GE Money is a financial institution that operates in Australia and New Zealand, with over 4,000 staff and 3.1 million customers, offering a range of services including loans, credit cards, retail finance and personal insurance.
GE Money offer both personal loans and motor loans, with the latter for those wishing to buy a car, boat or other watercraft, motorcycle or caravan. Depending on the type of vehicle you’re purchasing, the loan features will vary.
GE Money is willing to offer motor loans for old and new cars, any make and model, up to 15 years-of-age. You can purchase a car up to 20 years-of-age, but you will have to take out a GE Money Personal Loan for a vehicle that old. The car must be used for personal use more than 50% of the time to apply for a motor loan. The features of a motor loan for cars include:
You are allowed to make additional repayments, however should you repay the loan before the agreed term, you may incur an early repayment fee.
If you are wanting to purchase an older vehicle (10-20 years), you will need to apply for a GE Money Personal Loan. The interest rates are slightly higher than for a GE Money Motor Loan, and the loan is secured against the vehicle. Features of a GE Money Personal Loan for a car include:
Again, while you are allowed to make additional repayments during the life of the loan, you could be charged an early repayment fee if you pay the loan off before the agreed term.
To be eligible to apply for a GE Motor Loan, you must be:
You also need to have had a good credit history for the previous five years, and not been bankrupt in the previous seven years. You will be asked to provide proof of ID, your two most recent payslips (two most recent financial statements for the self-employed), and details on income, assets and employment.
A decision on your loan application will be given within 24 hours (one business day), with the money made available within 24-48 hours (1-2 business days) from approval. For applications submitted before midday, a decision may be made before close of business that day.