan with Fair Go Finance, your application will be subject to its normal lending criteria. Fair Go Finance says its car loan can be used for:

  • Purchasing a car privately or from a car yard
  • Tyres, car repairs, registration and unexpected vehicle costs
  • A new or second-hand motorbike
  • Purchasing a boat, caravan or trailer
  • Car hire costs during a holiday

Check the PDS (product disclosure statement) for Fair Go Finance’s car loan criteria.

Does Fair Go Finance also offer personal loans?

Yes, Fair Go Finance does offer unsecured personal loans as well as its car loan product. Fair Go Finance offers ‘cash loans’, ‘small loans’, ‘bad credit loans’, and ‘debt consolidation loans’.

What are the minimum loan amounts on Fair Go Finance car loans?

The minimum amount you can borrow with a Fair Go Finance car loan is $500 – the maximum amount you can borrow is $10,000 for “good credit customers” and $5,000 for customers who currently have a “bad” credit rating.

What loan terms does Fair Go Finance offer for car loans?

Fair Go Finance offers car loan terms ranging between six months and three years.

What are the fees on Fair Go Finance car loans?

There are a number of fees to be aware of when taking out a car loan with Fair Go Finance, which will vary depending on the size of your loan:

  • An establishment fee, which will be at least 10% of the principal for small loans, at least $360 for medium loans, and at least $595 for large loans
  • A monthly fee, which will be at least 2% of the principal for small loans and $5 for medium loans; Fair Go Finance does not mention a monthly fee for its large loans

Other fees may apply, contact Fair Go Finance for more information.

How to apply for a Fair Go Finance car loan

Before you commit to a particular loan, you may want to consider comparing your car loan options with Canstar.

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When applying for a car loan with Fair Go Finance, you will generally need to meet the following criteria:

  • You must be 18 or over
  • You must be a permanent Australian resident
  • Currently employed with a stable income of at least $500 a week (self-employed individuals are not eligible for Fair Go Finance loans)
  • Your income must not solely be from Centrelink
  • You must not have entered into bankruptcy or a Part 9 agreement within the last 12 months
  • For larger loans you must either have a registered vehicle available to use as security or be buying a vehicle that can be used as security

In addition, you may also have to meet the minimum loan amounts specified by the provider (see above). If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities

Fair Go Finance says that if approved, the car finance will be transferred directly into your bank account.

About Fair Go Finance

Fair Go Finance is an online lending company which says it’s dedicated to helping you achieve a better credit rating and increased financial opportunity. In 2017 Fair Go Finance joined the global MyBucks Group, a fintech company based in Luxembourg and listed on the Frankfurt Stock Exchange. 

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Written by: James Hurwood | Last updated: June 14, 2019