Online Car Loan Approval

No. In fact, online car loans are quite the opposite. They offer faster approval times than traditional car loan applications, with many loans getting assessed, finalised, and settled in either one or two working days.

Anyone who’s an Australian resident or citizen and aged 18 or over can apply to get approval for an online car loan. This is also based on whether the lender deems that the borrower is able to manage their loan repayments.

As part of your application, you’ll need to supply the following documents:

• Passport and/or driver’s licence
• Your previous two payslips
• A Savvy application form
• A signed consent form and credit guide
• Your lender may also require 90 days’ worth of bank statements, but this isn’t the case across the board.

Yes – we can help you with pre-approval with your car loan. This can last for 30 days all the way up to 90 and is a great way to enter negotiations on the purchase price of the car, as it gives you a concrete amount that your seller can’t really exceed.

That’s absolutely fine. When you arrange online car loan approval, you can borrow exactly what you need for your new car purchase. If you’ve already agreed to trade in at the dealership, you’ll only need to borrow the price disparity between the cost of your new vehicle and your old one.

Yes – you can use both, either or none of the above with an online car loan. Deposits and balloon payments both reduce the monthly amount you’ll need to repay during the term, but the balance of a balloon payment becomes due when that ends. At that point, you can repay the figure owing or refinance the residual amount. Deposits don’t just reduce your monthly costs; they also result in you paying less interest over the course of the finance agreement.

Yes – we’re partnered with flexible lenders who can work with customers who have struggled with their credit in the past. The options available to bad credit borrowers are more limited and come with a greater number of checks compared to customers with good credit, but you can still get on the road in no time through Savvy.

Yes – you can utilise our car loan repayment calculator to give yourself a rough estimate of what you might be paying each month and overall. If you’re not sure how to account for interest and fees, you can add 2% to our lowest advertised rate (as above) to give an average rate and add $350 onto your loan amount for an average establishment cost. You can also add $3 or $4 onto each monthly instalment to cover your ongoing fees. Speak to one of our consultants to receive your personalised rate.