Car loans

So you’ve set your heart on new wheels? Awesome!

When it comes to financing your fresh ride, there’s a few options…

  • Dealer finance - It may seem quick an easy, but it may limit you to the dealers preferred lenders or manufacturer-owned institutions. In fact, there have been class-actions taken against dealers for lifting interest rates so they can take a cut of the money. Hardly a good deal!

  • Bank finance - Going directly to your bank may seem familiar, but you’re just limiting yourself to their loan products and interest rates. They won’t tell you if there’s a better deal elsewhere.

  • Independent broker - Our brokers can connect you to more lenders and competitive options. We look after the finance for you, while you do the test drives! Your dealer might not like it, but your bank account will thank you for it!

How it works

  1. Contact us - We will then chat with you so you can tell us about your new wheels and how much you need!

  2. Comparing finance - When looking for a suitable car loan, we generally consider your borrowing capacity (from lender-to-lender), interest rates offered, applicable fees, repayment terms and loan terms.

  3. Application - Most lenders will require 100 points of ID, such as a driver’s licence and Medicare card. You also need to show your employment details and two most recent pay slips.

  4. Approval - This can be as fast as 1-2 days, provided the lender has all the documentation required. We can then liaise with the dealer on your behalf to make it a smooth process.

Points to consider

  • Loan terms - This is the timeframe you have to repay your car loan and it can range between 1-7 years. Longer terms mean your repayments are less, but you will pay more interest. Consider what best suits your budget.

  • Interest rates - Your interest rate will ultimately determine how much you end up paying, so always seek a competitive options. Having a good credit score can also help to ensure you can take advantage of the best rates.

  • Secured vs Unsecured - It’s generally easier to get secured finance than an unsecured loan. The interest rate is generally lower also. Unsecured personal loans provide the funds upfront, but the rate may be higher.

  • New vs Used Cars - Used car loans generally have a higher interest rate when compared with new car finance – however this will vary between lenders.