Car Loans
Find the best car loan for your needs and drive away before you know it with the help of our experts.
Get your car loan approved with RoadLoans
When it comes to buying your ideal car, finding the right loan to help you complete your purchase is crucial. However, with so many different options on the market, it’s important to know where to look. RoadLoans helps take the guesswork out of the car loan process by guiding you every step of the way.
Our experienced consultants will find the best offers available from our panel of more than 25 of Australia’s top vehicle financiers, helping you secure the lowest interest rates and fees in the process. Regardless of whether you’re looking to buy a brand-new set of wheels or a used car from a private sale, we’ll help you get approved with highly personalised service from start to finish. Get the wheels in motion on your application today.
Fast approvals with consultant help
You’ll have a dedicated consultant to help you through the process so your loan can be approved and funded as quickly as possible.
Diverse vehicle solutions available
We can help you get approved to purchase new or used from a private sale or dealership, including options for businesses.
Save more by comparing more
With a vast panel of lenders behind us, you’ll increase your chances of saving on interest and fees by having more options to compare.
The features and benefits of car finance through RoadLoans
Borrow the amount you need
Whether you’re looking to purchase a cheaper hatchback or a luxury vehicle, car loan financiers come without maximum borrowing limits, with loans available from $5,000 and up.
Competitive available rates
By comparing offers from our panel of partnered lenders, you can secure a car loan at an affordable interest rate and save hundreds, if not more, over the course of your repayments.
Choose your preferred repayment term
Car loans are highly flexible when it comes to how long you can take to repay them, with lenders enabling you to take between 12 months and seven years to repay your loan in most cases.
100% online process
You won’t have to leave the comfort of your home to apply for your car loan, with the entire process completed online to maximise the convenience for you.
No deposits required
While deposits are available to borrowers and are a great way to cut down on the cost of your loan, you can be approved for 100% of your vehicle’s value (plus some on-road costs).
Buy new or used vehicles
With a diverse range of lenders on our panel, you can not only get approved for finance on brand-new or near-new vehicles but also those up to 20 years or older.
Fixed payments for accurate budgeting
Because your interest rate is fixed for the entirety of your loan term, you can enjoy repayment stability and certainty that your financial commitments won’t change from month to month.
Choose your ideal repayment schedule
You can also decide whether to make your repayments on a weekly, fortnightly or monthly basis, allowing you to tailor the frequency of your repayments to align with your income.
The process of applying for your car loan with RoadLoans
Get a quick quote
First of all, tell us a bit about yourself and the loan you’re after in a quick quote. You’ll be able to submit your initial application after you complete this step.
Discuss your options with your consultant
Once you formally apply, your consultant can get to work finding the best finance offers for you. They’ll be in touch to let you know what your best options are.
Have your application submitted
After you confirm your choice of loan, your consultant will prepare your application in line with your lender’s specific qualification criteria and submit it.
Receive formal approval
You can receive formal approval soon after, from which point you can sign your contract and have your funds released to the seller so you can take ownership of your car.
How to compare car loans before you apply
Interest rates form the most significant portion of the cost of your loan. It’s important to keep in mind that even small differences in rate can result in a useful saving for you. For instance, a $30,000 loan over five years at 5.5% p.a. would cost almost $4,400, while opting for a loan at 4.5% p.a. would save you over $800 overall. Your consultant will look for the lowest rates available when helping with your application.
Different lenders charge different fees on their loans, so it’s important to bear this in mind also when comparing your options. An application can reach up to $700, ongoing fees up to $20 per month and early repayment fees up to more than $600 to $900 (depending on when you complete your repayments). However, many lenders will be willing to waive some, or all, of these charges.
Not all lenders will offer the same minimum and maximum loan terms, so you should keep an eye out for those who can accommodate the length you’re looking for. This is especially the case for those looking to repay their loan over one to two years or six to seven, as these are the most likely to not be offered by certain lenders. Your consultant will only consider offers which meet your requirements as a borrower.
