Car Loans For Police
Find lower interest rates and faster car loan applications for police officers with Savvy.
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If you’re employed in law enforcement and want to get a great deal on vehicle finance without spending too long shopping around, police personnel can find more lenders and hundreds of car loan products. Whether you work for SAPOL, VICPOL, NSW Police or even the AFP, you can find out how to source a cheaper, faster car loan with Savvy.
Competitive fixed interest
Loan amount from $5,000
Flexible repayments
No early termination fees
Personalised rates
New or used, private or dealer
100% finance available
Australia wide
Why choose Savvy for your car loan?
Compare and save
We are partnered with over 25 reputed lenders nationally to source competitive finance for you.
Fast processing
Using our state of the art technology and systems, we can get your approvals within 24-48 hours.
No obligation
There is no obligation to apply with Savvy. We're here to help you with free quotes for you to compare.
Car loans for police explained further
How do car loan interest rates work for police?
Car loan interest rates are based on a number of buyer-specific and more common factors. Lenders make most of their decisions around issues to do with risk. Firstly, you’ll attract a personal rate based on a few different factors:
Your credit rating: Lenders check your borrowing history via your credit report. If you’ve always made repayments for loans and credit cards on time, for instance, you’ll be rewarded with a better rate than a bad credit car loan borrower.
Your employment history: Lenders look at your employment history and type, and they like to see some stability. Police officers are likely to qualify for lower interest rates thanks to their relative job security, and that benefit will increase with your length of service on the force.
Income and spending: Depending on your rank and salary, plus how much money you spend every month, lenders will again evaluate the level of risk you represent. Your disposable income is what’s left of your wages after you’ve taken care of all your monthly expenses. Loan providers use your bank statements to determine what your disposable income is.
In addition to buyer-specific elements, lenders also base your interest rate on a couple of other factors:
The age of your new car: Lenders consider older cars a higher risk than newer ones. That matters with secured car loans, as the lender has a vested interest in your vehicle surviving to the end of the loan term, as it must retain some sell-on value if they wish to recoup their funds should you become unable to fulfil your loan obligations.
Fixed or variable rate car loans: Car loan lenders offer two types of interest rate. Fixed rates are set for the duration of the loan term, so your repayments never change no matter what. The other is a variable rate that can rise and fall according to several factors, including the national cash rate and the economy.
How can I find cheaper deals on car loans for police officers?
The quickest, cheapest and most straightforward way to compare and find as many great car loans as possible is to speak with a Savvy consultant. Most car loans for police personnel work in much the same way: they all follow similar repayment structures, fees structures, and terms. What does tend to differ significantly, however, is lenders. Loan providers all have slightly different qualification requirements, preferences, and methods for evaluating risk. That’s why it’s so important to get advice before you sign up for a car loan, so you can get in touch with us via phone or fill out a quick online quote today.
When you talk to one of our friendly car loan consultants, they’ll target lenders based on your personal borrower profile. That speeds up applications and typically results in lower interest rates, as well as giving you more of a chance of success than blindly applying to a lender online without knowing their criteria. Not only that, but a Savvy consultant will stick with you until your loan is settled. You’ll receive all the help and advice you need to get a fast, efficient car loan result for a cheaper price.
If you prefer to get a feel for car loan interest rates and fees yourself before you speak with one of our consultants, you can use comparison rates to simplify the process. They work by incorporating car loan fees into an adjusted interest rate that combines the two costs into one percentage.
How car loans for police work?
Deposits, balloons or 100% finance
Borrowers can use a deposit in the form of savings or a trade-in vehicle – but it’s not a requirement. You’re also free to apply for a 100% car loan. Balloon payments, also referred to as residuals, are a portion of the borrowed amount that you repay at the end of the term instead of using regular repayments. Many car buyers use a balloon to reduce the monthly costs of a car loan. When the term ends, you can either pay off or refinance the residual.
How often you’ll pay
Repayments can be spread over any period up to seven years, but borrowers can repay a car loan as quickly as just one year. You can set repayment dates to match your income and use direct debits, so you’ll never forget when a payment is due.
Fees to look out for
There are two unavoidable car loan fees to consider. The first is a setup fee, which you pay during the loan as part of your repayments. Different lenders charge varying amounts ranging between $100 and $600. Account fees are typically charged monthly. They usually range between just $10 and $40.
Residency requirements
You’ll need to be a permanent resident or citizen in most cases, which is part of the set of requirements for joining a police force.
Applying for a car loan
The application process is quick and straightforward. You’ll need to upload some documents and fill out the lender’s form online. You’ll need ID, proof of address, evidence of residence, payslips covering the past few months and details of any borrowing and assets.
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