GE Money Car Loans
Whether you’re in the market for a car, boat, camper van, jet skis, caravan, or motorbike, you can apply for GE money car loans to get you mobile sooner. GE offers competitive rates.
GE Money Car Loans
The money car loans offered by GE offer a fixed rate of interest so that your repayments remain the same for the entire term of the loan. This will help you budget your money to fit the repayments into your future financial plans. This offers stability for the life of the car loan.
You’ll be able to choose the term of your loan as well since the GE loan has flexible options for repayments. You can take up to seven years to repay your loan and will be able to choose between monthly, fortnightly, or weekly payments. You make the choice according to your financial situation.
GE Money Car Loan
Features:
- Set a loan term that suits your budget and you could reduce your monthly outgoings.
- The repayment amount is fixed so it is easier to budget.
- Choose your own repayment frequency – weekly, fortnightly or monthly
- Fixed interest rate for the life of the loan.
- Make easy repayments using Direct Debit.
- No maximum loan amount (*subject to approval)
- Get approved within 24 hours of your application
Balloon payments
If you’d like lower repayments throughout the term of your loan with a lump sum payment occurring when the loan has ended, this is an option as well. This works best for people that expect their income to rise throughout the years and would like to pay small amounts in the meantime.
Business loans for cars
GE also offers business money car loans. Here are the three finance options available.
1. A Chatell mortgage.
2. A commercial lease (Novated or Finance Lease).
3. An asset purchase, (a hire for commercial purchase).
Summary of the GE money car loan
- Eligibility
You must be a permanent resident of Australia and be employed regularly. You’ll also have to be at least 18 years old to submit an application for one of these loans.
- Terms of the loan
This loan can have a term lasting from one up to seven years in length. It is your choice. The longer the term, the less your payments will be every month. You should note, however, that there is a five-year maximum term for motorcycles, jet skis, and boats. Also, loans for a longer period than five years will be subject to risk criteria.
- Borrowing amount
You’ll be able to borrow an unlimited amount with this loan, but the minimum amount is set at $3000 for motorbikes and $5000 for other vehicles.
Who is best suited for this loan
This GE loan is best suited for people that need to borrow money for a used or new camper van, caravan, boat, jet skis, motorbikes, or cars. The vehicle needs to be used mainly for private purposes and not for business.
Charges and fees for the loan
There is an establishment fee of $295 to set up this loan and then a $10 service fee that is paid monthly during the term of the loan.
If you are closing or paying out this loan early, you will need to pay a termination fee. The amount of this fee, for ending the loan early, will all depend on how much you have borrowed and how far along you are in the term of the loan. You will pay less fees if you close out the loan later in the term.
If you get a loan for $18,000 for a five-year term, as an example, you will pay $600 if you terminate the loan during the initial year. If it is closed out during the second year, you will pay $450, during the third year it will be $300 and will drop to $150 if it is terminated during the fourth year.
Rates of interest
GE money car loans offer a fixed rate of interest for the entire term of the loan. The interest rate starts at 10.85% p.a. with a comparison rate of 11.94% p.a.
Frequently asked questions about the GE car loan
Here are some of the questions most commonly asked about the GE money car loan and their answers.
Is there a maximum age set for a vehicle?
A car that is older than 15 years does not qualify for a GE money car loan. Instead, you will have to apply for a GE money personal loan. For other vehicles, please see the list below for the maximum age requirements.
Campervan – Must be 10 years or under when the loan term expires.
Boat – Must be 12 years or under when the loan term expires.
Motorbike – Must be 10 years or under when the loan term expires.
Caravan – Must be 10 years or under when the loan term expires.
What types of vehicles can be financed with this loan?
Both used and new camper vans, boats, jet skis, caravans, motorbikes, and cars can be financed with this loan. A minimum of 50% of the use of the vehicle has to be for personal reasons only. If this vehicle is going to be used more than 50% for business purposes, you will need to contact GE directly on 1300 776 254 for more information.
How long is the term of the loan?
You will be able to choose your own loan term and this can run from one year up to seven years. A maximum term of five years, however, is set for motorcycles, jet skis, and boats. You will need to take a look at your budget and see how many years you’ll need to comfortably pay it off. If at all possible, it is always better to get a short-term loan to save on interest payments. If you have to take a longer-term loan, your repayments won’t be as much but you’ll end up paying more interest.
What is a balloon payment?
A balloon payment is set up so that you pay a lower amount during the term of the loan and make a payment of a lump sum when the loan is finished. A lot of people choose this type of loan if they desperately need a vehicle and know that their income will rise in the future.
How long does approval take?
