Car Loans

Rates from 4.09%

Car loans are used to purchase new or used vehicles. They can take the form of loans, leases, hire purchase and rental agreements.


  • Get funding fast
  • The car acts as security for the loan
  • Options are available if you have bad credit
  • You can claim tax deductions


  • Your car may depreciate faster than the loan is repaid
  • Second-hand cars can attract higher interest rates
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How do car loans work?

Getting a loan or lease for a car can be a short, streamlined way to finance up to 100% of the value of the car you need for you or your business.

There are many option for car loans, including leases, hire purchase and loans. The best option will depend on your individual needs and situation. Here are some examples and explanations.

Vehicle Loan

A standard vehicle loan allows you to borrow up to 100% of the cost of a vehicle with fixed repayments. The vehicle is generally the only security required for the loan.

Vehicle Lease

A finance lease is a form of rental agreement because the lessor owns the asset. At the end of the lease, you have the option of purchasing the asset (for a residual amount that was agreed upfront), trading in for a new vehicle or simply terminating the lease.

There is the risk that at the end of the lease the asset will be worth less than the residual value. One advantage of a finance lease is that the finance company pays the GST component, which makes your payments lower.

Hire Purchase

With a hire purchase, the finance company owns the vehicle during the life of the agreement. When you make the final payment – including a balloon payment if relevant, i.e. the lump sum owed at the end of the loan term after you’ve made all the regular monthly repayments – you take ownership of the vehicle.

An example of Vehicle Finance

Use one of our loan calculators to find out what your repayments on a loan would be.

What documents do i need?


  • ID such as a driver’s license
  • Payslips
  • Details of vehicle to purchase

Loans—business owners

  • The same documents as above, plus:
  • ABN
  • A P&L (profit & loss) statement
  • A list of assets and liabilities

For large loans, further financial statements may be required.

Who qualifies for a car loan?

Most individuals and businesses will qualify for a car loan, including people with bad credit and startups. You can use our online prequalification tool to find out what types of loans you are eligible for.

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