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Online car loans

Thinking of financing a car? Apply online and you could be approved within minutes.

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If you’re thinking of financing a car, applying online has never been easier. You can be approved within minutes and, if you do it right, you can have the funds disbursed in less than 24 hours.

The entire process of applying for a car loan online is simple, it’s just a matter of having the right supporting documents and a few minutes of your time. From beginning to end, the process involves four stages. You’ll fill out your application and then upload your supporting documents. Your lender will then inform you of a decision, or they’ll request more information, and once approved, you’ll review your contract, sign, and send it back to your lender who will then release the funds to the vehicle seller.

Compare a range of online car loans

Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Plenti Car Loan
From 4.89% (fixed)
5.44%
$10,000
3 to 7 years
from $249 to $799
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
Loans.com.au - New and Dealer Used Car Loan
From 4.67% (fixed)
5.22%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Note: Settle the loan before 30 November 2020 and enter the draw to win a $1,000 fuel voucher. Terms & conditions apply.
Credit Concierge Car Loan
From 3.99% (fixed)
5.08%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.99% p.a. with a comparison rate of 5.08% p.a.
Get access to over 20 providers to fund a new or used car.

IMB New Car Loan
4.99% (fixed)
5.34%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
$0
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
Stratton Finance New Car Loan
From 4.05% (fixed)
5.63%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 4.05% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
SocietyOne Car Loan
From 6.99% (fixed)
6.99%
$5,000
2 to 5 years
from 0% to 5% of the total loan amount
$0
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Symple Loans Personal Loan
From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
NAB Personal Loan Unsecured Fixed
From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% (13.56% comparison rate) or less. See Comparison rate warning in (i) above.
Heritage Bank Car Loan
4.89% (fixed)
5.53%
$5,000
1 to 7 years
$200
$5
You'll receive a fixed rate from 4.89% p.a.
Finance a new or used car up to 5 years old. Large maximum borrowing amount up to $100,000 and terms up to 7 years.
Driva Car Loan
From 3.95% (fixed)
5.1%
$2,000
1 to 7 years
$295 (Varies by lender, starting from $295)
$10
You'll receive a fixed rate from 3.95% p.a.
Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of lenders.
NRMA New Car Loan
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p. a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
NRMA Used Car Loan
From 6.49% (fixed)
7.19%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.49% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
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Compare up to 4 providers

How does applying for a car loan online work?

Stage one: File application

Your online application plays a very important role in helping your lender assess your repayment ability. As a result, you should always fill out an accurate and complete application.

Stage two: Supporting documentation

Once you’ve filled out your application, you’ll need to upload supporting documentation. Depending on the lender, you may be able upload your documentation directly to the loan application or you’ll have to use other methods such as fax or email.

Stage three: Lender decision

Once you’ve submitted your application and supporting documents, your lender will either notify you of its decision or ask for further information. In many cases, after submitting your application lenders can give you approval or pre-approval while supporting documents and other requested information are still pending.

Stage four: Contract review, signing and disbursement of funds

If approved, your lender will send you a loan contract for review. This contract contains vital information including your loan term, repayment schedule and interest rate, so take your time when reviewing it. After reviewing, if you’re comfortable with the terms, you’ll sign the contract and return it to your lender who will then distribute the funds to the vehicle seller.

What do you need to apply for a car loan online?

You’ll need certain information as well as documentation to fill out your application. Generally, you should have the following on hand:

  • Personal information. This includes information such as your driver’s license number, contact information, income and residential status.
  • Employment information. This includes information regarding your employment history to help your lender assess your stability as an applicant.
  • Requested loan details. You’ll need to provide your requested loan amount along with your preferred methods of repayment.
  • Driver’s license or certified ID.Your driver’s license, or other valid identification, is used as proof of your current address and to help your lender conduct a credit check.
  • Proof of income. These include bank statements, payslips, financial statements, rental income statements or anything else serving as proof of the income declared on your application.
  • Proof of insurance. Depending on the lender, you may be required to provide proof of insurance on the car you plan to purchase.
  • Vehicle details. You’ll need to provide information about your vehicle’s make and model, the seller’s asking price and the seller’s details (such as location and name of business).

Pros and cons of applying for an online car loan

  • Quick process. Most lenders will come to a decision on the same day you apply and, in many cases, you can get funds disbursed in as little as one day.
  • Bargaining power. Since just about every individual needs a car, competition among lenders is fierce. This results in better bargaining power for consumers.
  • Convenience. Applying for a car loan online is simply much more convenient than having to apply in-person at a dealership or bank.
  • Applying too many times.Lenders may deny your application if they see you’ve been applying for too many loans within a short period of time. Doing this also lowers your credit score.
  • Short pre-approval times. Keep in mind that any pre-approval you get from a lender will expire in a very short amount of time.
  • Credit history. Red flags in your credit history, such as missed or late payments, will hurt your chances of being approved.

Is there anything you should avoid?

  • Getting into too much debt. Since car loans involve a lengthy financial commitment, make sure you can afford the repayments required by your lender. Also, compare your options from different lenders to make sure you’re getting the best deal.
  • Getting mixed up with shady sellers. Avoid any seller that tells you to falsify information on your loan application. Not only is it illegal, but you carry all the risk while the seller carries none. In addition, make sure you’re fully aware of the car’s condition before buying it. Always have an expert conduct a thorough checkup of any vehicle you plan to purchase.

Have more questions?

Can I still qualify with bad credit history?

There are lenders that may approve your application even with a history of bad credit. However, this would likely mean significantly higher rates and fees.

Can I still qualify with an insufficient income?

If you’re in this situation, you may still be able to qualify by using another asset as additional security for your loan. You can also ask your lender if you could have a loan guarantor.

What happens if I default on my payments?

Since you’re likely to be required to put up your vehicle as security for your loan, your lender will have the right to seize your vehicle if you default on your payments.

Picture: Shutterstock

More guides on Finder

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.89% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

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