Car Loans For Police

Find lower interest rates and faster car loan applications for police officers with Savvy.

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

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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?

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?

Frequently asked questions about car loans for police

What happens if I want to pay off a car loan early?

Police officers can pay off a car loan at any time during the term, but doing that with a fixed-rate car loan will attract some additional fees. Lenders charge different amounts for early repayment fees, typically amounting to several hundred dollars, which reduce as the finance term progresses. Break fees are impossible to calculate because they depend on fluctuating lender costs and capital markets and they also get cheaper as the term progresses. Speak with your lender if you need to pay off the loan early, and they’ll advise you of the amount.

Can I buy a second-hand vehicle?

Yes – police officers can buy new or used cars with a car loan, but all lenders have age limits. You can also buy a car either from private vendors or dealerships.

Can I get a car loan while I’m still in training?

You can. Savvy partners with many lenders who’ll consider your application during your training period.

Will the lender check my credit report?

Every Australian lender will check your credit report for existing and past borrowing, and it’s part of the process of assessing loan affordability. If you’re applying for a bad credit car loan, your lender will still check your credit report for information such as your residential history and any recent defaults on similar loans.

Should I look for a chattel mortgage instead of a car loan as a police officer?

Chattel mortgage vehicle finance is a commercial car loan product, so you’d need to be using your vehicle for business at least half the time and be self-employed to apply. As a result, that’s not going to be a suitable car loan option for the majority of police workers.

Can I apply for an unsecured car loan as a police officer?

You can – but it’s not necessarily recommended. Secured car loans use the car itself as the asset to provide security, which allows for lower rates and fees and potentially fewer borrowing restrictions. Unsecured car loans don’t have that luxury and, while there’s no need to utilise security, you’ll usually receive higher interest rates and fees.

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