Online car loans

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

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

Rates last updated August 19th, 2018
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
IMB New Car Loan
5.99% (fixed)
1 to 7 years
Borrow as little as $2,000 at a competitive fixed rate
Finance a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants. - New Car Loan
From 5.44% (fixed)
3 to 5 years
Optional balloon payment available to reduce your repayments.
A competitive rate car loan suitable for a new cor used car.
Latitude Motor Vehicle Loan
From 6.99% (fixed)
1 to 7 years
Finance a range of vehicles including cars, motorbikes, boats and caravans.
Apply online to finance a new or used motor vehicle and receive a response in 90 seconds. You will receive a competitive tailored rate of between 6.99% p.a. to 14.99% p.a.
Stratton Finance New Car Loan
From 5.29% (fixed)
1 to 7 years
Fixed or variable rates starting from 5.29% p.a.
Apply for up to $100,000 and have up to 7 year(s) to repay. You can use cash or trade in a vehicle to use as a deposit.
Sydney CU Special Variable Car Loan
5.95% (variable)
1 to 7 years
Apply for a loan up to 50000.
Benefit from a flexible, variable rate to finance a car up to 3 years old with SCU.
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
1 to 7 years
Offset your interest with a Car Budget Account.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
Bank Australia Car Loan
6.45% (fixed)
1 to 7 years
Waived establishment fee for safe or green-rated cars.
A competitive rate and the ability to offset your car’s carbon emissions for the loan term.
CUA Secured Fixed Car Loan
6.79% (fixed)
1 to 7 years
Finance a new or used vehicle up to 7 years old.
Benefit from additional repayments, no ongoing fees and access to a redraw facility with this competitive loan from CUA.
RACV New Car Loans
From 5.99% (fixed)
1 to 7 years
Benefit from 5-hour pre-approval.
A competitive rate car loan from RACV with no monthly fees.
MyState Secured Personal Loan
From 7.99% (variable)
1 to 10 years
Your choice between secured or unsecured.
Apply for a loan up to $75,000 and benefit from loan terms up to 10 years.
IMB Secured Personal Loan
6.89% (fixed)
1 to 5 years
Secure this loan with a car and use the funds for any purpose.
Competitive 6.89% p.a. rate available to all approved applicants. Loan amounts up to $60,000 available.

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

Was this content helpful to you? No  Yes

Related Posts

Car Loan Offers

Important Information*
IMB New Car Loan

Borrow up to $75,000 for a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants. - New Car Loan

This car loan is for new cars and offers a low fixed rate and no ongoing fees.

Latitude Motor Vehicle Loan

Apply online to finance a new or used motor vehicle and receive a response in 90 seconds. You will receive a competitive tailored rate of between 6.99% p.a. to 14.99% p.a. based on your risk profile.

Stratton Finance New Car Loan

Apply for up to $100,000 and have up to 7 year(s) to repay. You can use cash or trade in a vehicle to use as a deposit.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.
Ask a question
Go to site