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Pre-approved financing gives you better negotiating power, meaning that you are able to get the vehicle you want for potentially less. The online application process usually takes just a few minutes, and you get to learn about the approval in a matter minutes, making the process of buying a car much simpler.
Paying cash upfront for your car purchase is pretty rare. Most people are forced to finance, which leaves them exposed to high interest rates, fees and sometimes the wrong option to finance their car based on their current financial situation. One way to get around those pitfalls and potentially get a better deal is to opt for online car loan approval, where you get can approved for a loan before you set foot in the dealership.
Online car loan approval is pretty simple, as you just have to fill in an online application that lets you know how much you can borrow based on your income and other factors. Once you are approved, you can then download the paperwork and walk into a dealership to get your new car. There will be no surprises since you will have already known how much you can borrow and will have already shopped around for the best possible deal for you in advance.
You'll need to know how much you can borrow, what your repayments will be and have your finances prepared so you can negotiate a better deal.
Generally your pre-approval will last up to 30 days, but if you need to renew your pre-approval, you can do so through your bank for another 30 days.
When choosing a car, make sure you tick off the following:
| Response | WA | VIC | SA | QLD | NSW |
|---|---|---|---|---|---|
| No | 66.1% | 64.85% | 66.67% | 72.29% | 67.52% |
| I have never applied for a car loan | 27.12% | 31.06% | 29.33% | 25.11% | 24.22% |
| Yes | 6.78% | 4.1% | 4% | 2.6% | 8.26% |
The important thing to remember when you are pre-approved for a car loan is that the amount you qualify for does not include the fees and taxes you will have to pay. For instance, if you have been approved for a car loan of $25,000, remember to search for a car that costs a few thousand less to cater for additional loan expenses. Also keep in mind that a lender can sometimes beat the rate you initially get online, so be sure to negotiate further other than just stick to what you get.
Use our car loan calculator to crunch the numbers
With online car loan approval, you will not have to worry about tedious handwritten application forms to fill out or waiting for weeks to hear from a lender. The application process is easy, as all you need to do is compare the various online lenders on our finder.com.au page and click on a loan you like. This will redirect you to the lender’s website where you can fill out a simple online application form and get to find out if you are approved for financing instantly. Compare different car finance options from our featured online lenders today and find a deal that suits you.
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