loans.com.au Car Loans
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
Total interest paid
Total amount to pay
loans.com.au car loans rates
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Car Loan (New)
$5k to $100k
Green Car Loan
$5k to $100k
Used Car Loan (up to 4 years)
$5k to $100k
Used Car Loan (over 5 years)
$5k to $100k
- 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
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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Your credit history is a record of the dealings you’ve had with credit providers such as banks, credit card companies, mobile phone companies and internet companies. Your credit history records how successfully you’ve managed your repayments. It also records how many credit applications you’ve made and how many of those were rejected.
Credit providers refer to your credit history when deciding whether or not to extend you credit. Missing repayments is a bad sign; making too many applications or having applications rejected can also be a bad sign.
Credit infringements can remain on your credit history for five years – or seven years for serious infringements.
It’s up to individual car dealers to decide whether to promise to hold on to cars in exchange for deposits.
Some car dealers will request a deposit and promise, in return, to hold on to the car for a certain period of time. Others will request a deposit but make no guarantees, other than to return the deposit if they end up selling the car to someone else.
Some car dealers ask for deposits; others don’t. If you get asked for a deposit and you decide to pay it, make sure the dealer gives you signed paperwork before you make the payment and a receipt after you’ve made the payment.
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.
Historically, finding a great car loan would require excess research ranging from visiting an excess of websites or making phone calls, but technology has moved on. Using RateCity, Australia’s leading financial comparison service, you can check out great deals from a range of lenders on the one site.
To start, select the amount you want to borrow and the length of the loan, narrowing your search to show just fixed or variable interest rate results.
Once you’ve indicated your search criteria, you’ll see an immediate list of lenders, ranked by interest rate or application fees. You’ll also be able to view the monthly repayment amount for each result, helping you to know what you can afford.
Up to six products can be compared side-by-side, complete with more information about each car loan, giving you more information about your options.
When comparing your car loan options, it’s ideal to keep in mind some points find a great car loan for your needs. Consider the following:
- Choosing a low interest car loan can reduce costs
- Selecting an option with low fees and charges is ideal, because these can really add up
- Be aware of penalties, such as early exit penalties if you pay off the loan sooner than expected
- Consider the features that best suit your situation
There are many ways to ensure that you get a great car loan. Ultimately, you’ll end up with the best deal by doing your research a