RateCity Says: Suitable for new and used cars, this secured variable rate car loan puts you behind the wheel faster with instant approval and quick access to funds.
From
5.75%
Variable
6.47%
0%
of loan amount up to 5%
$5k to $50k
based on $30,000 loan amount for 5 years at 6.47%
From
5.75%
Variable
6.47%
0%
of loan amount up to 5%
$5k to $50k
based on $30,000 loan amount for 5 years at 6.47%
Calculate your repayments for this loan
Your estimated repayment
$577
based on $30,000 loan amount for 5 years at 6.47%
Pros and Cons
Pros and Cons
- No application fees
- Can apply online
- Suitable for both new or used car
- Fast time to funding
- Approval is instant
- Service fee charged
- Requires security to be held
- Monthly repayments only
- Cannot apply in branch
Features and Fees
Symple Loans Features and Fees
- Details
- Features
- Fees
- Permitted Loan Purposes
- Application method
Details
Total repayments $34,590 | Interest rate type Variable |
Borrowing range $5k - $50k | Security type Secured |
Loan term 5 Years | Secured by |
Loan type Is Fully Drawn Advance | Repayment frequency Monthly |
Age of car |
Features
Extra repayments Yes | Redraw facility |
Instant approval | Time to funding 24 hours |
Fees
Upfront Fee 0% of loan amount up to 5% | Ongoing Fee $10 Monthly |
Missed Payment Penalty $35 | Early Exit Penalty Fee $0 |
Permitted Loan Purposes
New Car | Used Car |
Motorcycle | Boat |
Application method
Online | Phone |
Broker | In branch |
Other Benefits
No early repayment fee
Pros and Cons
- No application fees
- Can apply online
- Suitable for both new or used car
- Fast time to funding
- Approval is instant
- Service fee charged
- Requires security to be held
- Monthly repayments only
- Cannot apply in branch
Symple Loans Features and Fees
- Details
- Features
- Fees
- Permitted Loan Purposes
- Application method
Details
Total repayments $34,590 | Interest rate type Variable |
Borrowing range $5k - $50k | Security type Secured |
Loan term 5 Years | Secured by |
Loan type Is Fully Drawn Advance | Repayment frequency Monthly |
Age of car |
Features
Extra repayments Yes | Redraw facility |
Instant approval | Time to funding 24 hours |
Fees
Upfront Fee 0% of loan amount up to 5% | Ongoing Fee $10 Monthly |
Missed Payment Penalty $35 | Early Exit Penalty Fee $0 |
Permitted Loan Purposes
New Car | Used Car |
Motorcycle | Boat |
Application method
Online | Phone |
Broker | In branch |
Other Benefits
No early repayment fee
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FAQs
What is proof of income?
Before giving you a car loan, lenders will ask for proof of income – documentary evidence that you earn as much as you claim you earn. Lenders will typically want some combination of tax returns, pay slips and bank statements. The reason lenders want proof of income is because they want to be sure you have the means to repay the car loan.
Where can I find lenders who offer no credit check car loans?
You can find lenders who offer no credit check car loans through comparison sites like RateCity or by doing an online search.
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.
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.
What is CTP insurance?
CTP insurance, also known as compulsory third-party 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 CTP insurance will be used to pay any compensation due to anyone who might be injured or killed. However, CTP insurance doesn’t cover you for vehicle damage or theft.
What is an unsecured car loan?
An unsecured car loan is a loan that is not connected to a form of security, or collateral. Not all lenders provide unsecured car loans – and if they do, they generally charge higher interest rates for their unsecured car loans than their secured car loans.
What is a dealership?
A dealership is a car yard or a place where cars are sold.
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.
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 an establishment fee?
Some lenders will charge you an establishment fee, or one-off upfront fee, to cover the cost of setting up your car loan.
What is residual value?
The residual value of a car is how much it will be worth at the end of a lease period. Finance companies need to calculate a car’s residual value before they can know how much to charge during the lease period. For example, if a financier calculates that a $30,000 car will have a residual value of $16,000 at the end of a five-year lease, the financier will know that it must charge $14,000 to break even on the lease – and more to make a profit.
What is a commercial hire purchase?
A commercial hire purchase, or CHP, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. Once the final payment is made, you take ownership of the car.
What is collateral?
Collateral, or security, is an asset you agree to surrender to a lender if you fail to repay a loan. Generally, the collateral for a car loan is the car itself. So if you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.
What is an upfront fee?
An upfront fee is a one-off fee that many lenders charge when you take out a car loan.
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.
What is a pre-approval?
A pre-approval is a formal document that indicates how much a lender is willing to lend to a consumer – once that person has found the car they want to buy. A lender will assess a borrower’s credit history and financial circumstances before issuing a pre-approval. However, lenders are under no obligation to follow through on pre-approvals, so pre-approvals should be seen as statements of intent rather than rock-solid guarantees.
What is a green slip?
A green slip, also known as compulsory third-party insurance or CTP insurance, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your green slip will be used to pay any compensation due to anyone who might be injured or killed. However, a green slip doesn’t cover you for vehicle damage or theft.
What is a balloon payment?
Some lenders will offer borrowers reduced monthly repayments in return for a one-off lump sum – or balloon payment – that the borrower has to pay at the end of the loan. Generally, the total repayments on a loan with a balloon structure will be higher than a loan without.
What is a car loan calculator?
A car loan calculator is an online tool that helps consumers understand how much they would have to repay under different scenarios. Consumers can create these different scenarios by entering different borrowing amounts, interest rates, loan terms and repayment schedules into the car loan calculator.
What is a novated lease?
A novated lease is a car lease that is ‘novated’, or transferred from one party to another. Novated leases are often used when companies provide a car as part of a salary package. The employer signs for the lease and makes the lease payments, but the employee assumes the responsibility of looking after the car. While most car leases involve two parties, novated leases involve three – employer, employee and financier.
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.