New Car Loan

Let Savvy take you through the process of buying a new car, from quick quote to settlement

No obligation. It won't affect your credit score.

Last updated on April 19th, 2022 at 03:18 pm by Thomas Perrotta

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.

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What a new car loan looks like through Savvy

Access competitive finance rates

With fixed rates starting from just 3.99% p.a. (comparison rates from 4.36% p.a.), 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

Your estimated repayments

$98.62

Total interest paid: $1233.43
Total amount to pay: $5,143.99

New car finance, explained further

Frequently asked questions about loans for new cars

Are ex-demonstrator cars better than new cars to buy?

Demo cars have some advantages when it comes to buying a car. For one, they’re considered used but are near-new, meaning they come at a discounted price compared to a car with 0km on the odometer. However, they may not be what you’re looking for if you’re wanting to purchase a brand-new vehicle and may come with built-in extras that you’ll have to pay for regardless of whether you want them.

How do I apply for financing with Savvy?

Applying with Savvy is very simple, as you can see from the following steps.

  1. Get a quick quote, telling us about yourself, and let our smart engine match you with lenders
  2. Your consultant will compare these lenders and bring you back a selection to choose from
  3. Your formal application is submitted by your consultant to the lender, with an offer likely to come through in one business day
  4. Select your new car
  5. Sign the final loan agreement and the car is yours
Will a bad credit score prevent me from being approved?

No – we can help customers in this situation access bad credit car loans. We’re partnered with flexible lenders who can work with your situation even if you’re struggling with your credit score.

Should I apply to be pre-approved for my car loan?

Yes – pre-approval is a great way to gain an understanding of your borrowing power in the application process. Your lender will provide you with a non-binding, theoretical approval for a set price, which informs the amount of money you’ll be able to receive and strengthens your hand if you’re negotiating the cost of the car with the seller. It’s important to note, though, that pre-approval doesn’t guarantee that you’ll be formally approved.

Can I trade in my current car for my new one?

Yes – many new car buyers trade in their old car in the process of buying a new one, as this cuts down on the total cost of your loan by several thousand dollars. However, you aren’t likely to earn as much from the sale as you would selling your car independently in a private sale, although these take far more time and effort to organise on your own.

Can I cover on-road costs with my car loan?

Yes – you can borrow to cover costs such as vehicle registration, stamp duty, extended warranty and car insurance with your car finance through Savvy. Speak to your Savvy consultant about these extra costs if you would like to include them in your loan.