Car Loans made simple.

Our process to get to loan settlement starts with a 5-minute online application to help us find the most suitable lender for your needs. If your application is approved, you can have your loan approved in as little as an hour. 

From there, we will organise your loan paperwork while you choose your car. Once you sign your paperwork, we will arrange your loan funds to be paid as quickly as possible so you can buy your car and start driving it.

This depends on the information you provide. If you can supply all the application information we need (current driver’s licence and details of your current employment and financial situation) and you are eligible, you can get a pre-approval in an hour.

A pre-approval lets you know how much you can borrow before you sign the loan paperwork. Getting a car loan pre-approval can save you both time and money.

Firstly, it lets you know how much you can afford to pay for your new car so that you don’t look at vehicles that are outside your price range.

Secondly, having a car loan pre-approval can give you the power to negotiate with sellers. Whether you’re negotiating with car dealers or private sellers, you’ll have the power to give them a firm offer that’s not subject to finance approval. It’s a ‘clean’ and quick sale for the seller because it won’t fall over due to your finance being rejected later.

A car loan pre-approval can also help save you money by helping you to avoid dealer-arranged finance. Dealer finance usually has terms and conditions that favour the dealer more than the buyer.

Our team of car loan specialists at National Loans work for car buyers, not lenders or car dealers.

A range of car loans are available including:

• Personal
• Unsecured
• Business (also known as a chattel mortgage)
• Tradie vehicles
• Classic cars
• green
• electric
• refinancing
• used car

A car loan is more specific than a personal loan. You can only use a car loan to buy a car. You can use a personal loan for a range of purposes including travel, wedding or home renovation costs.

And if you take out a secure car loan, you will get a lower interest rate than you will with a personal loan.

You can use our loan calculator as a guide for how much you could potentially borrow for your car loan.

If you want to increase your borrowing power, you could:

• Increase your loan term (for example, from five years to seven years).
• Arrange for a larger balloon payment at the end.
• Look for ways to increase the regular payment amount you can afford (for example, by reducing or eliminating any non-essential expenses in your weekly or monthly budget).

Besides the purchase price of your car, other upfront costs you should consider include government stamp duty, vehicle registration and insurance.

Some car dealers will include government stamp duty and registration as part of a new car’s purchase price. These vehicles are usually advertised as ‘including on-road costs’.

Other dealers will advertise a car’s price ‘plus on-road costs’. You should research what these costs are before you buy to make sure you apply for the right loan amount.

Vehicle registration and insurance will be ongoing costs for your new car. You can choose to pay these costs in a lump sum annually or by more regular repayments.

Your car loan interest will be an ongoing cost until you fully repay your loan. Your loan interest will reduce over time as you repay more of the amount you have  borrowed.

Fuel, tolls, and regular servicing and maintenance will also be ongoing costs for your new car.

Applyingfor a car loan with National Loans is easy. You can do it online in less than five minutes if you have some basic information handy to confirm your identity and your current employment and financial situation.

Or if you prefer, you can simply give us a call on 1300 358 358 and one of our car loan specialists will be happy to answer any questions you have or to help you with your online application.

You don’t even need to have chosen the car you want before you apply (but it’s fine if you have). If you’re just starting to look for a new car, we can arrange a loan pre-approval if you’re eligible so that you know your price range.

You can compare car loans on a range of different criteria.

Interest rates and lender fees.

When you compare interest rates, look for the comparison rate. This is the cost of interest plus any lender fees or charges.

Interest rates can also be fixed or variable. Fixed rates stay the same for the term of your loan. They give you repayment certainty. Variable rates can move up or down based on market interest rate movements. If they go up, so will your regular repayments. If they go down, so will your repayments.

Secured versus unsecured

Secured car loans have lower interest rates than unsecured loans. But your car can be repossessed by your lender on a secured loan if you don’t make your repayments. The lender’s security is registered on the Personal Property Securities Register until you have fully paid off your loan.

Flexibility

 Some car loans come with optional additional features such as the ability to make extra repayments or a redraw facility. A redraw facility allows you to redraw any extra payments you make if you need the money later.