The change will allow brokers to reach customers buying vehicles from private sellers.
MONEYME has expanded its Autopay secured car loan product to cover private sales, as the digital non-bank lender aims to tap into a market segment that represents over half of all used car sales in Australia.
The launch will extend Autopay beyond dealer sales, allowing brokers to reach customers buying vehicles from private sellers.
Autopay is MONEYME’s largest lending product, accounting for 59 per cent of its $1.6 billion loan book in the financial year 2025 (FY25).
The car loan product lets borrowers access between $10,000 and $150,000, with repayment terms ranging from three to seven years.
MONEYME said it expects the change to fuel originations growth, following a 54 per cent rise in loan originations in FY25, while strengthening its position in secured car lending.
“The expansion of Autopay into the private sales market is an exciting next step in our strategy to diversify lending channels and leverage our technology advantage for growth,” MONEYME chief operations officer and chief product officer, Jonathan Wu, said.
Wu said MONEYME had overcome the traditional challenges of private-sale lending, such as seller validation and vehicle checks, through recent advancements in its digital verification and automation.
“We’ve removed much of the manual work typically involved in private sale deals, with loan approval and settlement possible in minutes. It’s another example of how we’re using technology to simplify complex processes and deliver better outcomes for brokers and their customers,” he said.
[Related: LMG adds MONEYME to lending panel]
