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If you have already found the car of your dreams and need finance sorted out in a hurry, then quick car loans are for you. Generally, you will be able to apply online and get approval in under two minutes. Funds should be in your account and ready to go within 24 hours of the initial application.
From
fixed rate
From
comparison rate
100% confidential application
A competitive fixed rate to purchase a car up to four years old. Option to add on-road costs into loan amount.
Quick car loans are comparable to regular car loans in terms of interest rates, loan duration and loan amounts. The main advantage of a quick car loan is that it gives you money sooner, which is useful if you want to lock in a bargain. You don’t want to waste more time searching for a car because you missed out on a good buy due to a lack of funding.
Whether you are buying through a dealer or privately, new or used, having your finances ready to go will give the seller a sense of urgency, giving you an additional haggling tool to drive the price down.
Jump ahead to learn about pre-approval>>>
Lender | Car loan | Approval time | Pre-approval? |
---|---|---|---|
ANZ | ANZ Secured Car Loan | 3 business hours | ![]() |
AutoCarLoans | AutoCarLoans Car Loan | Varies | ![]() |
Bankwest | Bankwest Secured Car Loan | 1 business day | ![]() |
BankSA | BankSA Fixed Rate Car Loan | 60 seconds | ![]() |
Bendigo Bank | Bendigo Bank Secured Car Loan | N/A | ![]() |
Beyond Bank | Beyond Bank Low Rate Car Loan "Special Offer" | 3-7 business days | ![]() |
Cando | Cando Car Loan | N/A | ![]() |
Commonwealth Bank | Commonwealth Bank Secured Car Loan | 60 seconds | ![]() |
CUA | CUA Fixed Rate Car Loan | 30 seconds | ![]() |
Gateway Bank | Gateway Bank Car Loan | N/A | ![]() |
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 New Car Loan RACQ Used Car Loan | 5 business hours | ![]() |
RACV | RACV Car Loan | 5 business hours | ![]() |
St.George | St.George Secured Personal Loan | 60 seconds | ![]() |
Westpac | Westpac Car Loan | 1 business day | ![]() |
*You need to be an existing customer and apply in-store
If you already have your car picked out then getting a pre-approval is of little benefit. If you are still looking for a car, then having pre-approval will make the process of purchasing the car you eventually choose much faster.
Pre-approval works by you making an application with the lender you wish to borrow with. You will need all the same information as if you were actually applying for a loan, such as proof of income, assets, liabilities and cost of living estimates. The lender will then give you “conditional” approval for a maximum loan amount.
Once you have selected a car the pre-approval is updated with the actual value you need to borrow and you can sign the loan contract. Pre-approvals are time-bound; if you leave things too long it will expire, and you will be required to make a fresh application.
You can use a quick car loan for a range of cars:
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.
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?
Value should be the ultimate driver of your decision. From a purely effort and time perspective, it will be inevitably faster to take a loan out with an institution you already have a relationship with. 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.
Picture: Shutterstock
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