$5,000 Car Loans

Yes – if you need some time to shop around for a new car, it’s a great idea to get your vehicle finance sorted first and get pre-approved for a car loan. That’s when the lender agrees to clear you for a set amount of borrowing – typically for a period between a month or ninety days, depending on the loan provider. This can give you a stronger hand when negotiating the price of your vehicle.

Several different things can affect the specific car loan interest rate you pay. One of the most critical factors is your borrower profile, which is partly about your work history and how well you’ve handled lending in the past. Loan providers check your credit score to scan for historical lender issues, and the longer you’ve been in your current job, the better.

Whether you own a home can also be a factor, and even the age of the car you buy makes a difference – with older vehicles attracting higher interest rates.

From your initial application to settlement and the transfer of ownership of the vehicle to you, you can expect the process to take as few as 48 hours.

Fortunately, our smart technology and diligent consultants enable us to assess car loan applications quickly. 

Yes – younger drivers will likely pay slightly more for a car loan due to a lack of credit history. If you have a willing family member, you could consider a guarantor car loan and reduce your first car loan costs by benefitting from their healthy borrowing history.

Lenders have various age limits for cars they’re prepared to finance – primarily because they use the car as security for your borrowing. However, Savvy partners with car loan providers that will consider vehicles up to 25 years old at the end of your loan.

If you’re looking at an older vehicle, you could consider applying for a personal loan, which doesn’t require security.

Yes – if you earn enough to support your loan’s payments, you can qualify for a car loan as a single mother or father.

Benefits which are tied to your age, job or study status generally aren’t accepted as income for car loans. As such, Youth Allowance, Austudy and ABSTUDY aren’t applicable, while you can’t use JobSeeker unless it serves as supplementary to a Family Tax Benefit.