Quick car loans

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.

Quick car loans you can apply

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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%	$10,001	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.	Go to site More Info	Compare	loading Fetching your data...
Wisr Secured Car Loan		From 4.74% (fixed)	5.01%	$5,000	3 to 7 years	$195 for refinance and dealer sale ($245 for private sale)	$0		You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers. ⭐Special Offer: Wisr's standard establishment fee $605 will be reduced to $195 for applications submitted through Finder. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...
Credit Concierge Car Loan		From 3.69% (fixed)	4.23%	$10,000	1 to 7 years	$350	$8.50		You'll receive a fixed rate of 3.69% p.a. with a comparison rate of 4.23% p.a. Get access to over 20 providers to fund a new or used car.	Go to site More Info	Compare	loading Fetching your data...
Promoted IMB New Car Loan		4.88% (fixed)	5.23%	$2,000	1 to 7 years	$275.12 ($250 Application fee + $25.12 PPSR fee)	$0		You'll receive a fixed rate of 4.88% 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.	Go to site More Info	Compare	loading Fetching your data...
loans.com.au - New and Dealer Used Car Loan		3.99% (fixed)	4.53%	$5,000	3 to 5 years	$400	$0		You'll receive a fixed rate of 3.99% 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. Special offer: Settle the loan before 30 June 2022 and enter the draw to win a $1,000 fuel gift voucher. Terms and conditions apply.	Go to site More Info	Compare	loading Fetching your data...
Stratton Finance New Car Loan		From 3.69% (fixed)	5.27%	$10,000	3 to 7 years	$700	$8.25		You'll receive a fixed rate from 3.69% 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.	Go to site More Info	Compare	loading Fetching your data...
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 3 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.	Go to site More Info	Compare	loading Fetching your data...
Great Southern Bank Fixed Rate Car Loan		6.79% (fixed)	7.16%	$5,000	1 to 7 years	$265 ($175 Establishment Fee + $90 Security Administration Fee)	$0		You'll receive a fixed rate of 6.79% p.a. A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.	Go to site More Info	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Fixed		From 6.99% (fixed)	7.91%	$5,000	1 to 7 years	$150	$10		You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.	Go to site More Info	Compare	loading Fetching your data...
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 25.99% p.a. based on your risk profile Borrow up to $50,000 to pay for what you need.	Go to site More Info	Compare	loading Fetching your data...
Driva Car Loan		From 2.85% (fixed)	4.39%	$2,000	1 to 7 years	$295 (Varies by lender, starting from $295)	$10		You'll receive a fixed rate from 2.85% p.a. Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of lenders.	Go to site More Info	Compare	loading Fetching your data...
OurMoneyMarket Car Loan		From 5.35% (fixed)	5.65%	$2,001	1 to 7 years	$250	$0		You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile. Borrow between $2,001 and $75,000 to finance a new or used car up to 7 years.	Go to site More Info	Compare	loading Fetching your data...

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How do quick car loans work?

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>>>

How quick is a “quick car loan?”

Lender	Car loan	Approval time	Pre-approval?
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
CommBank	CommBank 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 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

How can pre-approval help me get my car more quickly?

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.

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.
• Employees. If you are employed then you may be able to use a novated lease to purchase a car. In essence, your lender will purchase the car and your employer will make repayments out of your pre-tax salary. At the end of the lease term, you can make an additional payment to purchase the car or start a new lease on a new car. This may be a cost-effective method of owning a car by reducing your tax burden.

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.

• Variable rate interest.A variable interest rate changes periodically in line with the Reserve Bank of Australia’s cash rate. If the cash rate goes down, then your lender may, but is not obliged to, reduce your interest rate. Obviously, the opposite is also possible. Variable interest rates are lower than fixed rate options to reflect this volatility.
• Fixed rate interest. Fixed rate interest allows you to lock in the rate you wish to pay over the entire term of the loan. This is useful if you want to know exactly how much your repayments will be for the loan term. Interest rates will be higher than the variable rate.
• 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.
• Early payout. If you are making extra repayments or happen to receive unexpected money, then having the option to pay out your loan early is nice. Most loans have fee-free early payout after 12 months.
• Free unlimited redraw. If you have made early repayments then you might want to have the flexibility to redraw this money for other expenses if the need should arise. This can save you from having to take out another loan to cover an unexpected cost.
• Fee structure. 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. Loans with a higher application fee but no ongoing fees may be better for loans with a longer term, whereas a no application fee option with monthly fees could be better for shorter loan terms. 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.
• Loan values. Lenders have different requirements in terms of loan amount and vehicle value. Some will lend as little as $5,000, whereas bigger banks typically won’t lend less than $10,000 for secured car loans.
• 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.
• Not taking five to think. 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.

Have more questions?

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.
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