GE knows that its customers want to find out quickly whether they have been approved or not so the application process has been streamlined. If you fill out an application before the middle of the day, you will usually find out if you have been approved for the loan on the same day.
How long will I have to wait for the funds?
You will need to provide some documents before the funds can be transferred over to your nominated account. A GE member will set up an appointment to see your documents and once this has been completed the funds can be transferred on the next day of business in most cases.
How are repayments made?
You can make your payments either by BPAY, at Australia Post, or by direct debit. These repayments can be made monthly, fortnightly, or weekly. It is a better idea to do a direct debit if possible since you will not have to pay the $1.50 handling fee that you would have to pay with these other methods.
Is there a fee for extra repayments?
You are allowed to make extra repayments whenever you wish and you will not have to pay extra fees for making them. If you do terminate the loan early, however, you will be subject to a termination fee that varies depending on how far along the loan is in the term and how much money you borrowed.
Why should I choose GE?
GE offers an alternative source of funding from the other major banks in Australia. Their customer service is second to none and they show respect to every customer they deal with. Not only that, every client is treated as an individual, and GE recognizes that everyone has their own reason for a GE money car loan and does their best to work with them.
Personal financing is kept as simple as possible at GE. Whether you are looking for a personal loan or a car loan, they will do everything they can to keep it simple and understandable.
You can personalize your loan at GE. You can determine how much you borrow, how often you make payments, and the term of the loan. GE has designed their loans to meet the needs of their customers.
What are the rates of interest?
The interest rate on the GE money car loan starts at 10.85% p.a. and the comparison rate is 11.94% p.a. The rate you pay will depend on your credit history and how much money you are asking to borrow. The comparison rate given is an example only and might not include all of the charges and fees. You may see a comparison rate that is different for other terms or loan amounts.
What documents are needed when I apply for this loan?
Final approval for the GE car loan depends on the documents provided. These must be the original documents only and they serve as proof of the information provided on your application form.
1. Identity proof
A learner permit or drivers license issued in Australia or a Proof of Age Card.
Or
A foreign or Australian passport that is either current or has expired within the last two years or a current driver’s license issued in Australia with no photo or a Centerlink pension card, along with a secondary document proving your ID.
Secondary documents for ID can include a rates notice or utility bill that is a maximum of three months old, an assessment notice that has been issued by ATO that is a maximum of 12 months old, or a statement from Centerlink.
2. Residency proof
You’ll need to supply a rental agreement or a utility bill that is current to prove your residency status.
3. Income proof
You must provide the most recent 2 payslips you have, if you are currently employed. If you are a self-employed individual, you will need to provide the most recent financial statement/ tax return you have.
How to avoid late fees
To keep your loan simplified, you should avoid paying any extra fees or charges that are not necessary. The easiest fee to avoid is a late charge. Here are some of the ways to make sure that your payment is always made on time.
1. Pay by direct debit – Setting up an automatic payment means that you will always have your payment made on time. Of course, you will have to make sure that you always have enough money in your account to cover the payments.
2. Make a budget – If you don’t already have a budget set up, this is a good opportunity to start one. You’ll need to make sure that you always have money available for your repayments and that you don’t have to dip into any of your grocery, rent or mortgage money to make sure that payments get made. Set up a budget now and follow it to make sure that all of your direct debits are paid.
3. Make extra payments – You can save a lot of money on interest and get your loan paid off sooner by making extra repayments.
4. Keep GE informed – If any of your personal information changes, you should contact GE immediately to let them know. Excuses like changing your banking information won’t stop a black mark from appearing on your credit file for a late payment and also won’t stop the late fee from being processed.
List of fees
Here is a complete list of all the fees you’ll have to pay for GE money car loans.
Establishment fee -$295 paid to set up the loan.
Service fee – $10 paid monthly.
Fee for early termination – Varies depending on when the loan is terminated and how much money was borrowed.
Handling fee for payments made by BPAY or at Australia Post – $1.50.
Fee for late payments – $60.
If you are thinking about getting a new vehicle in the near future, you should apply for a GE money car loan. GE will do everything within its power to make sure that you get your money as quickly as possible and also find out quickly whether your application is approved or not.. Nobody really likes to wait once they have decided to apply for a loan and you can often find out the same day if you can start planning for your new car. It is a comforting feeling to know that GE is working with you to make that happen.
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
 ME Bank Personal Loan | A low rate personal loan from ME Bank with no application fee for a limited time. | 13.59% | 13.81% | $5000 | 1 year | $0 |   |
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 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 bankmecu Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 13.49% | 14.55% | $1000 | 1 year | $150 | |
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