Quick car loans

Quick car loans with fast approvals

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Product	Finder Score	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
Promoted Finder Score 9.5 Excellent IMB New Car Loan Fixed1 - 7 Years $2,000 - $125,000	Finder Score 9.5 Excellent	Interest Rate (p.a.) 5.99%	Comp. Rate (p.a.) 6.34%	Application Fee $274.78	Monthly Fee $0	Monthly Repayment $616.71	Borrow up to $125,000, pay no account-keeping fees and repay with fixed repayments while having the ability to repay early.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder Score 9.3 Excellent OurMoneyMarket New Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Finder Score 9.3 Excellent	Interest Rate (p.a.) 6.28% to 18.99%	Comp. Rate (p.a.) 6.28% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $610.98	Applicants with an Equifax credit score of 500 or above and an annual income of more than $25k are eligible. No ongoing or early exit fees. Loan amounts range from $5,000 to $100,000.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder Score 9 Excellent Stratton Finance New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Finder Score 9 Excellent	Interest Rate (p.a.) 5.9% to 18%	Comp. Rate (p.a.) 6.33% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $619.53	Your own personal car loan broker can help you borrow up to $300,000 for your new car by choosing from a range of finance options.	Go to siteMore info Compare product selection Compare	loading
Finder Score 8.3 Great loans.com.au - New/Demo - Variable Rate Variable3 - 7 Years $5,000 - $150,000	Finder Score 8.3 Great	Interest Rate (p.a.) 5.99% to 7.14%	Comp. Rate (p.a.) 7.12% to 8.27%	Application Fee $400	Monthly Fee $8	Monthly Repayment $628.52	Borrow up to $150,000 with rate discounts for electric and hybrid vehicles, flexible terms, early repayment options, and a 3-month pre-approval period.	Go to siteMore info Compare product selection Compare	loading
Finder Score 9.4 Excellent Great Southern Bank Fixed Rate Car Loan Fixed1 - 7 Years $5,000 - $100,000	Finder Score 9.4 Excellent	Interest Rate (p.a.) 6.29% to 12.99%	Comp. Rate (p.a.) 6.43% to 13.14%	Application Fee $100	Monthly Fee $0	Monthly Repayment $614.13	A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.	Go to siteMore info Compare product selection Compare	loading
Finder Score 8.5 Great RACV New Car Loans Fixed1 - 7 Years $5,000 - $150,000	Finder Score 8.5 Great	Interest Rate (p.a.) 6.59% to 17.69%	Comp. Rate (p.a.) 7.29% to 18.47%	Application Fee $499	Monthly Fee $0	Monthly Repayment $629.11	Go to siteMore info Compare product selection Compare	loading
Finder Score 9.3 Excellent OurMoneyMarket Used Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Finder Score 9.3 Excellent	Interest Rate (p.a.) 6.28% to 18.99%	Comp. Rate (p.a.) 6.28% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $610.98	Applicants with an Equifax credit score of 500 or above and an annual income of more than $25k are eligible. No ongoing or early exit fees. Loan amounts range from $5,000 to $100,000.	Go to siteMore info Compare product selection Compare	loading
Finder Score 8.8 Great Stratton Finance Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Finder Score 8.8 Great	Interest Rate (p.a.) 6.59% to 18%	Comp. Rate (p.a.) 7.91% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.92	Applicants with an Equifax credit score of 500 or above and an annual income of more than $25k are eligible. No ongoing or early exit fees. Loan amounts range from $5,000 to $100,000.	Go to siteMore info Compare product selection Compare	loading
Finder Score 8.1 Great loans.com.au - Variable Rate Used Car < 5 years Variable3 - 7 Years $5,000 - $150,000	Finder Score 8.1 Great	Interest Rate (p.a.) 6.89%	Comp. Rate (p.a.) 8.02%	Application Fee $400	Monthly Fee $8	Monthly Repayment $636.87	Go to siteMore info Compare product selection Compare	loading
Finder Score 8.2 Great RACV Used Car Loans Fixed1 - 7 Years $5,000 - $150,000	Finder Score 8.2 Great	Interest Rate (p.a.) 7.89% to 17.69%	Comp. Rate (p.a.) 8.6% to 18.47%	Application Fee $499	Monthly Fee $0	Monthly Repayment $641.32	Go to siteMore info Compare product selection Compare	loading
Finder Score 9.3 Excellent OurMoneyMarket Secured Personal Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Finder Score 9.3 Excellent	Interest Rate (p.a.) 6.28% to 18.99%	Comp. Rate (p.a.) 6.28% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $610.98	Go to siteMore info Compare product selection Compare	loading

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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.

Read the full Finder Score methodology

How do quick car loans work?

If you're buying a car and you're on a tight deadline, you dont have time to go to the bank and wait 2 weeks for a loan approval. Quick, online car loans use digital technology to process your application fast and get funds to you when you need them most.

A quick car loan doesn't mean it's less reliable. Many big brands offer quick car loans nowadays as technology has improved.

How quick is a “quick car loan"?

Lender	Car loan	Response time	Pre-approval?
AutoCarLoans	AutoCarLoans Car Loan	Varies
BankSA	BankSA Fixed Rate Car Loan	60 seconds
Bendigo Bank	Bendigo Bank Secured Car Loan	48 hours
Beyond Bank	Beyond Bank Low Rate Car Loan "Special Offer"	3-7 business days
CommBank	CommBank Secured Car Loan	60 seconds
Gateway Bank	Gateway Bank Car Loan	Unspecified
IMB	IMB New Car Loan	1 business day
loans.com.au	loans.com.au New Car Loan	1 business day
NAB	NAB Car Loan Variable Rate	Same-day*
NRMA	NRMA Car Loan	5 business hours
RACQ	RACQ Car Loan	Unspecified
RACV	RACV Car Loan	Within 24 hours
St.George	St.George Secured Personal Loan	60 seconds
Westpac	Westpac Car Loan	Within 24 hours

*You need to be an existing customer and apply in-store

A quicker car loan approval starts with the borrower

Some lenders have set up their entire car loan application process to be as quick as possible. And some haven't. But ultimately a well-organised borrower with an Excellent credit score will have an easier time getting a quick car loan approval.

