Car Finance Online

Online car finance takes the hassle and financial sting out of buying a new car – and it’s quicker when you compare deals online.

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, updated on July 4th, 2023       

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Quicker online car finance with Savvy

Want to buy a new car but haven’t got the time to spend hours looking for the best deal out there? These days, thousands of Australians choose to take control of their car finance by comparing deals and applying on the internet.

It’s quick and simple to get car finance online – just enquire with Savvy and get the help of an expert vehicle finance consultant. Then, apply and upload documents for a loan with a solid, customised interest rate calculated according to your borrower profile. There’s no need to trawl the web for hours and base your search on vague rates. Get in touch, get a quote, and then sit back while we ensure that everything goes smoothly.

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Features and benefits of online car finance

Fast approvals

You can connect with a lender that meets your needs and finances instantly and then submit paperwork and fill out forms via Savvy and get approved in as fast as two working days. If you’ve got half an hour to spare and a smartphone or laptop, you’ve got the time and means to qualify for a car loan.

Comparing car finance

There’s no easier way to compare car finance lenders and deals than on the web. You’ll find dozens of lenders and hundreds of different options all in one place. You can use comparison rates to weigh up the costs of fees and interest rates, and all product features and terms are displayed clearly.

Cheaper web-based deals

 When you apply for car finance online, you’ll find everyone from national banks to niche vehicle lenders and both local and international finance providers. Many lenders operate without branch networks and can offer extremely competitive rates.

Versatile loan structures

You can use a deposit or a residual with online car finance – or you’re free to borrow 100% of the value of your new car. Borrowers can also use a trade-in vehicle the same as when buying at a dealership.

Secured interest rates

Most online car finance uses your vehicle as security for your borrowing, meaning lender’s risks are a lot lower, so their interest rates are too. Lenders register an interest in your car until your loan gets fully repaid, at which time you get a clear title.

Repay your own way

Online car finance repayments are highly customisable. Borrowers can choose from weekly, fortnightly, or monthly repayments and select a day that suits the way they receive their income. You can repay a car loan over anything between one and seven years.

Why do so many people find online car finance with Savvy?

Applications explained: Online car finance requirements

Get even more online car finance answers before you commit

What does online car loan pre-approval mean?

Car finance pre-approval is an option when you apply online for car finance. Lenders will conditionally approve you for a specific level of borrowing for a limited time – typically between one and three months in duration. Getting pre-approved for a car loan has some advantages.

Firstly, it allows you to shop within a specific price range with confidence. Secondly, you can approach and haggle with salespeople safe in the knowledge that funds are available – so you might even be able to negotiate a bigger discount.

What credit score do I need to get car finance online?

Your credit score typically defines what interest rate you’ll pay, but you can still apply for a bad credit car loan if your score is below average. As a rule, borrowers with a better credit history get offered lower car finance interest rates, but repaying a car loan on time will see your rating improve. That’s also true for newer borrowers.

Having no history can be like having a less-than-ideal record. Many first-time vehicle buyers use a guarantor car loan for that reason, but it’s faster to build a good score if you can qualify for a loan yourself.

How much do I need to earn before I can apply for car finance online?

Savvy partners with lenders that consider car finance applications with earnings as low as $26,000 – but the more you earn, the more borrowing power you’ll have.

Can I get online vehicle finance if I work for myself?

You can. Although, depending on how much you’ll use your car for work and the nature of your business, you might still want to stick with a consumer car loan.

Commercial car finance agreements typically require you to use your vehicle for business at least half the time, but that’s not the case with a standard car loan – and you can still claim loan costs at tax time. The commercial equivalent of a car loan is a chattel mortgage. It works pretty much the same day-to-day, and you get excellent tax and GST benefits.

What’s a balloon payment, and does it cost more?

Many online vehicle finance lenders offer the option of using a balloon payment. Also referred to as a residual, it’s when you pay a percentage of your car finance at the end of the term rather than as part of your monthly repayments.

While using a balloon payment reduces what you need to find each month, it also results in you paying more interest across the term – because you don’t pay the balance down to zero. When the remainder becomes due, you can either pay it in full or refinance the residual – which extends the length of your vehicle finance.

Why do I need fully comprehensive car insurance?

Most car finance loans get secured in one way or another against the vehicle you buy, making fully comprehensive car insurance a necessity. It protects the lender’s interest in your car just in case it ever becomes damaged or needs to be written off in the event of an accident or theft.

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