Should I get a new or used car?

As with any large purchase, it's important to compare your options. You should choose a car based on the features you want, and then pick one in your budget. There are benefits and drawbacks to both new and used car purchases, for instance, used cars can be a bargain but can come with unknown mechanical problems, while new cars come with a factory warranty but depreciate quickly. Take a look at our used car buying guide here to get an idea of what might be in store.

How do I apply for a pre-approved car loan?

Apply online to see if you qualify for a pre-approved car loan. You can compare your options using the table on this page and click 'apply' once you've found the right loan for you. Keep information handy such as your income, employment details, other income, assets, liabilities and 100 points of ID. Applying has never been easier, with some lenders granting pre-approval within 60 seconds.

Are there any extra costs I should be worried about?

Stamp Duty. The government requires you to pay stamp duty on your car which will be a percentage of the purchase price. Compulsory Third Party Insurance . This is a legal requirement in Australia and covers anyone who may get hurt as a result of your driving. Ongoing costs. You'll have to pay for the ongoing upkeep of your next car including servicing, tolls, etc.

Where can I buy cars if I have pre-approval?

Pre-approved car loans are no different to other car loans. You can use one to purchase a car through a dealership, at private sales and at auction.

Who can actually get pre-approval?

Depending on who you bank with you may already have pre-approval. Compare the lenders above to find out. You'll have to be 18+ and a permanent resident or citizen, have a job and a regular income and be able to afford your loan repayments.