Car Loans For Nurses

Finding the right car finance options to suit your working lifestyle.

No obligation. It won't affect your credit score.
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, updated on July 5th, 2023       

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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

Why so many Australians choose Savvy?

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

Still got questions about car loans?

How much can I borrow with a car loan for nurses?

The amount you can borrow depends on your profile. That’s a combination of your credit rating and the strength of your application. With Savvy, you can borrow from $5,000 to the 100% of the car's value.

Can I buy a second-hand vehicle with a nurse’s car loan?

Yes – you can buy both new and used vehicles with a car loan for nurses. All lenders have their own age limits, though, so your lender may not accept your proposed car as security. You can also buy from dealerships, private buyers and even online auction sites.

Can I get a car loan if I’m a nurse and have a bad credit rating?

Yes – nurses and other healthcare professionals can access bad credit car loan. Your credit rating is just one of the factors a loan provider examines when they assess your application. They also look at your employment history, income, existing borrowing, and your day-to-day spending.

I’m a trainee nurse. Can I still use a car loan?

Yes – and you have a couple of options. Getting car finance when you’re training can be slightly more challenging, but there are ways to apply for a car loan when you’re a student. Depending on your borrowing history, savings, and income, some lenders might still consider your application. If that’s not the case – perhaps if you’ve not borrowed before, for instance – you could consider a guarantor car loan. That’s when a relative provides a guarantee for your borrowing, essentially ‘lending’ you their superior credit history and financial clout in order to get you approved.

Do I need to insure my car after getting a loan as a nurse?

Yes – all cars under finance require an active comprehensive car insurance policy to be taken out as part of the loan process.

Can I apply for a car loan online and out of office hours?

You can! Nurses can compare car loans and lenders online, 24/7 and apply any time of the day or night – even on weekends. All you need is a phone or laptop and an internet connection, so if you’re a busy nurse, online car loan lenders are the ideal choice. Online car loans also mean contracts and paperwork are sent digitally and finance is settled using electronic bank transfers, so it’s 100% convenient to apply anywhere at any time.

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