Buying a car is an exciting time, but it's important to evaluate your options.
A car loan is a specific type of personal loan that you can use to buy a new or used motor vehicle when your savings won’t cover the total cost upfront.
When you take out a car loan, you will need to make regular repayments over a fixed term towards the lump sum you borrowed (referred to as principal), as well as interest accrued. The interest rate will take effect from the time you take out the loan although there are more to car loans than interest rates.
Prime Loans can help you:
- Check how much you can borrow
- Guide you through your options
- Get the loan in less than 2 weeks
Car finance options for you
Get in touch to learn which loan is suitable to your needs.
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Frequently Asked Questions
You are eligible for a car loan if you:
- are 18 years or older
- are an Australian resident
- have a regular income be
- looking to borrow more than $5,000
Car loans are all structured as fixed rate loans.
That depends on the lender. Some lenders will allow you to include these in the loan amount.
Pre-approval means your loan is approved before you find the car you'd like to buy.
This means you will have a budget to work towards and can have a peace of mind knowing what you can borrow and afford.
Once you find the car you’d like to purchase, Prime Loans will arrange for the funds to be drawn and payment to be made.
PAYG Applicants will need:
- a copy of your drivers licence (front and back)
- your last 2 pay slips
- a recent rates notice (if you own property)
- a copy of the contract for sale for the car
Self Employed applicants will need:
- a copy of your drivers licence (front and back)
- a recent rates notice (if you own property)
For commercial applicants will need:
- a copy of your drivers licence (front and back)
- a recent rates notice (if you own property)
- recent financials (for the business and individual)
Your broker has access to a variety of different lenders. As such, they are not only able to find you the best deal, but a loan solution that meets your circumstances.
A broker works for you, not a car dealership or a particular lender leaving you with someone who is making sure you get the best loan unlike dealers who generally focus on clearing out their stock.
Yes, there are loans specific tailored to the self-employed.
You may also be able to claim part of the car’s costs, including loan interest, as a tax deduction.
For purchases less than $20,000, you can immediately claim the full value back as a tax deduction within the same year.
For purchases over $20,000, you can still claim a deduction over time using the general small business pool.
Yes, there are lenders who can assist you if you have a poor credit history.
Speak to Prime Loans for more information.
You could have your finance approved in as little as 2 days.
Sometimes, depending on the circumstances of the transaction, the loan approval process can take longer.
You do not need a deposit to take out a car loan, although it may increase your chances of getting the loan and reduce your repayments.
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Credit Representative 509436 is authorised under Australian Credit Licence 389328.
Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.
Lenders terms, conditions, fees and charges may apply.