We currently don't have that product, but here are others to consider:
How we picked these
Finder Score for car loans
To make comparing car loans even easier we came up with the Finder Score. Interest rates, fees and features across 200+ car loan products and 100+ lenders are all weighted and scaled to produce a score out of 10. The higher the score, the more competitive the product.
Getting pre-approved for a car loan means the lender looks at your finances and gives you a conditional loan amount, so you know your budget before shopping.
Pre-approval doesn't guarantee final approval - the lender will check the car details and your financial situation again before confirming the loan.
Pre-approval usually lasts up to three months, so make sure to buy your car within that time or you might need to apply again.
What is conditional approval?
Most car buyers find the right car first then apply for a car loan. But with pre-approval you can do it the other way round. You submit an application and the lender offers you a conditionally approved loan. Then you look for a car.
It's not the same as a full approval (you might get knocked back when you actually apply) but pre-approval gives you a decent idea of how much you can borrow and what it will cost you. That way you can shop for a car with more confidence.
The ins and outs of pre-approved car finance
When you apply for pre-approval, the lender will determine how much you can afford to borrow based on your income, expenses, the amount you wish to borrow and the type of car you're looking to buy.
Why pre-approval is useful
Buyer confidence. Pre-approved car loans give buyers confidence that they have a good chance of getting finance for their chosen car.
Understanding of your financial situation. The lender has already assessed your financials and has confirmed that you can afford the loan and therefore the car purchase, before you go out and buy it.
Bargaining power. Pre-approval can give you the upper hand when negotiating your price at the car dealership. You know how much you can spend, so you can make an offer there and then.
Drawbacks of car loan pre-approval
Shorter periods of time. Conditional approval on some loans is only available for short periods of time (typically up to 3 months). After that you'll need to apply for pre-approval again or apply for a loan.
Limited choice. Not every car lender offers pre-approval.
How to get pre-approved for a car loan
Ensure you have all your documents and pay slips ready.
Compare a range of loans that you can apply for.
Contact your bank or financial provider you wish to apply with.
Get pre-approved by the lender.
Shop around for your car.
Note that not every lender offers pre-approval for a car loan. Some lenders simply require an application once you're ready to buy a car.
Research your car. The make. The model. The year. The colour. You'll also need to take into consideration the fuel consumption.
Check your financial standing. Car loans are an extensive financial commitment. Ensure that you have the required funds and/or pre-approval.
Test-drive your car. Taking the car for a test-drive will let you find out if there is any issues with it.
Shop around. Go to a few dealers or multiple private sellers. Don't buy the first car you see.
Frequently asked questions about pre-approved car loans
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.
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.
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.
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.
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.
Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University.
See full bio
Richard's expertise
Richard
has written
707
Finder guides across topics including:
I hold a provisional resident visa (subclass 309) pending my permanent residency which is sooner. I have lived in Sydney for 1 year and 7 months. There is no restriction on my visa, and I have been working as a part time permanent for a year plus now. Am I eligible for Car Loan from any Bank?
Finder
RenchJuly 27, 2017Finder
Hi Dennis,
Thank you for your inquiry.
Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
Here are some steps for you to get a pre -approved Car Loan:
-Get a copy of your credit score
-Ensure you have all your documents and pay slips
-Compare a range of loans that you can apply for
-Contact your bank or financial provider you wish to apply with
Shop around for your next car
Before applying for any loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant PDS/ T&Cs of the loan option before making a decision and consider whether the product or option is right for you.
Please contact your preferred lender to inquire. You may click the ‘Go to Site’ button to submit an online application.
Best regards,
Rench
SharonJuly 16, 2016
I have been pre approved for a car loan and went and found a car I liked today, and my bank said to make sure it was subject to finance which I did , do I let my bank know all the cars details and dealer details or does the dealer do that on my behalf
Finder
ElizabethJuly 18, 2016Finder
Hi Sharon,
You’ll need to advise the dealer that you’ve got a pre-approved car loan, but then you’ll need to give the details of the vehicle to the bank yourself. Following this the bank will pay the money to the dealership on your behalf.
