Car Finance

How do I apply for a car loan?

To apply for a car loan, you will need to provide proof of identification, income, and savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. The quickest and easiest way to start your application is to use our online pre-approval form. 

Pre-approval will not affect your credit rating, so you can start an obligation-free enquiry to see if that new car you have your eye on fits your budget!

What types of car loans are there?

You can apply for a car loan for a new car or a used car purchase. The difference in the type of car finance you need comes down to the security or collateral you put up for the loan. There are both secured and unsecured car loans.

Secured Car Loans.

Most new car loans are secured loans. This means the finance provided to you by the lender is secured against the car you are buying. In effect, your vehicle protects the lender against you defaulting on your loan repayments. You will be required to provide the lender with details of the vehicle and your registration papers. The benefit of a secured car loan is that lenders will offer you a lower interest rate and better terms.

Unsecured Car Loans.

Unsecured car loans are the primary finance option provided for used cars. These loans are based on the lender’s confidence that you can and will repay the loan. As no asset is provided as security to the lender, the lender must decide whether to provide finance based on your credit history. Based on stricter eligibility requirements, unsecured loans will have a higher interest rate than secured loans. However, these loans offer the flexibility to buy new or used cars and can also cover the costs of rego, insurance and aftermarket upgrades. So you get the benefit of buying the vehicle you want when you know you can afford the repayments.

All Aussie Lifestyle Loans Car Loans include

• Low, competitive interest rates
• Easy repayments
• You choose where to buy – Private or Dealer
• Flexible loan periods
• Tax benefits for business loans.

Even if you have been rejected by other lenders, speak with one of our experienced car finance brokers to discuss your options.