Easy personal
loans up to $50,000

Personal Loans

Low rates starting at 7.95% p.a.
(9.33% p.a. comparison rate*).
Money in your account same-day.


*This comparison rate is based on our personal loan for an amount of $30,000 over 5 years, a $495 establishment fee and a $10 monthly fee. 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.

Easy loans with
Ozzie Loans

1

Customise your loan

You decide how much you’ll borrow and how long you’ll repay

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Same-day cash

We'll transfer it straight to your account once approved

Personal Loan vs Car Loan

If you are at that stage in life when you need a car but still don’t have enough money saved in your account for the purchase, it may be advisable for you to consider getting an ideal loan for the car you desire. There are mainly two loan products that you may have to choose from, namely: a car loan or a personal loan.

A personal loan is referred to as an amount of money given to you by a financial institution to help you manage various financial obligations you may have. This means you can use this loan to settle bills, purchase a car, hire a car or cover medical bills. On the other hand, a car loan is an amount of money given to you by a financial institution but can only be used for the purchase of a car. 

Understanding the unique benefits of a personal loan vs car loan can be key to determining which of the two is ideal for your own needs.

What is the difference between a personal loan and a car loan?

Below are just some of the most important things you should know about personal loans and car loans.

Personal loan

A personal loan is often extended to a borrower by a financial institution such as a bank. It is given in a lump sum that the borrower can use to cater to various needs as he or she deems fit. For instance, you can use a personal loan to settle wedding bills, go for a vacation or buy a car. There is really no restriction to what you can do with this type of loan.

Such a loan is often secured against something of value, including a car, a piece of land or a house. In case you are unable to make repayment for the loan amount, the lender is free to seize the property and sell it as a way of regaining the amount they offered to you. 

There is also the option of taking out an unsecured personal loan. In this case, you do not have to put up anything as collateral. Financial institutions often use different data to assess the creditworthiness of each borrower, and this allows them to know the ideal amount to give as an unsecured personal loan. 

Your credit score is one of the things that may be used to determine how much you can receive in the form of a personal cash loan. Your current job and monthly earnings may be another perimeter used to determine whether or not you qualify for an unsecured loan. To put all things into perspective, a personal loan calculator may be used.

A particularly good place to get the best personal loans is Ozzie Money. Through this institution, you have the opportunity to apply for a loan right at the comfort of your own home. Simply download the institution's app and install it on your device. Determine your personal loan eligibility and then register. Fill in all the information required and then apply for a personal loan. The assessment process takes an exceptionally short time, meaning you can end up receiving your cash today.

Personal loans are easy to get especially if you meet the eligibility criteria. You can use them in just about anything you can think of. They are also known to come with flexible repayment structures allowing you to make payments in a stress-free manner.

Car loan

A car loan is sometimes referred to as an auto loan and is an amount of money that a lender gives to a borrower for the specific purpose of purchasing a vehicle. Unlike the personal loan, you don’t have the luxury of using this amount for anything you want. Instead, it goes directly into financing the car you desire. 

Another important thing to keep in mind is that the car you purchase using a car loan acts as collateral for the same. You can use this product to purchase either a used or a brand new car. Some financial institutions may provide lower rates when a customer uses their car buying services to help save some cash. 

It is worth pointing out that most car loans come with a requirement to repay a fixed amount on a monthly basis. To secure this loan, you must have an excellent credit score. Otherwise, you may end up securing a car loan that comes with higher interest rates.

Who offers debt consolidation loans?

Whether you are dealing with a personal loan Australia or a car loan that you cannot seem to pay on time, you can always opt for help through a debt consolidation loan. In this case, you take out a larger loan to settle smaller debts that may end up tainting your credit score in the long run. 

Put simply, and a debt consolidation loan is a financial facility that extends a lump sum that can be used to pay off debts or bills that are due within a short time. Ozzie Loans is particularly known for offering some of the best debt consolidation loan terms in Australia.

Check our rates

We’re all about providing
low rate loans with simple, fair and transparent fees.

Loan amount

$5,000 to $15,000

$15,001 to $50,000

Establishment fee

$395

$495

Interest rate

Comparison rate

Monthly fee

Exit fee

From 7.95% p.a. to 23.95% p.a.

From 9.33% p.a. to 25.33% p.a.*

$10

No early repayment or exit fees


*This comparison rate is based on $30,000 over 5 years with $495 establishment fee and a $10 monthly fee.

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.


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