Improve your chances of a fast car loan approval by:

• Improving your credit score.
• Getting all your financial, car and ID details together.
• Comparing car loans and making sure that you're applying for a suitable loan you'll actually get approved for.
• Not trying to borrow more than you can comfortably repay.

Our expert says

"It's all very well and good searching for a quick car loan, but you should also make sure you're not paying too much for the convenience.

Take your time to compare loan options ahead of time, so that even if you're in a rush you know what the best option is for you.

If you really need finance as soon as possible, maybe because you're standing in front of the car you want, be sure to look at these things to avoid expensive surprises:

• The minimum interest rate
• Any upfront or ongoing fees
• Whether the loan comes with a balloon payment
• If you're securing the vehicle against the loan"

Rebecca Pike

Senior Money Writer

Want a quick car loan? Try pre-approval

Some car lenders offer pre-approval or conditional approval before you actually apply for a loan.

With pre-approval you basically submit all the same information as with a full application. The lender will then give you "conditional" approval for a maximum loan amount.

While pre-approval is not a guarantee you'll get the loan approved, it gives you a good idea of how much you can probably borrow. It makes the actual application easier and faster because the lender already has most of your details.

What types of cars can I purchase with a quick car loan?

You can use a quick car loan for a range of cars:

• New cars and newer used cars. Lenders will generally offer you a secured car loan for new and newer used cars. These car loans typically have lower interests rates as the loan is secured by the value of your vehicle.
• Older used cars. For a car more than 10 years old or worth less than $10,000, you may need to opt for an unsecured car loan or standard personal loan. As the loan is unsecured there will be a higher interest rate charged.
• Vintage cars. Older cars that have value due to being considered vintage may be eligible for a secured car loan, or secured line of credit, which will come with a lower interest rate.
• Work vehicles. If the car is purchased primarily for business purposes you may be able to use a chattel mortgage. It works in a similar way to a home mortgage, where the lender has a mortgage for your vehicle and you make monthly payments towards it. Once it is fully paid you own the car outright.

How can I compare my options?

Quick car loans have the standard range of features that most personal finance products come with. However, not all lenders offer all features, so consider which ones are important to you or will give you the most cost-effective loan.

• Look for a lower interest rate. If you get a lower interest rate you'll pay less in interest. This makes the loan cheaper.
• Additional repayments. Being able to make regular or lump sum additional repayments helps you reduce your loan and save on interest charges. Some loans offer this option fee-free.
• Fees. Car loans typically have two types of fees: an application fee and a monthly fee. Some loans charge neither but have slightly higher interest rates. Do the maths to work out the total cost of a loan before signing up.
• Loan terms. Terms generally range from between one and seven years depending on the lender. Make sure you consider the ability to make additional repayments or pay the loan out sooner.
• Vehicle age. For secured loans, lenders generally require the car to be new or a fairly new used car. Some will give a secured loan for vehicles that will be no more than 10 years old at the end of the loan term. It would be possible to purchase an eight-year-old car with a two-year loan term and get the benefit of a low interest rate with a secured car loan.

Things to avoid with quick car loans

• Taking on too much debt. Don’t get pre-approval for the maximum amount the bank will give you. Work out the price range of cars you are actually interested in then add a bit extra as a margin of safety. If you get pre-approval for your maximum amount you may be tempted to spend more, or bargain less.
• Applying for multiple loans. Just because these loans are quick and easy doesn’t mean you should apply without due consideration and reason. Too many credit applications can have a negative effect on your future borrowing potential.
• Acting too fast. Taking out a loan, or even buying a car, should be a measured and considered decision and not be done on an impulse. Always take the time to think about the ramifications and future costs before committing to a loan.
• Not working out the full cost. Don’t be fooled by low rates or fees. Calculate the total cost of a loan before comparing it with other options. Loans that have higher fees but with even a slightly lower interest rate can work out cheaper in the long run. Conversely, a no-fee loan with a higher interest rate might not actually be cheaper.

Frequently asked questions about quick car loans

• Do I need pre-approval?

  Not necessarily, although it will make finalising the process faster later on. Getting a pre-approval is a fairly straightforward process, but only do it if you truly intend to take out a loan. Read more about pre-approval here.

• Will I pay more for a quick car loan?

  No, not if you are organised. There are many loans that can be approved and funded quickly. If you at least spend a bit of time comparing a few options and calculating the total cost of each loan, you should be able to get a competitive deal.

• Should I go through my current bank or financial institution?

  Sometimes your own bank can approve small loans very quickly. Your bank knows a lot about you and can spend less time processing an application. Having all your finances in one place is very convenient too.

  However, the other quick car loans listed above can be funded in under a day, so if you have reliable income and few other debts it won’t take long to get approval from a new institution.

• Are quick loans riskier?

  No. Quick loans are identical in nature to any other regular personal loan. If you borrow from a licensed and authorised credit provider then both you and the lender are bound by the same rules and regulations as any other personal loan.

Written by

Elizabeth Barry

Journalist

Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024. See full bio

Elizabeth's expertise

Elizabeth has written 208 Finder guides across topics including:

• Banking
• Personal finance
• Investing

Co-written by

Richard Whitten

Money Editor

Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property 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 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 Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 638 Finder guides across topics including:

• Home loans
• Property
• Personal finance
• Money-saving tips