New Car Loan
Let Savvy take you through the process of buying a new car, from quick quote to settlement
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Car finance options new cars
Finding the right loan to help you purchase your new car is important, which is why Savvy is here to offer you the widest variety of choice.
With a wide lender panel of more than 25 of Australia’s top financiers, we’re perfectly positioned to offer a loan tailored to your personal requirements when purchasing a brand-new vehicle off the lot is a priority.
Best of all, you can get your application started now with a quick quote. Take your first steps towards buying your new car today and choose from the best rates on the market with Savvy.
What a new car loan looks like through Savvy
Access competitive finance rates
With fixed rates starting from competitive prices among our panel of trusted lenders, you can enjoy choosing from the lowest interest car loans.
Borrow up to your car’s value
Any amount up to 100% of your car’s value can be accessed through finance, giving you more choice when it comes to selecting your model.
Customise your repayments
You can set your schedule to fit around your income capabilities and pay on either a monthly, fortnightly or weekly basis
Set your own loan term
Although most borrowers opt for five-year terms, you can select any length between one and seven years to repay your loan.
Car eligibility
Your car must be manufactured locally or imported here by its manufacturer and never have been written off.
Diverse acceptable employment types
We can work with borrowers who derive their income from full-time, part-time, casual or self-employment, or indeed a combination of more than one.
Main fees
Application fees of up to $600 and ongoing service fees up to $20 can apply to your loan, but some lenders won’t charge for either one or both of these.
Other costs you should look out for
You could incur an early exit fee of up to $600 to $900, but this depends on the time left on your loan and can also be waived, and late fees of $25 to $50.
Why so many Australians trust Savvy to find new car finance
Fast application processing
100% online process
Expert guidance
New car loan repayments calculator
What our customers say about their finance experience
Savvy is rated 4.8 for customer satisfaction by 4870 customers.
New car finance, explained further
What is a new car loan?
In essence, it’s simply a type of car loan designed for the purchase of a new or near-new vehicle. In terms of defining a new car, it’s a model produced this year with 0km on the odometer. For example, a 2020 model was considered a new car in 2020, but in any year thereafter it becomes used.
These can apply to both consumer car loans (financing to purchase a car for everyday use) and commercial car loans (financing to purchase a car for business use), the latter of which includes loan structures such as chattel mortgages, car leases and hire purchase.
Buying new vs used
There are advantages to purchasing both new and used cars with financing. Perhaps the most noteworthy one is that new cars come at a lower interest rate than used when it comes to financing, meaning you’re likely to save with a new model if it’s the same price as a used one.
Additionally, you have greater peace of mind that it’s never been used by anyone else and hasn’t sustained past damage or received repairs. However, used cars are cheaper than brand-new ones and have less value depreciation left in their lifetimes.
Fixed vs variable interest
We only work with lenders who exclusively offer fixed rate car loans. There are several noteworthy advantages to locking in your rate. Firstly, given that fixing your interest throughout your loan term enables you to guarantee maintaining that rate until the end of your repayment period, you’re given a greater sense of certainty about the cost of your monthly instalments.
Additionally, you’re protected against rate rises, which is primarily dictated by the Reserve Bank of Australia’s (RBA) cash rate but can also be implemented by your individual lender. Variable rates don’t offer the same certainty or protection as fixed on the whole.
Get access to fleet discounts
You can find greater discounts on your car loan by conducting your vehicle search with a car broker. Through their connections with dealerships, they can access quotes at a discounted rate from fleet managers, who sell cars in bulk at far lower prices than you would otherwise be able to negotiate with a dealer.
Savvy is partnered with Vehicles Direct for just that purpose; after pre-approval, they’ll gather quotes from around their partnered dealerships to find the cheapest new car offer for you.
The documents you’ll need
Firstly, you’ll have to supply ID in the form of your driver’s licence or passport to verify who you are. You’ll have to provide evidence of your income through your two most recent payslips, while some lenders may also require you to submit 90 days’ worth of bank statements in addition to these.
Your consultant will supply you with a consent form and credit guide to sign as further required documentation. Your Savvy application form is also required to advance the process. Overall, there aren’t too many pieces of documentation that are required for your application.