I hope this helps,
Elizabeth
richardJanuary 20, 2016
sir I have a 2011 buick lacrosse that I want to trade in for a 2016acura rdx so how does a pre approval work in this case . I owe approx. 8000$ on it
Finder
ElizabethJanuary 21, 2016Finder
Hi Richard,
Pre-approval works depending on the lender you apply with, but this will be considered a refinancing loan. You can compare lenders using the table above and once you’ve found a lender you want to enquire with you can click through to its website. You can then find out the process and if the car is eligible for refinancing. You may also want to consider the services of a car loan broker which you can do on the table above.
I hope this has helped.
Thanks,
Elizabeth
KarinaJuly 12, 2014
Can you get a loan while being unemployed? Do car loaning places accept your application if your partner or parent is willing to pay your car loan until you get a job?
Finder
ShirleyJuly 14, 2014Finder
Hi Karina,
Thanks for your question.
When considering your application, most lenders will need to see proof of income before accepting your loan. Some lenders will allow a guarantor, but it’s best to do some research and speak to relevant the lenders before you apply to discuss your eligibility.
Want to buy a classic car but don't have the ready money? There are still financing options available for classic vehicles. Find out what loans you have to choose one and which one will work best for you.
Find out how to take advantage of competitive rates, no monthly fees and an easy application all while getting the finance you need with IMB loan options.
People’s Choice offers competitive loans with pre-approval, rate discounts and other features to help put you behind the wheel of a new or used vehicle.
If you've come to the end of your novated lease and you are left with a balloon payment, you might be wondering whether to refinance that into a personal loan or take on another novated lease.
BankSA offers a range of loans for your next car. If you're looking to finance a new or used car you can consider a secured or unsecured personal loan from BankSA, both with competitive rates. Compare and apply today.
If you're in the market for a range of loans, Gateway Bank might have an offering worth considering. You can use your car as security and get a lower rate with both new and used vehicles, so compare and apply today.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
I hold a provisional resident visa (subclass 309) pending my permanent residency which is sooner. I have lived in Sydney for 1 year and 7 months. There is no restriction on my visa, and I have been working as a part time permanent for a year plus now. Am I eligible for Car Loan from any Bank?
Hi Dennis,
Thank you for your inquiry.
Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
Here are some steps for you to get a pre -approved Car Loan:
-Get a copy of your credit score
-Ensure you have all your documents and pay slips
-Compare a range of loans that you can apply for
-Contact your bank or financial provider you wish to apply with
Shop around for your next car
Before applying for any loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant PDS/ T&Cs of the loan option before making a decision and consider whether the product or option is right for you.
Please contact your preferred lender to inquire. You may click the ‘Go to Site’ button to submit an online application.
Best regards,
Rench
I have been pre approved for a car loan and went and found a car I liked today, and my bank said to make sure it was subject to finance which I did , do I let my bank know all the cars details and dealer details or does the dealer do that on my behalf
Hi Sharon,
You’ll need to advise the dealer that you’ve got a pre-approved car loan, but then you’ll need to give the details of the vehicle to the bank yourself. Following this the bank will pay the money to the dealership on your behalf.
I hope this helps,
Elizabeth
sir I have a 2011 buick lacrosse that I want to trade in for a 2016acura rdx so how does a pre approval work in this case . I owe approx. 8000$ on it
Hi Richard,
Pre-approval works depending on the lender you apply with, but this will be considered a refinancing loan. You can compare lenders using the table above and once you’ve found a lender you want to enquire with you can click through to its website. You can then find out the process and if the car is eligible for refinancing. You may also want to consider the services of a car loan broker which you can do on the table above.
I hope this has helped.
Thanks,
Elizabeth
Can you get a loan while being unemployed? Do car loaning places accept your application if your partner or parent is willing to pay your car loan until you get a job?
Hi Karina,
Thanks for your question.
When considering your application, most lenders will need to see proof of income before accepting your loan. Some lenders will allow a guarantor, but it’s best to do some research and speak to relevant the lenders before you apply to discuss your eligibility.
Cheers,
Shirley