Getting car finance in Australia is a straightforward process when you know what to expect. Start by figuring out your budget — not just how much you want to spend on the car, but how much you can realistically repay each month. This will help determine the type of loan and repayment term that suits you.
Next, compare lenders. You’ll find options from banks, credit unions, online lenders, and finance brokers. Look for a competitive interest rate, low fees, and flexible terms. Most lenders will assess your credit history, income, and employment stability as part of their approval process.
To apply, you’ll need to provide documents like photo ID, proof of income, and bank statements. Some lenders offer pre-approval, which gives you a set budget to shop with — useful when negotiating at dealerships.
For a faster, more flexible option, you might consider a broker like Loans Unlimited. They work with multiple lenders to help match you with a car loan that fits your needs, without the legwork.
Once approved, funds are generally paid directly to the seller. Be sure to review all loan conditions carefully before signing. With the right preparation, securing car finance doesn’t have to be a hassle.
