Car loans Australian drivers can sort out before they shop
Get pre-approved before you visit the dealer or answer a private listing, so you know your budget, can negotiate with confidence and are not rushed into finance on the showroom floor.
- Pre-approval before you shop
- New, used or private sale
- Balloon options explained
Car loans in Australia: arrange finance before you shop
Car finance is often arranged in a hurry at the dealership, after you have already fallen for the car. That is when it is hardest to compare. Arranging pre-approval before you shop puts you back in control. You know your budget, you can focus on negotiating the price of the car, and you can walk away if the deal is not right. Our asset finance team, led by Himanshi, compares car loans from banks, credit unions and specialist lenders, for both new and used vehicles. We work with drivers right across Australia, by phone, email or Google Meet.
Most car loans are secured by the vehicle itself, which usually means a lower rate than an unsecured loan. Lenders may set limits on the age of a car they will accept as security, so older vehicles sometimes need an unsecured loan instead. Buying through a dealer is usually straightforward, while a private sale needs extra checks, such as confirming there is no money owing on the car through the Personal Property Securities Register and that the seller owns it. We guide you through what the lender needs in each case.
You may be offered a balloon payment, which is a lump sum due at the end of the loan. It lowers your regular repayments, but you will need to pay, refinance or sell the car to cover it, and you pay interest on that amount throughout the term. If your employer offers salary packaging, a novated lease may also be worth considering. Its tax outcomes depend on your situation, so check with your employer and accountant. Using the car for business? See our asset finance options.
Why arrange your car loan with us
Shop with pre-approval
Knowing your approved limit lets you negotiate on the drive-away price instead of the monthly repayment, which is where dealer finance can hide extra costs.
More than one lender
We compare car loans from a broad panel of lenders rather than the single finance provider a dealership may be partnered with.
Private sales supported
Found a car on a marketplace listing? We help with the checks and paperwork lenders need, so you can buy privately with finance in place.
Balloon payments made clear
We show your repayments with and without a balloon, and the total interest for each, so you can choose the structure that suits your budget.
Secured and unsecured choices
If the car is older or you prefer not to use it as security, we compare unsecured options and explain the rate difference clearly.
Fast turnaround
With documents ready, many car loan applications can move quickly. We handle the lender's questions and arrange settlement with the dealer or seller.
Who we help get on the road
Every situation is different. If yours isn't listed, ask us anyway. Chances are we've seen it before.
Check my optionsFrom pre-approval to picking up the keys
Set your budget
We discuss the type of car you want, your deposit or trade-in and the repayment you can comfortably afford, including running costs like insurance and registration.
Compare loan options
We compare secured and unsecured loans, fixed rates, fees, terms and balloon choices, then recommend the options that suit your budget and plans.
Get pre-approved
We lodge your application and secure pre-approval, so you can start shopping with a clear limit and negotiate on price with confidence.
Choose your car
Once you pick a car, send us the dealer invoice or private sale details. We complete the lender's checks, including vehicle and security details.
Settlement and delivery
The lender pays the dealer or seller directly, you sign the final documents and collect your car. We remain your contact for any future questions.
What to prepare for a car loan
Having these ready speeds everything up. Don't worry if something's missing; we'll tell you exactly what each lender needs.
Run the numbers first- Driver licence
- Two recent payslips
- Recent bank statements
- Details of any existing loans and credit cards
- Dealer invoice or private seller's details
- Vehicle details including VIN and registration
- Proof of comprehensive insurance before settlement
- Trade-in details if you are trading in a car
Car Loans: your questions answered
Should I get car loan pre-approval before visiting a dealer?
Yes, in most cases. Pre-approval tells you how much you can borrow and roughly what your repayments will be, so you can focus on negotiating the price of the car. It also gives you something to compare against if the dealer offers finance. Pre-approval is usually valid for a limited time, so it is best arranged when you are ready to start shopping seriously.
Can I get a car loan for a private sale?
Yes. Many lenders finance private sales, but they need extra information, such as the seller's details, proof of ownership and confirmation that there is no finance owing on the vehicle. A search of the Personal Property Securities Register helps confirm this. Some lenders also want a vehicle inspection or valuation. We walk you through the requirements and arrange for the lender to pay the seller directly.
What is a balloon payment on a car loan?
A balloon payment, sometimes called a residual, is a lump sum left owing at the end of the loan. It reduces your regular repayments but increases the total interest you pay, because a larger balance remains outstanding for longer. When the loan ends, you need to pay the balloon, refinance it or sell the car. We show the repayments and total cost with and without a balloon.
Is a secured or unsecured car loan better?
A secured car loan uses the car as security, which usually gives you a lower rate and lower repayments. The trade-off is that the lender can repossess the car if you default. An unsecured loan does not use the car as security, but it generally costs more. Unsecured loans can suit older cars that lenders will not accept as security, or buyers who want more flexibility.
What is a novated lease?
A novated lease is an arrangement between you, your employer and a finance provider, where your employer makes the lease payments from your salary, often including running costs. Part of the cost may come from your pre-tax income, which can reduce your taxable income, but fringe benefits tax rules and the residual value also matter. Whether it suits you depends on your circumstances, so talk to your employer and accountant.
Does dealer finance cost more than a broker car loan?
Not always, but it can. Dealer finance is convenient, yet the dealership may only work with one or two lenders, and fees or add-on products can be bundled into the loan. Comparing the total amount payable, not just the weekly repayment, is the best way to judge. With pre-approval from us, you can compare the dealer's offer against other lenders and choose the better deal.
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ExploreReady to start car shopping?
Get pre-approved first so you can negotiate the price with confidence and drive away sooner.