Car Finance with Instant Approval Online

Wondering whether you can get instant online approval on your car finance application? Get started with Savvy today and find out more!

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Written by 
Thomas Perrotta
Thomas Perrotta is the managing editor of Savvy. Throughout his time at the company, Thomas has specialised in personal finance, namely car, personal and small loans, although he has also written on topics ranging from mortgages to business loans to banking and more. Thomas graduated from the University of Adelaide with a Bachelor of Media, majoring in journalism, and has previously had his work published in The Advertiser.
Our authors
, updated on April 5th, 2024       

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Get approved for your car loan fast

Finding the right car loan deal can save you hundreds of dollars, if not more, over the course of your loan term. However, if you need it quickly, you may be looking for instant online approval of your car finance application. While this may not be possible, you can find and compare from a wide range of lenders and products online and drive away with a great deal within just 48 hours when you apply with Savvy.

We’ll help you make an informed decision by comparing your available options and enabling you to apply for car finance online at any time of the day. Get started with your application today and speak to one of our expert consultants so we can help you track down the best deal on offer for your needs.

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Can I get instant online approval on my car finance application?

No – car finance approval can’t be provided instantly if you’re applying for a secured loan. This is because financiers are required to follow responsible lending obligations, as outlined by the Australian Securities and Investments Commission (ASIC). All lenders are required to assess applications and determine whether the applicant is capable of paying off the loan they’re requesting.

This process involves conducting a credit check and assessing financial documents and information on the car provided by the applicant. While many lenders automate parts of the application process, it’s important to note that instant online approval generally isn’t possible for this type of finance.

How fast is car finance approval when I apply online?

When you apply online with Savvy, you can have your car loan formally approved and funded as soon as 48 hours after you apply. However, you can receive pre-approval as soon as the same day. This is an indication from your lender of the amount they’d be willing to lend based on the details provided in your initial application. It isn’t a guarantee that you’ll be approved when you formally apply.

There’s a range of factors that can impact the speed of your online car finance approval. These include:

  • Whether you supply all the correct documents: forgetting documents or submitting incorrect or out-of-date versions of them can hold up the approval process.
  • The time of day you apply: submitting your application first thing in the morning will give you the best chance of having it seen that day, while doing so late in the day or out of hours means it may only be considered the next business day.
  • The day of the week you apply: similarly, applying late on a Friday or on the weekend could mean your application isn’t assessed until the following week (if your lender isn’t open on weekends).
  • Your lender’s processing speeds: each lender is different, so the speed at which they can process applications will vary. This can also be impacted by the volume of applications being assessed at the time you apply.
  • The complexity of your profile: if you’ve struggled with repaying debts in the past and have a poor credit score, lenders may take longer to assess your application, such as asking for further documents.
  • The type of car you’re buying: in some cases, the vehicle you choose may need to be expected, such as if it’s a used or older vehicle. This is also the case for classic car finance.

How can I speed up my online car finance approval?

Some of the ways you can help speed up the car loan application process are as follows:

  • Make sure you meet eligibility requirements: before all else, you should ensure you’re eligible to take out a car loan. You’ll need to be 18 years old and a citizen or permanent resident in most cases, but lenders will also enforce minimum income (from $20,000 to $26,000 in some cases) and credit score requirements.
  • Apply early in the day and week: as outlined above, submitting your application as early in the day and week as possible will give you the best chance of having approval wrapped up before the weekend.
  • Prepare all your documents in advance: by being prepared before you apply, you can help ensure you have all the documents and information on hand to supply as soon as possible.
  • Consider your budget before applying: applying for an amount way beyond your capabilities is a surefire way to have your loan rejected. By calculating a more reasonable amount at the start of the process, you can give yourself a better shot at first-time approval.

How much will my car finance deal cost?

The cost of your car loan comes down to a variety of factors. These include:

  • The size of your loan
  • Your interest rate
  • The fees charged
  • Your loan term
  • Whether you make additional repayments
  • Whether you pay weekly, fortnightly or monthly
  • Whether you attach a balloon or residual payment to your loan

However, it’s worth breaking it down to see how much some of these changes can really impact the cost of your loan. The table below demonstrates this:

Loan size 7.00% p.a. 8.00% p.a. 9.00% p.a. 10.00% p.a.
$30,000
$594
$608
$623
$637
$40,000
$792
$811
$830
$850
$50,000
$990
$1,014
$1,038
$1,062
$60,000
$1,188
$1,217
$1,246
$1,275
$70,000
$1,386
$1,419
$1,453
$1,487

Repayments are calculated based on a five-year term and monthly instalments.

Can I get instant online approval for unsecured car finance?

If you decide to apply for an unsecured personal loan to buy your car, you can receive an instant outcome within just 60 seconds of applying through Savvy. This is because the loan doesn’t use the car as collateral, meaning the process is based on your profile and can be completed more quickly as a result.

It’s important to note that even though instant outcomes are possible, approval will still be subject to your lender’s decision and won’t necessarily be instant, although it can come as soon as the same day you apply.

Unsecured car loans are only typically advised for vehicles that don’t meet lender criteria in relation to age or condition. They come with higher interest rates to compensate for the lack of security, meaning you’ll pay more in the long run for this type of loan.

Why find online car finance with rapid approval via Savvy?

Frequently asked questions about car loan approvals

Can I get fast car finance approval online if I have bad credit?

Yes – even with imperfect credit, you may still be able to secure a fast car loan. There are plenty of lenders in Australia who specialise in working with borrowers who’ve struggled with their credit in the past, so they may be able to approve you more quickly. However, as mentioned, bad credit can sometimes lengthen the car loan approval process.

Do I have to make a deposit towards my car loan?

No – you can take out a car loan for 100% of your vehicle’s purchase price (provided you can afford to repay it). Putting forward a deposit can help speed up the application in some cases, as lenders can see this as an indication of your trustworthiness as a borrower and a reduction in the risk they’re taking on you.

How much can I borrow?

This depends on several factors, such as your employment, income and spending and credit rating. Lenders assess borrowers in terms of the risk they present. The best way to figure out how much you have to work with is to speak with one of Savvy’s expert car finance consultants.

We’ll give you a selection of tailored quotes from our panel of flexible lenders, allowing you to shop for your new car with confidence.

Can I access business car finance online?

You can. Many commercial lenders work in the car finance space, offering a range of specialist products and finance structures like chattel mortgage, vehicle leasing, and even rent-to-buy options. Remember, you’ll need to use your car for business at least half the time to apply for business car finance online.

Will you need details about my new car?

Yes – all car finance is secured against the vehicle you buy, so you’ll also be asked to upload a dealership invoice before the lender settles the loan. On top of that, financiers require a fully comprehensive insurance certificate for the car.

What fees will I need to pay on my car loan?

There are several fees that you may be required to pay as part of your car loan, although some of these are able to be waived by certain lenders. These include ongoing fees (up to $20 per month) and your application fee (up to $600).

Who's eligible to take out car financing?

You can apply for a car loan if you meet the following criteria:

  • 18 years or older
  • Australian citizen, permanent resident or accepted visa holder
  • Earn at least $26,000 p.a. from stable income sources
Can I pay out my car loan early?

Yes – however, if you wish to pay your loan out early, you could incur an early repayment fee up to $600 to $900. This fee is also able to be waived by some lenders, so if you value the freedom to repay as quickly as you like, you should compare based on this point.

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