Additionally, the type of car you’re after may not be accepted by all lenders, particularly if it’s an older model. Some lenders also won’t accept vehicles as security if they’ve been written off in the past, but others do. Your consultant will be sure to take your application to a lender whose vehicle qualification criteria your car meets.
There may be other areas to compare, also. If you wish to make additional payments throughout your loan term, you should look for lenders who allow you to do so free of charge (although early repayment fees will likely still apply). In some situations, you may also be able to access a redraw facility, which enables you to withdraw from extra repayments made, although this is rarer on car loans.
More about car loans explained
What types of car loans can I choose from?
A car loan is a type of finance designed to help you purchase a vehicle and stagger your repayments over a pre-determined period (with interest) until the car is paid off in its entirety. However, there are several different types of car loans to consider before you apply with RoadLoans. It’s important to appreciate the differences between each of these, as you may find one is better for your needs than another. Some of the main types to think about are:
Secured car loans
The most common and conventional form of car loan, this type of finance utilises the car you’re purchasing as collateral for your loan. This means, should you become unable to fulfil your loan obligations, your lender can recoup lost funds by selling off the car. However, you won’t be at any risk of losing your car at all if you’re able to keep up with your repayments.
The most significant benefit of these loans is that rates and fees are lower than unsecured finance, as the level of risk perceived by the lender is lower, and borrowing ranges are higher. In most cases, a secured car loan will be your best bet when seeking out finance to purchase your vehicle, which you can complete with your RoadLoans consultant.
Unsecured car loans
Unlike secured loans, unsecured car finance sidesteps the need to put up any asset as collateral. This is essentially a personal loan, which enables you to spend your funds in any way you like. The most common use for these loans when purchasing cars is when the vehicle doesn’t meet lender requirements (such as being too old), making an unsecured loan more suitable.
While these loans can be processed at a faster rate, with less paperwork required relating to the car, they come with higher interest rates and fees, as well as a borrowing range capped at $75,000 at most. If you’re looking to purchase a relatively modern vehicle in good condition, you’re likely to be better off with a standard secured loan.
Chattel mortgages
A chattel mortgage is designed for the purchase of commercial vehicles, which are those purchased for a business and to be used at least 50% for business purposes. These are similar to standard car loans and can also offer highly affordable rates and fees, but also offers the ability to attach a residual payment, which is essentially a deposit to be paid at the conclusion of the loan. This is the structure followed by truck loans, as well as other commercial assets purchased by a business through equipment finance.
You’ll own the vehicle as a company asset from the outset of your loan and can also take advantage of various tax benefits throughout your repayments, such as claiming the interest on your repayments, GST on the purchase and vehicle depreciation as deductions.
How can I save money on my car loan?
There are several ways to go about saving money on your car loan, which are important to consider before you take out your loan. Key pointers to follow include:
- Choose a shorter loan term. The longer your loan, the more you’re likely to pay in interest overall. As such, you should aim to repay it over as short a period as you’re comfortable. For instance, a $30,000 loan at 5% p.a. over five years would still cost almost $500 more than the same loan at 5.5% p.a. over four years.
- Make a deposit. If you have any savings to put towards the purchase, you can cut down on your loan size and the amount of interest you’d have to pay as a result. A $4,000 deposit on a $40,000, five-year loan at 5% p.a. would save you over $500 in interest alone.
- Work on your credit score. Lenders will almost always offer the best deals to borrowers with excellent credit scores, particularly those who have successfully repaid similar loans in the past. By lowering credit card limits and paying off any outstanding loan debts, you could improve your score before you apply and score a lower interest rate.
- Apply with RoadLoans. By placing your application in the hands of one of our trusted consultants, they can draw from our wide range of lenders to find a low rate to suit your needs. They may be able to find deals you wouldn’t have otherwise been able to on your own.