Loans.com.au is an Australian online-only, non-bank lender. It provides car loans for vehicles bought privately, through a dealership or an auction, as well as home loans.
Founded in 2011, its parent company Firstmac is Australia’s largest non-bank lender and has been in the personal finance market for nearly 40 years.
Loans.com.au serves thousands of customers in every state and territory in Australia. While it has no physical branches, the lender operates a call centre from Brisbane.
loans.com.au car loan repayment calculator
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Pros and cons
- Option for balloon payment
- Discount for environmentally friendly cars
- Loans for new and used cars available
- Establishment fee charged
- No branches
- No variable rate loans
loans.com.au car loans rates
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$5k to $100k
$5k to $100k
$5k to $100k
$5k to $100k
Features of a Loans.com.au car loan
Loans.com.au provides secured car loans suitable for everyday car purchasers looking for new and used vehicles. All of the interest rates on Loans.com.au are fixed.
You can borrow between $5,000 and $100,000 and pay it off over a loan term of three, four or five years.
Loans.com.au charges a one-off establishment fee on its car loans but does not charge ongoing fees. Keep in mind you may be penalised if you pay off your loan early prior to the last 12 months of the loan term.
Borrowers can choose to reduce their regular repayments by paying a one-off lump sum at the end of the loan. This is known as a ‘balloon payment’.
This lender may personalise its car loan rates according to the car, vehicle age and model. But as it is an online-only lender, its rates tend to be low compared with the rest of the market.
Loans.com.au car loans – customer service
Customers can contact Loans.com.au by phone, online enquiry, live chat and email. Its phone line is in operation from 7am to 7pm (AEST) on weekdays. Live chat is available seven days a week between 7am and 1am.
Who is eligible for a Loans.com.au car loan?
- Must be over the age of 18.
- Must be a permanent resident of Australia.
- Vehicle must be no older than seven years.
- Vehicle must be purchased through a dealership.
- Self-employed borrowers generally need to have run their business for two years.
How to apply for a Loans.com.au car loan?
You can get an indicative quote from Loans.com.au and apply for a car loan with them through their website. Applications may be processed in as little as 24 hours.
- Go to the car loans section of Loans.com.au.
- Select your preferred loan term and indicative rate. Hit ‘Apply now’.
- Fill in and submit the application form.
- You can then book a phone appointment with a lending manager to review and lodge the application.
Loans.com.au car loans review
Loans.com.au provides borrowers a range of fixed rate car loans. Borrowers may not find Loans.com.au suitable if they require face-to-face customer service, as this lender has no branches and is online-only. This lender does not offer variable rate loans.
Customers can borrow between $5,000 and $100,000, on loan terms of three, four or five years.
Loans.com.au charges a one-off setup fee and no monthly fees. However, customers may be penalised if they end their loan early.
As Loans.com.au does not have large overheads, it is able to offer reasonable car loan interest rates, typically below the market average. The interest rate you can get at Loans.com.au may vary, according to the vehicle itself.
It is generally advised that borrowers compare interest rates, fees and features from different lenders before signing up for a car loan.
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Can I get a no credit check car loan?
You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.
Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.
That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.
Where can I find lenders who offer no credit check car loans?
One thing to bear in mind is that lenders who offer no credit check car loans are likely to charge higher interest rates and higher fees than on car loans that include a credit check. Also, lenders who no credit check car loans might expect you to pay a higher deposit. You might also be expected to provide security.
Lenders regard no credit check car loans as riskier than other car loans, which is why it’s a niche product that often features special conditions.
What is a guarantor on a car loan?
A guarantor on a car loan is a third party, usually a relative or friend, who guarantees to meet the repayments of a loan for the purchase of a car, if the borrower/owner of the car defaults on the loan.
Guarantor car loans can be useful for people who would otherwise struggle in being accepted for credit to purchase a vehicle. These may include people with bad credit, students and young people who may have no credit history, as well as some pensioners.
Many lenders offer guarantor car loans, guarantor personal loans and guarantor home loans, because of the significantly reduced risk to the lender.
Where can I get a student car loan?
Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.
A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.
Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.
To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.
Where can I find lenders who offer no credit check car loans?
You might be better off finding a specialist lender who will look at your credit history and income, who will decide whether or not you are able to responsibility pay back the loan. Alternatively, you could contact a car finance broker.
Who provides bad credit car loans?
Lenders that provide bad credit car loans tend to be smaller challenger lenders rather than the bigger banks.
Bad credit car loans are a niche product. The bigger banks tend to focus on mainstream car loan finance for borrowers with better credit histories. That’s why smaller lenders tend to be the ones that provide bad credit car loans.
Bad credit car loans can have high interest rates and fees, so it’s important to compare options before submitting an application.
Where can I get a guarantor car loan?
There are multiple lenders who are willing to provide loans secured by guarantors.
If someone is willing to go guarantor for you and they meet the requirements set out by lenders, you can apply for guarantor finance online, over the phone, or in person.
Some banks also provide guarantor car loans, though because they’re larger banks, they may have higher interest rates than smaller lenders.
You may want to compare guarantor car loans at RateCity, and find a guarantor car loan ideal for your purposes.
Can I get a car loan with bad credit?
Yes, you can get a car loan with bad credit, although you’ll probably find the process trickier and dearer than that experienced by people who have good credit histories.
You can find a number of lenders that specialise in bad credit car loans. However, make sure you compare bad credit car loans before you sign on the dotted line, because not all car loans are alike and having bad credit may mean you are more likely to be hit with higher fees and interest rates.
If you have bad credit, it’s important not to take out a car loan unless you can afford the repayments because a default could further damage your credit rating. Conversely, if you make all the repayments and repay the loan successfully, your credit rating might improve.
What is salary packaging?
Salary packaging is an arrangement you can make with your employer that can allow you to buy a car from your pre-tax salary. The advantage of salary packaging is that it will redue your taxable income.
What is trade-in value?
The trade-in value is the price you could realistically charge if you were to sell your car to a dealer while buying a replacement vehicle. Generally, a car’s trade-in value is less than its market value. That’s because the dealer has no interest in buying your car unless it can make a profit – which can only be done if the dealer has room to increase the price.
What is a refinance?
A refinance is when you swap one car loan with another. For example, you might take out a car loan with Lender X because it is the best on the market at the time – but two years later, you might switch to Lender Y because you discover that it now has the best loan. Conditions and fees often apply when you refinance.
What is a redraw facility?
A redraw facility allows you to re-borrow any funds you may have repaid ahead of schedule – although conditions and fees often apply. Not all car loans come with a redraw facility.
What is compulsory third-party insurance?
Compulsory third-party insurance, also known as CTP insurance or a green slip, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your compulsory third-party insurance will be used to pay any compensation due to anyone who might be injured or killed. However, compulsory third-party insurance doesn’t cover you for vehicle damage or theft.
What is a loan-to-value ratio?
The loan-to-value ratio, or LVR, is a percentage that expresses the amount of money owed on the car compared to the value of the car. For example, if you take out a $15,000 loan to buy a $20,000 car, you have a loan-to-value ratio of 75 per cent. Loan-to-value ratios change over time as you pay off your loan and your car depreciates in value. For example, two years later you might now owe $10,000 on your car, which might now be worth $15,000. In that case, although there would still be a $5,000 difference between the size of the outstanding loan and the value of the car, the loan-to-value ratio would now be 67 per cent.