Compare Online car loan approval

Compare Online car loan approval - Data last updated on 23 Jun 2018

Compare Online car loan approval

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New Vehicle Fast Loan Low Rate
Advertised Rate
5.99%
fixed
Comparison Rate
6.53%
Monthly Repayment
$580
Upfront Fee
$380
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New Car Loan - RACV Silver Members
Advertised Rate
5.39%
fixed
Comparison Rate
5.93%
Monthly Repayment
$572
Upfront Fee
$380
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Car Loan
Advertised Rate
5.44%
fixed
Comparison Rate
5.99%
Monthly Repayment
$572
Upfront Fee
$400
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New Car Loan
Advertised Rate
5.99%
fixed
Comparison Rate
6.53%
Monthly Repayment
$580
Upfront Fee
$380
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Advantage Car Loan
Advertised Rate
From
5.49%
fixed
Comparison Rate
6.75%
Monthly Repayment
$573
Upfront Fee
$407
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Secured Car Loan
Advertised Rate
6.99%
fixed
Comparison Rate
7.76%
Monthly Repayment
$594
Upfront Fee
$299
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Low Rate Car Loan (New and Used Car < 5 Years)
Advertised Rate
6.99%
variable
Comparison Rate
7.91%
Monthly Repayment
$594
Upfront Fee
$250
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Used Vehicle Fast Loan Low Rate
Advertised Rate
7.49%
fixed
Comparison Rate
8.04%
Monthly Repayment
$601
Upfront Fee
$380
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Compare
Used Car Loan
Advertised Rate
7.49%
fixed
Comparison Rate
8.04%
Monthly Repayment
$601
Upfront Fee
$380
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Compare
Motor Loan
Advertised Rate
From
6.99%
fixed
Comparison Rate
8.10%
Monthly Repayment
$594
Upfront Fee
$295
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Secured Personal Loan (Car < 2 Years)
Advertised Rate
7.99%
variable
Comparison Rate
8.96%
Monthly Repayment
$608
Upfront Fee
$200
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Unsecured Personal Loan - Diamond (Excellent Credit)
Advertised Rate
8.50%
fixed
Comparison Rate
9.36%
Monthly Repayment
$615
Upfront Fee
$595
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Car LoanSpecialReceive a $200 fuel voucher with a Westpac Car Loan for new or used car. Offer ends 28 June 2018.
Advertised Rate
8.49%
fixed
Comparison Rate
9.67%
Monthly Repayment
$615
Upfront Fee
$250
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Personal Loan Fixed Rate
Advertised Rate
From
9.50%
fixed
Comparison Rate
10.06%
Monthly Repayment
$630
Upfront Fee
$150
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Unsecured Car Loan
Advertised Rate
9.95%
variable
Comparison Rate
10.09%
Monthly Repayment
$637
Upfront Fee
$100
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Compare
Secured Personal Loan (Car 2-7 Years)
Advertised Rate
9.49%
variable
Comparison Rate
10.45%
Monthly Repayment
$630
Upfront Fee
$200
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Unsecured Personal Loan
Advertised Rate
11.99%
fixed
Comparison Rate
12.80%
Monthly Repayment
$667
Upfront Fee
$195
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Unsecured Personal Loan
Advertised Rate
12.99%
variable
Comparison Rate
13.95%
Monthly Repayment
$682
Upfront Fee
$200
Expand for more details
Compare

Online car loan approval

Buying a car is one of the larger purchases you are likely to make, and it's not always easy to get the finance together that you need. There aren't many of us who have several thousand dollars lying around just ready to go and buy a new or second-hand vehicle. You might have a family and be paying a mortgage or rent, not to mention your regular household bills. If you're relatively young and starting out in the world of work, you may not have much, if anything, in the way of personal savings. 

So how are you going to get that car you need? By exploring online car loan approval before you even set foot in a car dealership.

How does online car loan approval work?

If you haven't got cash upfront to pay for a car, you will be part of very large majority, and you'll need an alternative way to finance your purchase. When you walk into a dealership with nothing in place financially, you could be walking into a situation where you will be offered finance that is not necessarily the best deal available.

Instead of possibly being exposed to high interest rates coupled with fees, you may be able to get a much more favourable deal by opting for online car loan approval. You fill in an online application that will determine the amount you can borrow. This is based on your income and will also factor in any debts you have, so be as certain as possible that you will be able to afford the monthly repayment amount without defaulting. If your credit history and income is favourable, you could get pre-approval for a loan, perhaps with a very good interest rate, before you head for the showroom.

Why do people use online car loan approval?

It's a very straightforward way of finding out how much money you could borrow to go towards your car purchase. You may have some savings or a car to trade in as a deposit – you're likely to have to find a deposit for most purchases anyway – but people use this method so they can accurately assess what type of car they can afford.

What are the main features?

These are personal loans, and you may or may not be asked for security, depending on how much the loan is for. The advantage of doing the online work beforehand is that not only do you know what your borrowing limit is, but you will also know what your monthly repayments will be and over what period of time. This allows you to be in a stronger negotiating position with the dealership because you will be able to pay for the car without involving their finance.  This presents the potential to save you money by getting a better deal, because you are to all intents and purposes a cash buyer.

What are the pros and cons of online car loan approval?

The positive aspect of online car loan approval is that you know in advance what your purchase limit is, and that when approved, the loan is effectively guaranteed. As with any personal loan, you must be sure you can pay it back on time with regular payments, or you could be in a position where the car is repossessed and you have nothing to show for the money you have paid out.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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