Car Loans For Nurses
Finding the right car finance options to suit your working lifestyle.
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Car finance options for nurses and registered nurses
Did you know that as a valued healthcare professional, you’re likely to be considered for interest rate discounts? You’d be forgiven for not realising that some of Australia’s specialist independent lenders offer exclusive discounts and car loans for nurses with rates that beat the big banks hands down. Find out more about car loans, how they work for nurses and apply for a free quote.
Competitive fixed interest rates
1-7 year loan term
Weekly, fortnightly or monthly repayments
No early termination fees
Low fees
New, used or demo cars
100% finance available
Dealer or private
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Car loans for nurses explained further
How do car loans for nurses work?
Car loans for nurses are pretty straightforward. You borrow up to 100% of the car’s value and repay that amount over a fixed period between one and seven years. The lender charges a simple interest rate, calculated annually and represented as a percentage.
You can use a deposit or a balloon payment to reduce the monthly cost of car finance further. Both will result in lower regular repayments, but they work in slightly different ways:
- Car loan deposits are optional, and they work by using a trade-in vehicle or savings to reduce the borrowed amount. That means you have less to repay during the term, so those payments are lower. You also pay less interest.
- Car loan balloon payments, also referred to as residual amounts, are also optional. They’re essentially a portion of the car’s value that you put aside until your loan term ends – resulting in lower regular repayments. When the time comes, you can either pay the balloon amount in cash, or you can refinance the residual.
How do nurses apply for a car loan?
Applying for a car loan with Savvy as a nurse is a pretty straightforward process. First, we’ll ask you about your employment, income, and how much you want to borrow, as well as details on the type of car you’re looking for. From there, we’ll begin sourcing the most cost-effective car loans out there, according to your unique borrower profile. You can call one of our car finance experts to discuss this directly or fill out a quick quote, after which we’ll get in touch with you.
When you compare car loans with Savvy, we’ll give you your own dedicated car finance consultant. We use sophisticated digital systems to search dozens of lenders and then talk you through the rest of the car loan application process from start to finish. We require below documents to get started with your application.,
- Identification : Can be in the form of a driving licence or passport.
- Proof of address : A recent utility or phone bill, for instance.
- Borrowing : Statements for credit and store cards, plus details of any other loans – including your mortgage.
- Assets : Details of any assets, such as boats, other vehicles, shares, and property you own.
- Payslips : Covering the last 90 days.
- Bank statements : You can grant secure read-only access to your bank statements via the lender’s website, so you’ll also need internet banking.
How you can compare car loans for nurses
The car loan interest rate
The interest rate is one of the primary factors influencing the cost of a car loan – and even the most minor differences can add up to a considerable amount over the course of the term. For that reason, it’s important to compare as many car loan interest rates as possible to find the lowest.
Car loan interest rates can be fixed or variable. Variable rates can change your repayment amounts according to outside factors including the national cash rate and economy. Fixed rates mean your repayments stay the same throughout the car loan.
The car loan fees
Lenders charge two standard types of fee. The first is a setup charge, also known as an establishment fee. It’s a one-off payment when you first take out the loan and is repaid gradually throughout the term.
Lenders also charge a regular account fee – usually paid monthly. Both types of fee can make a significant difference across the course of a car loan.
For instance, even a $20 account fee over seven years adds up to $1,680.
Using a comparison rate
The easiest way to weigh up car loan fees is to use the comparison rate. This is essentially an adjusted rate that includes extra costs like establishment and account fees.
This gives a truer indication of the total amount you’ll pay on top of your regular repayments.
Compare car loans with Savvy
Because lenders operate in slightly different ways, have various methods of charging for their service and often specialise in specific forms of lending, it’s a good idea to enlist the help of a Savvy consultant.
The Australian marketplace is massive, so it’s an easy, quick, and cost-effective way to cover enough ground.
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