As part of the Carsales network, Stratton Finance is a broker and can help you find secured car loans, personal loans (or unsecured car loans), caravan loans, boat loans and loans for commercial equipment. Founded in 1998, the broker connects Australians to a range of financial institutions, including large and smaller lenders.
Although Stratton Finance’s head office is in inner Melbourne, the broker has customers throughout Australia, with customer support offered over the phone, online and through the post.
The broker has car loans for personal and business customers.
Stratton car loan repayment calculator
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Pros and cons
- Can apply online
- Balloon payment available
- Secured and unsecured car loans available
- Establishment fee charged
- Monthly fee charged
- Cannot apply in branch
Stratton car loans rates
Features of a Stratton Finance car loan
Stratton Finance can help you find secured and unsecured car loans suitable for buyers looking for new and used vehicles. This broker may not suit borrowers who dislike a predominantly online customer service experience and prefer face-to-face customer service.
You can borrow from $5,000 up to the full value of the car you are buying and pay it off over a maximum loan term of seven years.
Stratton Finance charges a one-off establishment fee on its car loans, as well as a monthly fee. But you may be able to pay off your loan early without being penalised, depending on the lender you are connected with. 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’.
Stratton Finance car loans – customer service
Customers can contact Stratton Finance by phone, online enquiry, live chat, email or post. Its phone line is in operation from 8.30am to 5.30pm (AEST) on weekdays.
Who is eligible for a Stratton Finance car loan?
- Must be over the age of 18
- Must be a permanent resident of Australia
- There may be other minimum requirements, depending on the lender
How to apply for a Stratton Finance car loan?
You can get an indicative quote from Stratton Finance and apply for a car loan with them through their website. Applications may be processed in as little as 24 hours.
- On the Stratton Finance website, select ‘Get a quote’.
- Select your loan amount, loan term, whether you want to buy a new or used vehicle for private or business use.
- Review your estimated quote and repayments.
- Submit an application.
- Speak with a Stratton Finance consultant.
Stratton Finance car loans review
Stratton Finance provides borrowers a range of car loans with different lenders. Customers can borrow upwards of $5,000, with a maximum term of seven years.
The broker may several fees, including an establishment fee and monthly fees. You may also be charged with other fees depending on the lender they find you.
Borrowers may find Stratton Finance appealing if they prefer to have a broker on their side for expert advice and to compare loan options. This may help a borrower save time and effort.
The interest rate you can get at Stratton Finance may vary and will depend on the lender and the customer’s financial situation. This means those with better credit histories may be eligible for a better interest rate, while borrowers with poorer credit histories may face a higher interest rate.
But its rates are relatively competitive on the market, especially if you have a strong application.
If you’re looking for the best car loan for you, it’s worthwhile to compare interest rates and features from several different lenders.
Learn more about Stratton
What is dealer finance?
Dealer finance is a car loan organised through a car dealer – as opposed to car loans organised by a finance broker or directly by the lender.
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?
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.
How do you get a car loan?
There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.
Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.
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 car finance on a pension?
Yes, as long as you meet basic criteria set out by lenders you are eligible for car finance. Your interest rate will be determined based on your financial history which can be found in your credit report, your income and any property you may own.
Comparing car loans for pensioners before you settle on one is important though, if you want to secure the best possible loan for your circumstances.
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.
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.
What are the pros and cons of guarantor car loans?
Like all things, there are positives and negatives to guarantor car loans, though one may outweigh the other depending on your needs.
Guarantor car loan pros may include that you’re more likely to be approved for a long if you have no credit or a history with bad credit, that you’re more likely to secure a car loan with a lower interest rate, and that because your guarantor car loan is based on a relationship, you will be more inclined to meet your repayment schedule.
However, there are negatives, as well. Guarantor car loan cons may include leaving a detrimental mark on a personal relationship with added strain if you don’t meet your repayments, and you may take out a loan that you can’t actually afford.
Weighing these pros and cons will give you a greater understanding of whether a guarantor loan is ideal for your circumstances.
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.
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.
How to find a great car loan
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 and selecting the most suitable product for you.
Can I get a car loan with poor credit?
Poor credit doesn’t necessarily mean you won’t be able to get finance for your car purchase, though your options aren’t likely to be the same as someone with good credit.
In fact, a number of specialist lenders exist offering car finance for customers with poor credit, able to provide access to bad credit car loans.
However having a history of poor credit will likely mark you as a potential risk to lenders, so your car financing needs could see higher fees and interest rates. Alternatively, consider a secured car loan, which is a type of loan that uses the car you purchase as collateral, reducing the risk.
Other options include getting someone close to act as a guarantor for your car loan, or to talk to a broker about a personalised rate specific to your circumstances.
Where can I find car loans for single mothers?
Single mothers can sometimes find that due to their circumstances the bigger banks can be less inclined to lend to them, but there are smaller companies and specialist lenders who can be willing to provide loans to people in a range of circumstances.
Single mothers could benefit from getting in touch with a car finance broker, as a broker is likely to have knowledge and access to options that are suited to their needs.
Advantages to using a broker:
- Finance brokers often don’t charge for their services as they work on a commission basis from lenders.
- Brokers will have industry knowledge and contacts within lending companies and is therefore more likely to be able to find the best deal for your circumstances.
- Brokers are qualified professionals who are licensed under the National Consumer Credit Protection Act so have an obligation to follow responsible lending practices and to work in your best interests.